Vale (VALE) 20-F 14 Apr 22 2021 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2021shares
Document Information [Line Items]
Document Type	20-F
Document Annual Report	true
Document Registration Statement	false
Document Period End Date	Dec. 31, 2021
Entity File Number	001-15030
Entity Registrant Name	VALE S.A.
Entity Address, Address Line One	Praia de Botafogo 186
Entity Address, City or Town	Rio de Janeiro
Entity Address, Postal Zip Code	22250
Entity Incorporation, State or Country Code	D5
Entity Address, Country	BR
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
ICFR Auditor Attestation Flag	true
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
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	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	PricewaterhouseCoopers Auditores Independentes Ltda
Auditor Firm ID	1351
Auditor Location	Rio de Janeiro, RJ, Brazil
Business Contact [Member]
Document Information [Line Items]
Entity Address, Address Line One	Praia de Botafogo 186
Entity Address, City or Town	principal
Entity Address, Postal Zip Code	22250
City Area Code	21
Local Phone Number	3485-5000
Contact Personnel Name	Gustavo Duarte Pimenta
Common share
Document Information [Line Items]
Title of 12(b) Security	Common shares of Vale, no par value per share
No Trading Symbol Flag	true
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	4,839,616,924
6.250% Guaranteed Notes due 2026, issued by Vale Overseas
Document Information [Line Items]
Title of 12(b) Security	6.250% Guaranteed Notes due 2026, issued by Vale Overseas
Trading Symbol	VALE/26
Security Exchange Name	NYSE
3.750% Guaranteed Notes due 2030, issued by Vale Overseas
Document Information [Line Items]
Title of 12(b) Security	3.750% Guaranteed Notes due 2030, issued by Vale Overseas
Trading Symbol	VALE/30
Security Exchange Name	NYSE
8.250% Guaranteed Notes due 2034, issued by Vale Overseas
Document Information [Line Items]
Title of 12(b) Security	8.250% Guaranteed Notes due 2034, issued by Vale Overseas
Trading Symbol	VALE/34
Security Exchange Name	NYSE
6.875% Guaranteed Notes due 2036, issued by Vale Overseas
Document Information [Line Items]
Title of 12(b) Security	6.875% Guaranteed Notes due 2036, issued by Vale Overseas
Trading Symbol	VALE/36
Security Exchange Name	NYSE
6.875% Guaranteed Notes due 2039, issued by Vale Overseas
Document Information [Line Items]
Title of 12(b) Security	6.875% Guaranteed Notes due 2039, issued by Vale Overseas
Trading Symbol	VALE39
Security Exchange Name	NYSE
5.625% Notes due 2042, issued by Vale S.A.
Document Information [Line Items]
Title of 12(b) Security	5.625% Notes due 2042, issued by Vale S.A.
Trading Symbol	VALE42
Security Exchange Name	NYSE
Golden shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	12
ADR
Document Information [Line Items]
Title of 12(b) Security	American Depositary Shares (evidenced by American Depositary Receipts),each representing one common share of Vale
Trading Symbol	VALE
Security Exchange Name	NYSE

Consolidated Income Statement

Consolidated Income Statement - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Continuing operations
Net operating revenue	$ 54,502	$ 39,545	$ 36,549
Cost of goods sold and services rendered	(21,729)	(17,564)	(19,312)
Gross profit	32,773	21,981	17,237
Operating expenses
Selling and administrative	(481)	(491)	(474)
Research and development	(549)	(415)	(413)
Pre-operating and operational stoppage	(648)	(887)	(1,153)
Brumadinho event and de-characterization of dams	(2,576)	(5,257)	(7,402)
Other operating expenses, net	(400)	(800)	(519)
Total	(4,654)	(7,850)	(9,961)
Impairment and disposal of non-current assets	(426)	(1,308)	(3,383)
Operating income	27,693	12,823	3,893
Financial income	337	307	453
Financial expenses	(1,653)	(3,191)	(3,684)
Other financial items, net	4,435	(1,929)	(162)
Equity results and other results in associates and joint ventures	(1,271)	(1,020)	(656)
Income (loss) before income taxes	29,541	6,990	(156)
Income taxes
Current tax	(5,663)	(3,398)	(1,522)
Deferred tax	966	2,663	2,117
Total	(4,697)	(735)	595
Net income from continuing operations	24,844	6,255	439
Net income (loss) attributable to noncontrolling interests	108	(3)	115
Net income from continuing operations attributable to Vale's stockholders	24,736	6,258	324
Discontinued operations
Loss from discontinued operations	(2,376)	(1,724)	(2,619)
Loss attributable to noncontrolling interests	(85)	(347)	(612)
Loss from discontinued operations attributable to Vale's stockholders	(2,291)	(1,377)	(2,007)
Net income (loss)	22,468	4,531	(2,180)
Net income (loss) attributable to noncontrolling interests	23	(350)	(497)
Net income (loss) attributable to Vale's stockholders	22,445	4,881	(1,683)
Ferrous minerals
Continuing operations
Net operating revenue	$ 46,302	$ 32,078	$ 30,005
Common share
Basic and diluted earnings (loss) per share attributable to Vale's stockholders:
Common share, Basic	$ 4.47	$ 0.95	$ (0.33)
Common share, Diluted	$ 4.47	$ 0.95	$ (0.33)

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statement of Comprehensive Income
Net income (loss)	$ 22,468	$ 4,531	$ (2,180)
Items that will not be reclassified to the income statement
Translation adjustments	(2,174)	(9,160)	(1,677)
Retirement benefit obligations	475	(88)	(126)
Fair value adjustment to investment in equity securities	397	101	(184)
Total items that will not be reclassified to the income statement, net of tax	(1,302)	(9,147)	(1,987)
Items that may be reclassified to the income statement
Translation adjustments	918	4,473	1,111
Net investments hedge	(118)	(578)	(74)
Cash flow hedge	3	(105)	102
Reclassification of cumulative translation adjustment to income statement	(4,749)	(135)
Total items that may be reclassified to the income statement, net of tax	(3,946)	3,655	1,139
Total comprehensive income (loss)	17,220	(961)	(3,028)
Comprehensive income (loss) attributable to noncontrolling interests	21	(318)	(512)
Comprehensive income (loss) attributable to Vale's stockholders	$ 17,199	$ (643)	$ (2,516)

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statement of Cash Flows
Cash flow from operations (a)	$ 33,414	$ 18,894	$ 17,250
Interest on loans and borrowings paid	(693)	(755)	(1,186)
Cash received (paid) on settlement of derivatives, net	(197)	(34)	(324)
Payments related to Brumadinho event	(1,388)	(516)	(831)
Payments related to de-characterization of dams	(338)	(293)	(159)
Interest on participative stockholders' debentures paid	(418)	(183)	(194)
Income taxes (including settlement program)	(4,385)	(1,736)	(1,809)
Net cash provided by operating activities from continuing operations	25,995	15,377	12,747
Net cash used in operating activities from discontinued operations	(316)	(1,055)	(637)
Net cash provided by operating activities	25,679	14,322	12,110
Cash flow from investing activities:
Capital expenditures	(5,033)	(4,227)	(3,464)
Additions to investments	(42)	(131)	(76)
Acquisition of subsidiary, net of cash			(926)
Disbursement related to VNC sale	(555)
Proceeds from disposal of Mosaic shares	1,259
Dividends received from associates and joint ventures	190	173	353
Judicial deposits and restricted cash related to Brumadinho event		(9)	(1,638)
Short-term investment	582	(194)	(828)
Others investments activities, net	(542)	(152)	(297)
Net cash used in investing activities from continuing operations	(4,141)	(4,540)	(6,876)
Net cash used in investing activities from discontinued operations	(2,469)	(129)	(113)
Net cash used in investing activities	(6,610)	(4,669)	(6,989)
Cash flow from financing activities:
Loans and borrowings from third-parties	930	6,800	3,142
Payments of loans and borrowings from third-parties	(1,927)	(6,064)	(5,417)
Payments of leasing	(215)	(204)	(210)
Dividends and interest on capital paid to stockholders	(13,483)	(3,350)
Dividends and interest on capital paid to noncontrolling interest	(30)	(14)	(184)
Share buyback program	(5,546)
Transactions with noncontrolling stockholders		171	(812)
Net cash used in financing activities from continuing operations	(20,271)	(2,661)	(3,481)
Net cash used in financing activities from discontinued operations	(13)	(15)	(14)
Net cash used in financing activities	(20,284)	(2,676)	(3,495)
Increase (reduction) in cash and cash equivalents	(1,215)	6,977	1,626
Cash and cash equivalents in the beginning of the year	13,487	7,350	5,784
Effect of exchange rate changes on cash and cash equivalents	(551)	(825)	(60)
Cash and cash equivalents from subsidiaries sold, net		(15)
Cash and cash equivalents at end of the year	11,721	13,487	7,350
Cash flow from operating activities:
Income (loss) before income taxes	29,541	6,990	(156)
Adjusted for:
Equity results and other results in associates and joint ventures	1,271	1,020	656
Impairment and disposal of non-current assets	426	1,308	3,383
Provisions related to Brumadinho	201	4,130	3,925
Provision for de-characterization of dams	1,725	617	2,625
Depreciation, depletion and amortization	3,034	3,215	3,489
Financial results, net	(3,119)	4,813	3,393
Changes in assets and liabilities:
Accounts receivable	1,029	(2,544)	(47)
Inventories	(503)	(183)	88
Suppliers and contractors	251	(222)	749
Payroll, related charges and other remunerations	27	222	(91)
Other assets and liabilities, net	(469)	(472)	(764)
Cash flow from operations (a)	33,414	18,894	17,250
Non-cash transactions:
Additions to property, plant and equipment - capitalized loans and borrowing costs	$ 59	$ 70	$ 140

Consolidated Statement of Finan

Consolidated Statement of Financial Position R$ in Millions, $ in Millions	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Current assets
Cash and cash equivalents	$ 11,721	$ 13,487
Short-term investments	184	771
Accounts receivable	3,914	4,993
Other financial assets	111	329
Inventories	4,377	4,061
Recoverable taxes	862	509
Others	215	253
Current assets excluding assets held for sale	21,384	24,403
Non-current assets held for sale	976
Total current assets	22,360	24,403
Non-current assets
Judicial deposits	1,220	1,268
Other financial assets	143	1,784
Recoverable taxes	935	1,091
Deferred income taxes	11,441	10,335
Others	650	651
Total non-current assets excluding investments, intangible assets and property, plant and equipment	14,389	15,129
Investments in associates and joint ventures	1,751	2,031
Intangibles	9,011	9,296
Property, plant and equipment	41,931	41,148
Total non current assets	67,082	67,604
Total assets	89,442	92,007
Current liabilities
Suppliers and contractors	3,475	3,367
Loans, borrowings and leases	1,204	1,136
Other financial liabilities	1,962	1,906
Taxes payable	2,177	952
Settlement program ("REFIS")	324	340
Liabilities related to associates and joint ventures	1,785	876
Provisions	1,045	1,664
Liabilities related to Brumadinho	1,156	1,910
De-characterization of dams	621	582
Dividends payable		1,220
Others	1,094	641
Current liabilities excluding assets held for sale	14,843	14,594
Liabilities associated with non-current assets held for sale	355
Total current liabilities	15,198	14,594
Non-current liabilities
Loans, borrowings and leases	12,578	13,891
Participative stockholders' debentures	3,419	3,413
Other financial liabilities	2,571	4,564
Settlement program ("REFIS")	1,964	2,404
Deferred income taxes	1,881	1,770
Provisions	3,419	4,113
Liabilities related to Brumadinho	2,381	2,665
De-characterization of dams and asset retirement obligations	7,482	6,229
Liabilities related to associates and joint ventures	1,327	1,198
Streaming transactions	1,779	2,005
Others	137	340
Total non current liabilities	38,938	42,592
Total liabilities	54,136	57,186
Stockholders' equity
Equity attributable to Vale's stockholders	34,472	35,744
Equity attributable to non-controlling interests	834	(923)
Total stockholders' equity	35,306	34,821
Total liabilities and stockholders' equity	$ 89,442	$ 92,007

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity R$ in Millions, $ in Millions	Share capitalUSD ($)	Capital reserveUSD ($)	Profit reserves.USD ($)	Treasury stocksUSD ($)	Other reserves.USD ($)	Cumulative translation adjustmentsUSD ($)	Retained earningsUSD ($)	Equity attributable to Vale's stockholdersUSD ($)	Non-controlling interestUSD ($)	USD ($)	BRL (R$)
Balance at beginning 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 non-controlling interest									(87)	(87)
Acquisitions and disposal of non-controlling interest					343			343	(1,350)	(1,007)
Capitalization of non-controlling interest advances									28	28
Allocation of loss			(1,683)				1,683
Treasury shares utilized in the period				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 non-controlling interest									(8)	(8)
Acquisitions and disposal of non-controlling interest					(213)			(213)	455	242
Capitalization of non-controlling interest advances									22	22
Appropriation to undistributed retained earnings			3,729				(3,729)
Treasury shares utilized in the period				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
Net income (loss)							22,445	22,445	23	22,468
Other comprehensive income			758		886	(6,890)		(5,246)	(2)	(5,248)
Fair value reclassification of Mosaic shares (note 14a)					(522)		522			522
Share-based payment program (note 2g)					63			63		63
Interest on capital of Vale's stockholders										(9,844)	R$ 51246
Dividends and interest on capital of Vale's stockholders			(4,296)				(8,368)	(12,664)		(12,664)
Dividends of non-controlling interest									(25)	(25)
Acquisitions and disposal of non-controlling interest					(331)			(331)	1,761	1,430
Appropriation to undistributed retained earnings			14,599				$ (14,599)
Share buyback program				(5,546)				(5,546)		(5,546)
Treasury shares utilized in the period			(2,401)	2,408				7		7
Balance at end of year at Dec. 31, 2021	$ 61,614	$ 1,139	$ 15,702	$ (5,579)	$ (1,960)	$ (36,444)		$ 34,472	$ 834	$ 35,306

Corporate information

Corporate information	12 Months Ended
	Dec. 31, 2021
Corporate information
Corporate information	1. Corporate information Vale S.A. and its subsidiaries (“Vale” or the “Company”) have as their main operational activity the production of: (i) iron ore and iron ore pellets, which are key raw materials for steelmaking, (ii) nickel, that is used to produce stainless steel and metal alloys employed in the production process of several products, and (iii) copper, used in the construction sector to produce pipes and electrical wires. The Company also produces platinum group metals, gold, silver, and cobalt, as by-products of its main metals and produces thermal and metallurgical coal, considered a discontinued operation as at December 31, 2021 (note 16a). In addition, Vale operates a railroad and port logistics system in Brazil to outflow its production. The information by segment is presented in note 4. Products are mainly sold in the international market by Vale International S.A. (“VISA”), which is a trading company located in Switzerland. 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 financi

Basis of preparation of financial statements	12 Months Ended
	Dec. 31, 2021
Basis of preparation of financial statements
Basis of preparation of financial statements	2. Basis of preparation of financial statements The consolidated financial statements of the Company (“financial statements”) have been prepared and are presented in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). All relevant information from its own financial statements, and only this information, are presented and correspond to those used by the Company's Management. The financial statements have been prepared on a historical cost basis and adjusted to reflect: (i) the fair value of certain financial assets and liabilities (including derivative instruments), as well as pension plans assets and (ii) assets impairment. Assets held for sale are measured at the lower of carrying amount and fair value less costs to sell. As described in note 16, the coal segment is presented in these financial statements as a discontinued operation. These financial statements were authorized for issue by the Board of Directors on February 24, 2022. a) Principles for consolidation The Company's financial statements reflect the assets, liabilities and transactions of the Parent Company and its direct and indirect subsidiaries (“subsidiaries”). Intercompany balances and transactions, which include unrealized profits, are eliminated. A list of the most relevant companies, including subsidiaries, associates and joint ventures, and the accounting policies applied in the preparation of the consolidated financial statements are described in note 15. b) 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”), 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 income statement and cash flows statements of the investees, with a different functional currency from the Parent Company, are translated into Brazilian real at the average monthly exchange rate, the assets and liabilities are translated at the final rate and the other equity items are translated at the historical rate. All monetary exchange differences are recognized in comprehensive income as “Translation adjustments”. When a foreign operation is totally or partially disposed, the monetary exchange differences that were recorded in the stockholders’ equity are recognized in the income statement for the year. The main exchange rates used by the Company to translate its foreign operations are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Closing rate ​ Average annual rate ​ 2021 2020 2019 2021 2020 2019 US Dollar ("US$") ​ 5.5805 ​ 5.1967 ​ 4.0307 ​ 5.3956 ​ 5.1578 ​ 3.9461 Canadian dollar ("CAD") ​ 4.3882 ​ 4.0771 ​ 3.1034 ​ 4.3042 ​ 3.8480 ​ 2.9746 Euro ("EUR") ​ 6.3210 ​ 6.3779 ​ 4.5305 ​ 6.3784 ​ 5.8989 ​ 4.4159 ​ c) Critical accounting estimates and judgments The preparation of financial statements requires the use of critical accounting estimates and judgment by management in applying the Company’s accounting policies. These estimates are based on experience, best knowledge, information available at the date of statement of financial position and other factors, including expectations of future events that are believed to be reasonable under normal circumstances. Changes in facts and circumstances may lead to the revision of these estimates. Actual future results may differ from estimates. The impacts of the pandemic and the initiatives related to climate change, described in d) and e) below, were considered in the preparation of these financial statements and the key assumptions related to these topics were considered in the preparation of the critical accounting estimates that are applied in the Company’s long-term models. 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 ​ Streaming transactions 8 ​ Deferred income taxes and uncertain tax positions 15 ​ Consolidation 18 ​ Mineral reserves and mines useful life 19 ​ Impairment of assets 20 ​ Fair values estimate 24 ​ Liabilities related to Brumadinho 25 ​ Liabilities related to associates and joint ventures 26 ​ Provision for de-characterization of dam structures and asset retirement obligations 28 ​ Litigation 29 ​ Employee post-retirement obligations ​ d) COVID-19 impacts ​ A significant portion of the Company's revenue is derived from sales to customers in Asia and Europe, regions that have had their economic activities affected as a result of the COVID-19 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 continues to monitor the impacts of the pandemic, including the effects on economic activity and on its financial statements. Despite several challenges imposed by the COVID-19, the effects of the pandemic have not significantly impacted the fair value of the Company's assets and liabilities to date. However, if the pandemic continues or increases in intensity in the regions where the Company operates, the financial condition or results of operations could still be negatively impacted. ​ The Company has pledged US$44 to support humanitarian aid programs in the communities where it operates, with special focus on Brazilian 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, 2021 (US$109 in the income statement for the year ended December 31, 2020). ​ e) Climate changes ​ The Company has made a commitment to reduce carbon emissions from its mining operations, in line with the Paris Agreement goal of limiting global warming to less than 2 °Celsius (35.6 °F). ​ The Company's strategy considers as main objectives: (i) 33% reduction by 2030 in emissions released into the atmosphere as a direct result of its operations (“scope 1”) and indirect emissions from electricity purchased by the Company (“scope 2”), already considering the increase in production levels projected for upcoming years; (ii) 100% of electricity consumption from a renewable matrix by 2030; (iii) 15% reduction by 2035 of indirect emissions not included in scope 2 (“scope 3”); and (iv) neutrality of scope 1 and 2 emissions by 2050. ​ To meet these objectives, the Company announced investments from US$4,000 to US$6,000 by 2030 to reduce scope 1 and 2 emissions through the implementation of low carbon technologies. Expenses disbursed will be accounted in the period when incurred. ​ The investment plan and the Company's strategy for the risk of climate change were assessed in the context of the Company's critical accounting judgments and main estimates. Future changes in this strategy or in the global scenario may affect the Company's main estimates. As a result, they may have a material impact on the income statement and on the carrying value of assets and liabilities of the Company's future financial statements. ​ f) Significant accounting policies ​ Certain new accounting standards and interpretations have been published that are not mandatory for December 31, 2021, reporting periods or have not impacted these financial statements. The Company did not early adopt any of these standards and does not expect them to have a material impact on the entity in future reporting periods. ​ 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 following: ​ f.i) IAS 21 - Effects of changes in exchange rates and conversion of financial statements ​ IAS 21 defines that exchange differences arising from transactions and balances of foreign operations are recognized and accumulated in equity until this operation is fully or partially disposed. The IFRS Interpretations Committee defined that “partial disposal” of investment can be interpreted as (i) reduction in the percentage of equity interest; or (ii) reduction in the absolute value of the investment through the reduction of the investee's capital, even if the investor’s percentage of ownership interest is not changed. Therefore, according to this interpretation, there is an accounting policy choice regarding the definition of partial disposal and, consequently, for the reclassification of cumulative translation adjustments in this context. ​ In 2021, Vale has determined its first capital return from a subsidiary, mainly due to the review of intragroup cash flows vis-à-vis the dividend policy in place and considering the profit reserves available for distribution to stockholders. ​ In December 2021, the Company approved a capital reduction in the amount of US$3,000 of VISA, a wholly-owned foreign subsidiary (note 15). The amount received in December 2021 was determined as a return of the Company’s investment in VISA, which led to a reduction in the investment held by the Parent Company. ​ Following this new transaction, Vale concluded that capital reductions in foreign operations will be better reflected in its financial statements through the application of the absolute value approach, as described in ii) above. ​ Therefore, the return of capital was determined as a partial disposal and, in accordance with the requirements of IAS 21, the exchange differences recorded in the stockholders’ equity were reclassified to the income statement in the same proportion as the reduction in the net investment held in VISA, leading to a gain of US$2,413 presented as “Other financial items, net” (note 6). The remaining balance of cumulative translation adjustments of VISA represents US$6,243 as at December 31, 2021. ​ f.ii) IFRS 2 - Share-based payment ​ IFRS 2 defines that the accounting for share-based payments depends on the form of settlement of the plans, which can be “cash-settled” or “equity-settled”. When a plan is settled in cash, the payment obligation to the employee is recognized as a liability, which is updated to fair value recognized in the income statement at each reporting date and on the settlement date of the obligation. When the plan is settled with equity instruments, the fair value of the plan is calculated only on the grant date of the benefit and the fair value of the plan is recognized in the income statement for the year on a straight-line basis to equity over the period of service required. ​ Until December 2020, the long-term incentive programs for the Company's executives, were recorded as liabilities based on the practice adopted by the Company to settle its obligation related to these programs with cash payment instead of Vale’s stocks for its executives. ​ On April 30, 2021, the modification of the Regulation of the Performance Share Unit program (“PSU”) was approved at the Ordinary and Extraordinary Annual General Meeting (“date of modification”), enabling the use of treasury shares of the Company to settle the obligation. Thus, the plans started to be treated as “settled with equity instruments” and their fair value was remeasured on the modification date. The effects of this change are detailed in note 29. ​

Significant events in the curre

Significant events in the current year	12 Months Ended
	Dec. 31, 2021
Significant events in the current year
Significant events in the current year	3. Significant events in the current year ​ Financial Position, Cash Flows and Income Statement of the Company were particularly affected by the following events and transactions during the year ended December 31, 2021: ​ Discontinued operation - coal (note 16a) – ​ Cumulative translation adjustments (notes 6 and 15) – ​ De-characterization of dams (note 26) – dams resulted in a supplement to the provision of US$1,725 and the impact on the income statement for the year is presented as “Brumadinho event and de-characterization of dams”. ​ Fundação Renova (note 25) – Remuneration to stockholders (note 30c) – Share buyback and cancellation (note 30b) – Early redemption of debt security (notes 6 and 23) – Sale of Mosaic shares (note 14a) – Sale of interest in VNC (notes 6, 15 and 19) –

Information by business segment

Information by business segment and geographic area	12 Months Ended
	Dec. 31, 2021
Information by business segment and geographic area
Information by business segment and geographic area	4. Information by business segment and geographic area The Company operates the following reportable segments: Ferrous Minerals, Base Metals and Coal (presented as discontinued operations). The segments are aligned with products and reflect the structure used by Management to evaluate the Company’s performance. The responsible bodies for making operational decisions, allocating resources and evaluating performance are the Executive Boards and Board of Directors. Accordingly, the performance of the operating segments is assessed based on a measure of adjusted EBITDA, among other measures. The Company allocates to “Others” the revenues and cost of other products, services, research and development, investments in joint ventures and associates of other business and unallocated corporate expenses. Costs related to the Brumadinho event are allocated to "Others" as well. The main activities of the operating segments are as follows: Ferrous minerals – Base metals - Coal (discontinued operation) – 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, 2021 ​ ​ ​ ​ ​ ​ 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 38,701 ​ (11,468) ​ (135) ​ (198) (330) 10 ​ 26,580 Iron ore pellets 7,053 ​ (2,231) ​ 30 ​ (3) (47) 71 ​ 4,873 Ferroalloys and manganese 175 ​ (119) ​ — ​ (2) (15) — ​ 39 Other ferrous products and services 373 ​ (281) ​ 9 ​ (2) (2) — ​ 97 ​ 46,302 ​ (14,099) ​ (96) ​ (205) (394) 81 ​ 31,589 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Base metals ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel and other products 5,377 ​ (3,606) ​ (5) ​ (77) (113) — ​ 1,576 Copper 2,589 ​ (878) ​ (9) ​ (81) (4) — ​ 1,617 ​ 7,966 ​ (4,484) ​ (14) ​ (158) (117) — ​ 3,193 Brumadinho event and de-characterization of dams ​ — ​ — ​ (2,576) ​ — ​ — ​ — ​ (2,576) COVID-19 ​ — ​ — ​ (44) ​ — ​ — ​ — ​ (44) Others (i) 234 ​ (289) ​ (685) ​ (185) (3) 109 ​ (819) Total of continuing operations 54,502 ​ (18,872) ​ (3,415) ​ (548) (514) 190 ​ 31,343 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discontinued operations - Coal 1,083 ​ (1,317) ​ (26) ​ (7) — 78 ​ (189) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total 55,585 ​ (20,189) ​ (3,441) ​ (555) (514) 268 ​ 31,154 (i) Includes the negative EBITDA of VNC in the amount of US$65, since upon the decision to sell this operation, the bodies responsible for making decisions on the Company's operating performance no longer analyze this operation as part of the Base Metals operating segment (notes 15 and 19). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 4,652 ​ (2,734) ​ (21) ​ (42) (29) — ​ 1,826 Copper 2,175 ​ (794) ​ (7) ​ (68) (1) — ​ 1,305 ​ ​ 6,827 ​ (3,528) ​ (28) ​ (110) (30) — ​ 3,131 Brumadinho event and de-characterization of dams ​ — ​ — ​ (5,257) ​ — ​ — ​ — ​ (5,257) COVID-19 ​ — ​ — ​ (109) ​ — ​ — ​ — ​ (109) Others (i) 640 ​ (810) ​ (932) ​ (169) (12) 32 ​ (1,251) Total of continuing operations 39,545 ​ (14,603) ​ (6,499) ​ (415) ​ (682) ​ 173 ​ 17,519 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discontinued operations - Coal 473 ​ (1,456) ​ (15) ​ (28) ​ — ​ 95 ​ (931) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total 40,018 ​ (16,059) ​ (6,514) ​ (443) (682) 268 ​ 16,588 (i) Includes the reclassification of the negative EBITDA of VNC in the amount of US$150, since upon the decision to sell this operation, the bodies responsible for making decisions on the Company's operating performance no longer analyze this operation as part of the Base Metals operating segment (notes 15 and 19). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 3,954 ​ (2,334) ​ (74) ​ (38) ​ (28) ​ — ​ 1,480 Copper 1,904 ​ (905) ​ (5) ​ (43) ​ (20) ​ — ​ 931 ​ ​ 5,858 ​ (3,239) ​ (79) ​ (81) ​ (48) ​ — ​ 2,411 Brumadinho event and de-characterization of dams ​ — ​ — ​ (7,402) ​ — ​ — ​ — ​ (7,402) Others (i) 686 ​ (923) ​ (507) ​ (190) (11) 57 ​ (888) Total of continuing operations 36,549 ​ (16,150) ​ (8,339) ​ (413) ​ (882) ​ 353 ​ 11,118 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discontinued operations - Coal 1,021 ​ (1,638) ​ 1 ​ (30) ​ — ​ 113 ​ (533) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total 37,570 ​ (17,788) ​ (8,338) ​ (443) ​ (882) ​ 466 ​ 10,585 (i) Includes the reclassification of the negative EBITDA of VNC in the amount of US$237, since upon the decision to sell this operation, the bodies responsible for making decisions on the Company's operating performance no longer analyze this operation as part of the Base Metals operating segment (notes 15 and 19). ​ Adjusted EBITDA is reconciled to net income (loss) as follows: Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 2019 Net income from continuing operations attributable to Vale's stockholders ​ 24,736 ​ 6,258 ​ 324 Net income (loss) attributable to noncontrolling interests ​ 108 ​ (3) ​ 115 Net income from ​ 24,844 ​ 6,255 ​ 439 Depreciation, depletion and amortization ​ 3,034 ​ 3,215 ​ 3,489 Income taxes ​ 4,697 ​ 735 ​ (595) Financial results ​ (3,119) ​ 4,813 ​ 3,393 Equity results and other results in associates and joint ventures ​ 1,271 ​ 1,020 ​ 656 Dividends received and interest from associates and joint ventures ​ 190 ​ 173 ​ 353 Impairment and disposal of non-current assets ​ 426 ​ 1,308 ​ 3,383 Adjusted EBITDA from continuing operations ​ 31,343 ​ 17,519 ​ 11,118 ​ Discontinued operations (Coal) ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 ​ 2020 ​ 2019 Loss from discontinued operations attributable to Vale's stockholders ​ (2,291) ​ (1,377) ​ (2,007) Loss attributable to noncontrolling interests ​ (85) ​ (347) ​ (612) Loss ​ (2,376) ​ (1,724) ​ (2,619) Depreciation, depletion and amortization ​ 69 ​ 19 ​ 237 Income taxes ​ (821) ​ (297) ​ — Financial results ​ (447) ​ (2) ​ 20 Equity results in associates and joint ventures ​ 26 ​ 43 ​ 25 Dividends received and interest from associates and joint ventures (i) ​ 78 ​ 95 ​ 113 Impairment of non-current assets ​ 3,282 ​ 935 ​ 1,691 Adjusted EBITDA from discontinued operations ​ (189) ​ (931) ​ (533) (i) Includes the remuneration of the financial instrument of the Coal segment. b) Assets by segment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ ​ ​ Investments in ​ Property, plant ​ ​ ​ Investments in ​ Property, plant ​ ​ Product ​ associates and ​ and equipment ​ Product ​ associates and ​ and equipment ​ inventory joint ventures and intangibles inventory joint ventures and intangibles (i) Ferrous minerals ​ 2,186 ​ 1,113 ​ 28,988 ​ 2,017 ​ 1,154 ​ 29,436 Base metals 1,384 ​ 17 ​ 20,127 ​ 1,231 ​ 18 ​ 19,549 Coal (note 16) — ​ — ​ — ​ 25 ​ — ​ — Others 21 ​ 621 ​ 1,827 ​ — ​ 859 ​ 1,459 Total 3,591 ​ 1,751 ​ 50,942 ​ 3,273 ​ 2,031 ​ 50,444 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ Capital expenditures (i) ​ ​ ​ Capital expenditures (i) ​ ​ ​ Capital expenditures (i) ​ ​ ​ ​ ​ ​ ​ ​ 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 2,496 531 1,771 2,134 258 1,768 ​ 1,685 385 2,063 Base metals 1,518 344 1,213 1,415 239 1,351 ​ 1,089 151 1,191 Others (ii) 20 124 50 156 25 96 146 8 235 Total 4,034 999 3,034 3,705 522 3,215 2,920 544 3,489 (i) Amounts disbursed during the periods presented above. (ii) Includes the reclassification of VNC under the captions “Sustaining capital” and “depreciation, depletion and amortization”, in the amount of US$151 and US$46, respectively, for the year ended December 31, 2020 and in the amount of US$136 and US$160, respectively, for the year ended December 31, 2019. c) Assets by geographic area ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ 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 ​ 1,730 ​ 7,050 ​ 23,793 ​ 32,573 ​ 1,760 ​ 7,341 ​ 23,364 ​ 32,465 Canada ​ — ​ 1,958 ​ 12,441 ​ 14,399 ​ — ​ 1,951 ​ 11,798 ​ 13,749 Americas, except Brazil and Canada ​ — ​ — ​ 3 ​ 3 ​ 234 ​ — ​ 5 ​ 239 Europe ​ — ​ — ​ 739 ​ 739 ​ — ​ — ​ 894 ​ 894 Indonesia ​ — ​ 1 ​ 2,723 ​ 2,724 ​ — ​ 2 ​ 2,729 ​ 2,731 Asia, except Indonesia and China ​ 21 ​ — ​ 874 ​ 895 ​ 20 ​ — ​ 951 ​ 971 China ​ — ​ 2 ​ 21 ​ 23 ​ 17 ​ 2 ​ 19 ​ 38 Oman ​ — ​ — ​ 1,337 ​ 1,337 ​ — ​ — ​ 1,388 ​ 1,388 Total ​ 1,751 ​ 9,011 ​ 41,931 ​ 52,693 ​ 2,031 ​ 9,296 ​ 41,148 ​ 52,475 ​ d) Net operating revenue by geographic area ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ ​ Ferrous ​ ​ ​ ​ ​ ​ ​ minerals Base metals Others Total Americas, except United States and Brazil 877 ​ 402 ​ 4 ​ 1,283 United States of America 392 ​ 1,151 ​ — ​ 1,543 Germany ​ 618 ​ 1,416 ​ — ​ 2,034 Europe, except Germany 2,373 ​ 2,323 ​ — ​ 4,696 Middle East, Africa, and Oceania 2,140 ​ 15 ​ — ​ 2,155 Japan 3,977 ​ 546 ​ — ​ 4,523 China 27,510 ​ 1,093 ​ — ​ 28,603 Asia, except Japan and China 3,536 ​ 965 ​ — ​ 4,501 Brazil 4,879 ​ 55 ​ 230 ​ 5,164 Net operating revenue 46,302 ​ 7,966 ​ 234 ​ 54,502 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2020 ​ ​ Ferrous ​ ​ ​ ​ ​ ​ ​ minerals Base metals Others Total Americas, except United States and Brazil ​ 334 ​ 83 ​ 343 ​ 760 United States of America ​ 244 ​ 797 ​ — ​ 1,041 Germany ​ 357 ​ 1,169 ​ — ​ 1,526 Europe, except Germany ​ 1,214 ​ 2,356 ​ — ​ 3,570 Middle East, Africa, and Oceania ​ 1,418 ​ 17 ​ — ​ 1,435 Japan ​ 1,793 ​ 400 ​ — ​ 2,193 China ​ 22,202 ​ 922 ​ — ​ 23,124 Asia, except Japan and China ​ 2,068 ​ 931 ​ — ​ 2,999 Brazil ​ 2,448 ​ 152 ​ 297 ​ 2,897 Net operating revenue ​ 32,078 ​ 6,827 ​ 640 ​ 39,545 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2019 ​ ​ Ferrous ​ ​ ​ ​ ​ ​ ​ minerals Base metals Others Total Americas, except United States and Brazil ​ 523 ​ 532 ​ 303 ​ 1,358 United States of America ​ 404 ​ 931 ​ — ​ 1,335 Germany ​ 1,161 ​ 522 ​ — ​ 1,683 Europe, except Germany ​ 1,514 ​ 1,715 ​ — ​ 3,229 Middle East, Africa, and Oceania ​ 2,083 ​ 20 ​ — ​ 2,103 Japan ​ 2,057 ​ 426 ​ — ​ 2,483 China ​ 17,572 ​ 670 ​ — ​ 18,242 Asia, except Japan and China ​ 2,032 ​ 816 ​ — ​ 2,848 Brazil ​ 2,659 ​ 226 ​ 383 ​ 3,268 Net operating revenue ​ 30,005 ​ 5,858 ​ 686 ​ 36,549 ​ Accounting policy Revenue from sales - Revenue is recognized when the control of a good or service is 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. In general, the contract payment terms consider the upfront payments or the use of letters of credit. 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, 2021
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, ​ 2021 2020 2019 Personnel ​ 1,703 ​ 1,624 ​ 1,923 Materials and services ​ 2,907 ​ 2,782 ​ 2,814 Fuel oil and gas ​ 1,011 ​ 848 ​ 1,240 Maintenance ​ 2,812 ​ 2,529 ​ 2,554 Royalties (i) ​ 1,370 ​ 845 ​ 791 Energy ​ 639 ​ 673 ​ 824 Acquisition of products (i) ​ 2,277 ​ 946 ​ 608 Depreciation, depletion and amortization ​ 2,857 ​ 2,961 ​ 3,162 Freight (ii) ​ 4,575 ​ 3,439 ​ 4,023 Others ​ 1,578 ​ 917 ​ 1,373 Total ​ 21,729 ​ 17,564 ​ 19,312 Cost of goods sold ​ 21,142 ​ 16,982 ​ 18,623 Cost of services rendered ​ 587 ​ 582 ​ 689 Total ​ 21,729 ​ 17,564 ​ 19,312 (i) In the ferrous minerals segment, the increase is mainly due to the significant increase in the reference price of iron ore compared to 2020. (ii) The increase is mainly due to the increase in volumes of CFR sales and higher international freight prices. b) Selling and administrative expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 2019 Selling ​ 80 ​ 81 ​ 79 Personnel ​ 170 ​ 168 ​ 181 Services ​ 107 ​ 114 ​ 85 Depreciation and amortization ​ 42 ​ 49 ​ 56 Advertisement ​ 27 ​ 17 ​ 7 Others ​ 55 ​ 62 ​ 66 Total ​ 481 ​ 491 ​ 474 ​ c ) Other operating expenses, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 2019 Asset retirement obligations (note 26b) ​ 121 ​ 312 ​ 92 Provision for litigations (i) ​ 98 ​ 73 ​ 291 Profit sharing program 126 169 88 COVID-19 expenses (note 2) ​ 44 ​ 109 ​ — Disposals of materials and inventories ​ 5 ​ 19 ​ 47 Others ​ 6 ​ 118 ​ 1 Total ​ 400 ​ 800 ​ 519 (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.

Financial results

Financial results	12 Months Ended
	Dec. 31, 2021
Financial results
Financial results	6. Financial results ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 2019 Financial income ​ ​ ​ ​ ​ ​ Short‐term investments ​ 226 ​ 129 ​ 247 Others (i) ​ 111 ​ 178 ​ 206 ​ ​ 337 ​ 307 ​ 453 Financial expenses ​ ​ ​ ​ ​ ​ Loans and borrowings gross interest ​ (671) ​ (742) ​ (943) Capitalized loans and borrowing costs ​ 59 ​ 70 ​ 140 Participative stockholders' debentures ​ (716) ​ (1,565) ​ (1,475) Interest on REFIS ​ (54) ​ (55) ​ (154) Interest on lease liabilities ​ (63) ​ (65) ​ (71) Financial guarantees (ii) ​ 312 ​ (468) ​ (353) Expenses with cash tender offer repurchased ​ (63) ​ — ​ (265) Others ​ (457) ​ (366) ​ (563) ​ ​ (1,653) ​ (3,191) ​ (3,684) Other financial items, net ​ ​ ​ ​ ​ ​ Net foreign exchange gains (losses) ​ 408 ​ (549) ​ 71 Derivative financial instruments (note 20) ​ (23) ​ (1,210) ​ 244 Reclassification of cumulative translation adjustments to the income statement (notes 2 and 15) ​ 4,326 ​ — ​ — Indexation losses, net ​ (276) ​ (170) ​ (477) ​ ​ 4,435 ​ (1,929) ​ (162) Total ​ 3,119 ​ (4,813) ​ (3,393) (i) 2020 includes amounts related to Eletrobras contingent assets in the amount of US$59 (note 28e). (ii) Refers to the fair value adjustments on financial guarantees given to associates due to their rating improvement, leading to a decrease in the probability of default on the guaranteed loans (notes 15c and 23e). 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 as a component of other comprehensive income.

Streaming transactions

Streaming transactions	12 Months Ended
	Dec. 31, 2021
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 Anglo Pacific Group (“APG”), 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 operation was bifurcated into two identifiable components (i) US$130 allocated to property, plant and equipment, which is amortized over the useful life of the mine, together with the depreciation of assets related to the Voisey's Bay underground mine; and (ii) US$560 as a contract liability related to the services for cobalt extraction to the extent that Vale operates as an agent for Wheaton and APG. ​ Wheaton and APG are entitled to receive 42.4% and 32.6%, respectively, of cobalt equivalent to the production from the Voisey's Bay mine, while Vale retains the rights to 25% of the production. Vale also receives additional payments of 20%, on average, of the market reference price for cobalt, for each pound of finished cobalt delivered. As at December 31, 2021, the outstanding contract liability balance is US $505 (US $690 as at December 31, 2020). ​ Gold streaming Between 2013 and 2016, the Company received cash proceeds of US$3,600 from Wheaton to sell the mining right related to part of the gold extracted as a by-product of the Salobo copper and nickel mines in Sudbury. Since then, Wheaton holds the rights to 75% of the contained gold in the copper concentrate from the Salobo mine and 70% of the gold extracted as a by-product of the Sudbury nickel mines. The transactions were bifurcated into two identifiable components (i) the sale of the mineral rights 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. As at December 31, 2021, the outstanding contract liability is US $1,274 (US $1,315 as at December 31, 2020). 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 based on the volume produced compared to the total proved and probable reserves of gold or cobalt . 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 the product and the by-product based on relative prices; (ii) expected margin for the independent components (sale of mineral rights and service for gold and cobalt 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, 2021
Income taxes
Income taxes	8. Income taxes a) Deferred income tax assets and liabilities ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ 2021 2020 Taxes losses carryforward ​ 5,757 ​ 4,328 Temporary differences: ​ ​ ​ ​ Employee post retirement obligations ​ 504 ​ 744 Provision for litigation ​ 346 ​ 356 Timing differences arising from assets and liabilities ​ 4,384 ​ 4,331 Fair value of financial instruments ​ 1,373 ​ 1,355 Allocated goodwill ​ (2,857) ​ (2,623) Others ​ 53 ​ 74 ​ ​ 3,803 ​ 4,237 Total ​ 9,560 ​ 8,565 Assets ​ 11,441 ​ 10,335 Liabilities ​ (1,881) ​ (1,770) ​ ​ 9,560 ​ 8,565 ​ Changes in deferred tax are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets Liabilities Deferred taxes, net Balance at December 31, 2019 ​ 9,217 ​ 1,882 ​ 7,335 Taxes losses carryforward ​ 77 ​ — ​ 77 Timing differences arising from 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 ​ 2,555 ​ (108) ​ 2,663 Transfers between assets and liabilities ​ 38 ​ 38 ​ — Translation adjustment ​ (1,811) ​ (37) ​ (1,774) Other comprehensive income ​ 39 ​ (5) ​ 44 Tax loss carryforward from coal operations (note 16) ​ 297 ​ — ​ 297 Balance at December 31, 2020 ​ 10,335 ​ 1,770 ​ 8,565 Taxes losses carryforward ​ 830 ​ — ​ 830 Timing differences arising from assets and liabilities ​ 226 ​ — ​ 226 Fair value of financial instruments ​ 75 ​ — ​ 75 Allocated goodwill ​ — ​ 138 ​ (138) Others ​ (27) ​ — ​ (27) Effect in income statement ​ 1,104 ​ 138 ​ 966 Transfers between asset and liabilities ​ (155) ​ (155) ​ — Translation adjustment ​ (649) ​ (13) ​ (636) Other comprehensive income ​ (15) ​ 141 ​ (156) Tax loss carryforward from coal operations (note 16) ​ 821 ​ — ​ 821 Balance at December 31, 2021 ​ 11,441 ​ 1,881 ​ 9,560 ​ 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 foreign subsidiaries 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, ​ 2021 2020 2019 Income (loss) before income taxes ​ 29,541 ​ 6,990 ​ (156) Income taxes at statutory rate – 34% ​ (10,044) ​ (2,377) ​ 53 Adjustments that affect the basis of taxes: ​ ​ ​ ​ ​ ​ Income tax benefit from interest on stockholders' equity ​ 260 ​ 316 ​ 601 Tax incentives ​ 2,826 ​ 211 ​ 189 Equity results ​ 167 ​ (27) ​ 85 Addition of tax loss carryforward (i) ​ 251 ​ 769 ​ 25 Unrecognized tax losses of the year ​ (115) ​ (215) ​ (551) Others (ii) ​ 1,958 ​ 588 ​ 193 Income taxes ​ (4,697) ​ (735) ​ 595 (i) (ii) 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, copper, and nickel. The incentive is calculated based on the taxable income of the incentive activity (tax operating income) and considers the allocation of tax operating income into different incentives applicable to different tranches of production during specified periods for each product, usually 10 years. Most of the Company’s incentives are expected to expire until 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 of the income tax due,the Company can reinvest the acquisition of new machinery and equipment, subject to subsequent approval by the responsible regulatory agency, Superintendence for the Development of the Amazon (“SUDAM”). The reinvestment subsidy expected to expire in 2023, is accounted in retained earnings reserve account, which restricts its distribution as dividends to stockholders. The Company is subject to the assessment 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”) ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2021 2020 Current liabilities 324 340 ​ Non-current liabilities 1,964 2,404 ​ REFIS liabilities 2,288 2,744 ​ ​ ​ ​ ​ ​ ​ SELIC rate 9.25 % 2.00 % ​ The balance is mainly related to the settlement program of claims regarding the collection of income tax and social contribution on equity gains of foreign subsidiaries and affiliates from 2003 to 2012. As at December 31, 2021, the payment is parceled in 82 months (94 monthly parcels as at December 31,2020), bearing SELIC interest rate (Special System for Settlement and Custody). e) Uncertain tax positions The Company is engaged in discussions with the tax authorities in Brazil related to certain tax positions adopted in the calculation of income tax and social contribution on net income, which current analysis of prognosis, based on internal and external assessment of legal advisors, is that they are likely to be accepted in decisions by higher courts of appeals. However, the final determination is uncertain and depends on factors not controlled by the Company, such as changes in case law and changes in tax laws and regulations. ​ The assessed amount under discussion with the tax authorities is US $3,544 (R $19,780 million) as at December 31, 2021 (US $2,296 (R $11,930 million) as at December 31, 2020). In addition, if the tax authority does not accept the tax treatment adopted by the Company in relation to these matters, there would also be a reduction of tax losses in the amount of US $552 (R $3,080 million) (US $450 (R $2,340 million) as at December 31, 2020). A summary of these proceedings under discussion , previously disclosed as contingencies with possible risk of loss, and their potential effects, is presented below: ​ (e.i) Transfer pricing over the exportation of ores to a foreign subsidiary The Company was assessed for the IRPJ and 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, pellets, copper and manganese to its foreign controlled company. The Company is challenging these assessments in the administrative level and a decision is pending. The Company maintains the method of calculating the transfer price, as it considers it to be the most appropriate tax treatment for interpreting the rules in force and applicable to the subject, while discussing the aforementioned charges at the administrative level. The total amount in dispute is US$669 (R$3,732 million) as at December 31,2021 (2020: US$695 (R$3,614 million)). In addition, there was a reduction of the tax losses from 2015, 2016 and 2017, with the corresponding tax impact of US$337 (R$1,883 million). The amount under discussion is US$1,885 (R$10,519 million ) for the 2018 to 2021 fiscal years. (e.ii) Expenses of interest on capital (“JCP”) ​ In 2021, Vale received assessments for the collection of IRPJ, CSLL and fines, on the grounds that the deduction of JCP was improper, referring to the base years of 2017 and 2018. The amount under discussion is US $981 (R $5,477 million) as at December 31, 2021 (US $659 (R $3,423 million) as at December 31, 2020). In addition, the tax effect of the potential reduction in the tax loss carryforward is US $125 (R $699 million). The Company presented administrative defenses for these assessments and is awaiting a decision. ​ (e.iii) 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 Social Contribution on Net Income (“CSLL”) from the taxable base of the corporate income tax (“IRPJ”). The Federal Government filed a rescission action (“ ação rescisória ”) in 2006, seeking to reverse the 2004 decision. In 2019, the Federal Court of Appeals (“TRF”) upheld the rescission action and, although the decision was not final, the Company decided not to deduct the CSLL from the taxable income from 2018. ​ In November 2020, the Company received a tax assessment notice for the collection of IRPJ for the years 2016 and 2017, related to the deduction of CSLL from the respective years in which Vale was supported by a final court decision. The total amount assessed is US$422 (R$2,357 million) on the base date of these financial statements (2020: US$435 (R$2,259 million)). ​ Vale believes that the rescission action brought by the Federal Government is not applicable (Precedent 343 issued by the 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.iv) Goodwill amortization ​ The Company received tax assessment notices for the periods between 2013 and 2016, due to the deduction of goodwill amortization expenses recorded by Vale in the acquisition of CAEMI, after its merger by Vale. The Company is discussing the charges at the administrative level and the potential loss is classified as possible in the amount of US $287 (R $1,603 million) as at December 31, 2021 (US $300 (R $1,558 million) as at December 31, 2020). ​ (e.v) Proceeding related to income tax paid abroad ​ In 2021, Vale received a tax assessment for the collection of US $399 (R $2,225 million) due to the disregard of taxes paid abroad that were offset by the IRPJ debt in 2016. Tax authorities allege the Company has failed to comply with the applicable rules relating to the offset, in Brazil, of income taxes paid abroad. The Company had filed an administrative appeal and a decision is pending. ​ (e.vi) Expenses with payments to Fundação Renova ​ The Company deducts payments made to Fundação Renova arising from the obligation entered into in the Transaction and Conduct Adjustment Agreement (“TTAC”) and from its subsidiary liability in the agreement when Samarco does not make these payments directly. Vale understands that the deduction of such expenses is adequate, since its liability is objective, arising from the obligation entered into in the TTAC and its status as a shareholder. ​ In December 2021, the Company received a tax assessment notice for the collection of IRPJ and CSLL of US $21 (R $115 million) alleging that the expenses incurred with Fundação Renova were improperly deducted from the computation of the Company’s income tax, as they understand that these expenses are not necessary for Vale's operational activities. For the fiscal years 2017 to 2021, the amount under discussion is US $426 (R $2,376 million). ​ (e.vii) Incidence of IRPJ and CSLL on SELIC rate in the repetition of undue payment ​ In September 2021, the Federal Supreme Court (“STF”) decided in a judgment with general repercussion, that the incidence of IRPJ and CSLL on amounts referring to the SELIC rate received as a result of repetition of tax overpayment is unconstitutional. After the publication of the decision of the leading case judgment with a conclusion favorable to the taxpayers, the Company recognized a gain of US $34 in the income statement for the year ended December 31, 2021. ​ 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 liabilities related to 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 carryforward. 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 Deferred income tax - Uncertain tax positions -

Basic and diluted earnings (los

Basic and diluted earnings (loss) per share	12 Months Ended
	Dec. 31, 2021
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, ​ 2021 2020 2019 Net income (loss) attributable to Vale's stockholders: ​ ​ ​ ​ ​ ​ Net income from continuing operations ​ 24,736 ​ 6,258 ​ 324 Loss from discontinued operations ​ (2,291) ​ (1,377) ​ (2,007) Net income (loss) ​ 22,445 ​ 4,881 ​ (1,683) Thousands of shares ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding ​ 5,012,424 ​ 5,129,585 ​ 5,127,950 Basic and diluted earnings per share from continuing operations: Common share (US$) 4.93 ​ 1.22 ​ 0.06 Basic and diluted loss per share from discontinued operations: ​ ​ ​ Common share (US$) (0.46) ​ (0.27) ​ (0.39) Basic and diluted earnings (loss) per share: Common share (US$) 4.47 ​ 0.95 ​ (0.33) ​

Accounts receivable

Accounts receivable	12 Months Ended
	Dec. 31, 2021
Accounts receivable.
Accounts receivable	10. Accounts receivable ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Receivables from customer contracts ​ ​ ​ ​ ​ Related parties (note 31) ​ 109 ​ 168 ​ Third parties ​ ​ ​ ​ ​ Ferrous minerals ​ 3,023 ​ 4,093 ​ Base metals ​ 668 ​ 716 ​ Others ​ 162 ​ 66 ​ Accounts receivable 3,962 5,043 ​ Expected credit loss (48) (50) ​ Accounts receivable, net ​ 3,914 ​ 4,993 ​ ​ 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 2021 and 2019, no customer individually represented 10% or more of the Company’s accounts receivable or revenues. Provisionally priced commodities sales – ​ The sensitivity of the Company’s risk on final settlement of provisionally priced accounts receivables are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Thousand ​ Provisional price ​ ​ ​ ​ ​ metric tons (US$/tone) Change Effect on Revenue Iron ore 22,228 120.3 + % + Iron ore pellets 704 187.1 + % + Copper 104 11,730.7 + % + ​ 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.

Suppliers and contractors

Suppliers and contractors	12 Months Ended
	Dec. 31, 2021
Suppliers and contractors.
Suppliers and contractors	11. Suppliers and contractors ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Third parties - Brazil 1,728 1,782 Third parties - Abroad 1,620 1,413 Related parties (note 31) 127 172 Total 3,475 3,367 ​

Inventories

Inventories	12 Months Ended
	Dec. 31, 2021
Inventories
Inventories	12. Inventories ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Finished products 2,795 2,712 Work in progress ​ 820 ​ 647 Consumable inventory 857 882 ​ ​ ​ ​ ​ Allowance to net realizable value (i) ​ (95) ​ (180) Total 4,377 4,061 (i) In 2021, the effect of provision for net realizable value was US$1 (2020: reversal of US$20). ​ 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 net realizable value. Inventory production cost comprises variable and fixed costs, direct and indirect costs of production and are assigned to individual items of inventory based on 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 and payable taxes

Recoverable and payable taxes	12 Months Ended
	Dec. 31, 2021
Recoverable and payable taxes
Recoverable and payable taxes	13. Recoverable and payable taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Current assets Non-current assets Current liabilities Current assets Non-current assets Current liabilities Value-added tax 217 ​ 11 ​ 162 ​ 254 ​ 179 17 Brazilian federal contributions 520 ​ 511 ​ 12 ​ 136 ​ 458 14 Income taxes ​ 113 ​ 413 ​ 1,861 ​ 107 ​ 454 ​ 773 Financial compensation for the exploration of mineral resources - CFEM — ​ — ​ 59 ​ — ​ — 80 Others 12 ​ — ​ 83 ​ 12 ​ — 68 Total 862 ​ 935 ​ 2,177 ​ 509 ​ 1,091 952 ​ ICMS included in PIS and COFINS computation tax base ​ Vale discussed the issue of the exclusion of ICMS from the taxable basis of the contribution to PIS and COFINS in two lawsuits filed before March 2017. One of the lawsuits includes the triggering events from March 2012 onwards and has a favorable decision definitive. This lawsuit resulted in the recognition of a gain in the amount of US$60 (R$313 million) in the income statement for the year ended December 31, 2020. This amount was calculated based on the assumption that the ICMS to be excluded from the taxable bases is the one paid. With the definition of the subject by the Federal Supreme Court in the leading case, with binding effects to all taxpayers, which determined that the ICMS to be excluded is the one highlighted in the invoices, the Company recognized an additional gain of US$26 (R$146 million) in the year ended December 31, 2021. ​ The lawsuit that covers the triggering events that occurred between December 2001 and February 2012, resulted in the recognition of a gain in the amount of US$145 (R$808 million) in the year ended December 31, 2021 due to the favorable decision obtained by the Company and in line with the recent judgment of the Federal Supreme Court in the aforementioned leading case.

Other financial assets and liab

Other financial assets and liabilities	12 Months Ended
	Dec. 31, 2021
Other financial assets and liabilities
Other financial assets and liabilities	14. Other financial assets and liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ Non-Current ​ December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Other financial assets ​ ​ ​ ​ ​ ​ ​ ​ Restricted cash ​ — ​ — ​ 117 ​ 38 Derivative financial instruments (note 20) ​ 111 ​ 134 ​ 20 ​ 66 Investments in equity securities (i) ​ — ​ — ​ 6 ​ 757 Loans - Related parties (note 31) (ii) ​ — ​ 195 ​ - ​ 923 ​ ​ 111 ​ 329 ​ 143 ​ 1,784 Other financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments (note 20) ​ 243 ​ 328 ​ 592 ​ 689 Loans - Related parties (note 31) (ii) ​ — ​ 490 ​ — ​ 895 Other financial liabilities - Related parties (note 31) ​ 393 ​ 235 ​ — ​ — Financial guarantees provided (notes 15c and 23e) ​ — ​ — ​ 542 ​ 877 Liabilities related to the concession grant (notes 14b and 17a) ​ 760 ​ 209 ​ 1,437 ​ 2,103 Contract liability ​ 566 ​ 644 ​ — ​ — ​ ​ 1,962 ​ 1,906 ​ 2,571 ​ 4,564 (i) The Company has an investment of US$6, corresponding to a 3.24% non-controlling interest in Boston Electrometallurgical Company, whose objective is to promote the development of a technology focused on reducing carbon dioxide emissions in steel production. (ii) The decrease in non-current liabilities refers to the settlement of loans due to the transaction for acquiring Nacala Logistic Corridor (note 16). a) Investment in equity securities The Company held 34.2 million common shares of The Mosaic Company (“Mosaic”), the financial instrument was measured at fair value through other comprehensive income. Thus, changes in the fair value of this investment were accumulated in the Company's stockholders’ equity. In November 2021, the Company sold the entire investment in Mosaic shares for the total amount of US$1,259 and the related amount in fair value reserve of US$522 was reclassified from other reserves to retained earnings reserve and, therefore, did not result in an impact on the income statement for the year ended December 31, 2021 (note 30c). b) Liabilities related to the concession grant In December 2020, the Company entered into an agreement with the Federal Government to continue operating its concessions of the Estrada de Ferro Carajás (“EFC”) and Estrada de Ferro Vitória a Minas (“EFVM”) for thirty years, extending the maturity date from 2027 to 2057. The recognized liability was discounted at present value using the following rates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability Discount rate ​ ​ December 31, 2021 December 31, 2020 2021 2020 Concessions grants 586 542 11.04 % 11.04 % Midwest Integration Railway ("FICO") 1,206 1,306 5.11 % 2.59 % Infrastructure program 342 264 5.22 % 3.08 % West-East Integration Railway ("FIOL") 62 200 5.75 % 2.67 % Total 2,196 2,312 ​ ​ Concession grants – Midwest Integration Railway ("FICO") – Infrastructure program - West-East Integration Railway ("FIOL") - The concession contract renewal requires the review and physical inspection of the railway assets by the National Land Transport Agency (“ANTT”). In addition, the ANTT may require, at their discretion, further investments on the concession network. Furthermore, there is a provision for the Company to complete a minimum percentage of certain investments by 2027. In these circumstances, discussions on the economic and financial rebalancing of the contracts will be required and depending on the result of the physical inventory review and if new investments are demanded, the carrying amount may have a material impact in the future. Financial guarantees In addition, as a condition for signing the contracts, the Company contracted a financial guarantee with coverage of US$180 as at December 31, 2021. These insurance contracts guarantee compensation, up to the amount established in the policy, for any losses arising from non-compliance of the contractual obligations assumed by Vale in the concession contracts. Accounting policy Concessions – Grant payments are discounted using the regulatory weighted average cost of capital (“WACC”), which is the interest rate explicit in the concession agreement as determined by the ANTT, and payments related to other investment obligations are discounted at an incremental rate to reflect the time value of money, that is, a risk-free interest rate applicable to the economic environment in which the Company operates and with terms and conditions equivalent to the obligations assumed. The amounts payable in relation to the concession granted are initially accounted for as intangible in accordance with the accounting policy, disclosed in note 17.

Investments in subsidiaries, as

Investments in subsidiaries, associates and joint ventures	12 Months Ended
	Dec. 31, 2021
Investments in subsidiaries, associates and joint ventures
Investments in subsidiaries, associates and joint ventures	15. Investments in subsidiaries, associates, and joint ventures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in associates ​ ​ ​ ​ ​ ​ ​ and joint ventures Equity results in the income statement Dividends received ​ ​ ​ ​ ​ December 31, ​ Year ended December 31, ​ Year ended December 31, Associates and joint ventures ​ % ownership ​ % voting capital ​ 2021 ​ 2020 ​ 2021 2020 2019 ​ 2021 2020 2019 Ferrous minerals ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Baovale Mineração S.A. ​ 50.00 ​ 50.00 ​ 21 ​ 20 ​ 4 ​ 1 ​ 4 ​ 1 ​ — ​ — Companhia Coreano-Brasileira de Pelotização ​ 50.00 ​ 50.00 ​ 51 ​ 48 ​ 46 ​ 8 ​ 48 ​ 33 ​ 34 ​ 62 Companhia Hispano-Brasileira de Pelotização ​ 50.89 ​ 50.89 ​ 38 ​ 43 ​ 1 ​ 11 ​ 37 ​ 7 ​ 27 ​ 50 Companhia Ítalo-Brasileira de Pelotização ​ 50.90 ​ 51.00 ​ 48 ​ 44 ​ 40 ​ 10 ​ 30 ​ 23 ​ 23 ​ 54 Companhia Nipo-Brasileira de Pelotização ​ 51.00 ​ 51.11 ​ 129 ​ 121 ​ 40 ​ 8 ​ 84 ​ 8 ​ 32 ​ 92 MRS Logística S.A. ​ 48.16 ​ 46.75 ​ 418 ​ 398 ​ 75 ​ 34 ​ 50 ​ 9 ​ 22 ​ 29 Samarco Mineração S.A. (note 25) ​ 50.00 ​ 50.00 ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — VLI S.A. ​ 29.60 ​ 29.60 ​ 408 ​ 480 ​ (40) ​ (22) ​ 1 ​ — ​ 2 ​ 9 ​ ​ ​ ​ ​ ​ 1,113 ​ 1,154 ​ 166 ​ 50 ​ 254 ​ 81 ​ 140 ​ 296 Base metals ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Korea Nickel Corp. ​ 25.00 ​ 25.00 ​ 17 ​ 18 ​ 1 ​ — ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ 17 ​ 18 ​ 1 ​ — ​ — ​ — ​ — ​ — Others ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aliança Geração de Energia S.A. ​ 55.00 ​ 55.00 ​ 367 ​ 367 ​ 53 ​ 28 ​ 31 ​ 25 ​ 24 ​ 28 Aliança Norte Energia Participações S.A. ​ 51.00 ​ 51.00 ​ 105 ​ 117 ​ (4) ​ (8) ​ 4 ​ — ​ — ​ — California Steel Industries, Inc. ​ 50.00 ​ 50.00 ​ — ​ 234 ​ 228 ​ (7) ​ 23 ​ 84 ​ — ​ 29 Companhia Siderúrgica do Pecém ​ 50.00 ​ 50.00 ​ 99 ​ — ​ 56 ​ (131) ​ (69) ​ — ​ — ​ — Mineração Rio do Norte S.A. ​ 40.00 ​ 40.00 ​ — ​ 71 ​ (5) ​ (3) ​ 15 ​ — ​ 9 ​ — Others ​ ​ ​ ​ ​ 50 ​ 70 ​ (1) ​ (5) ​ (5) ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ 621 ​ 859 ​ 327 ​ (126) ​ (1) ​ 109 ​ 33 ​ 57 Total ​ ​ ​ ​ ​ 1,751 ​ 2,031 ​ 494 ​ (76) ​ 253 ​ 190 ​ 173 ​ 353 The amounts of the investments by segments are presented in note 4(b). a) Changes in the year ​ ​ ​ ​ ​ ​ ​ 2021 2020 Balance at January 1, ​ 2,031 ​ 2,798 Additions and capitalizations (i) ​ 42 ​ 131 Equity results in income statement ​ 494 ​ (76) Dividends declared ​ (228) ​ (128) Translation adjustment ​ (128) ​ (542) Reduction of investment in VLI ​ - ​ (131) Transfer the equity results to discontinued operations (note 16a) ​ (26) ​ (43) Transfer of CSI to assets held for sale (nota 16c) ​ (377) ​ - Others ​ (57) ​ 22 Balance at December 31, ​ 1,751 ​ 2,031 (i) Refers mainly to the capital increase of Companhia Siderúrgica do Pecém. Capital reduction in a foreign subsidiary - In December 2021, the Company approved a capital reduction in the amount of US $3,000 in VISA. Therefore, in accordance with the Company's accounting policy for transactions of such nature (note 2), the capital reduction was characterized as a partial disposal, generating a gain of US $2,413 related to the reclassification of the cumulative translation adjustments of this investment, recorded in the stockholders’ equity to the income statement for year ended December 31, 2021, presented as “Other financial items, net” (note 6). Call options exercised on VLI shares – In December 2020, BNDES Participações S.A. (“BNDESPar”) exercised all its options included in the Call Option Purchase Agreement for share issued by VLI S.A. (“VLI”). In this agreement, options were granted to BNDESPar to purchase shares of VLI held by Vale of up to 8% of VLI's equity. 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 for the year ended December 31, 2020 as “Equity results and other results in associates and joint ventures”. b) Acquisitions and divestitures Vale Shipping Holding Pte. Ltd (“VSH”) - Vale Nouvelle-Calédonie S.A.S. (“VNC”) – In March 2021, the Company signed the share purchase and sale agreement with Prony Resources, concluding the transaction to sell its interest in VNC. With the final agreement, the Company disbursed US$555 to VNC on the closing of the transaction, which combined with other working capital adjustments, resulted in an additional loss in the amount of US$98, presented as “Impairment and write-off of non-current assets” in income statement for the year ended December 31, 2021. The agreement also established that Vale has an offtake agreement to purchase a certain amount of VNC’s annual nickel production with a cap price over a period of 13 years. Such cap included in the contract is an embedded derivative. However, it is deemed closely related to the host contract (nickel supply agreement) because the cap was out of the money on inception of the contract. Therefore, this derivative will not be separated from the host contract, which will be accounted for as an executory contract. Upon closing of the transaction, the Company also recognized a gain of US$1,132 arising from the accumulated exchange differences reclassified from the stockholders’ equity to the income statement under “Other financial items, net”. Divestment agreement in compliance with PT Vale Indonesia Tbk (“PTVI”) Contract of Work - 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 the 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”) - Following the conclusion of the transaction, the Company recorded a gain of US $116 due to the recycling of the cumulative translation adjustments to the income statement, which was recorded in the income statement for the year ended December 31,2020 as “Equity results and other results in associates and joint ventures”. New Steel Global N.V. (“New Steel”) – Ferrous Resources Limited (“Ferrous”) - Project West III – c) Financial guarantees As of December 31, 2021 and 2020, the total guarantees granted by the Company (within the limit of its direct or indirect interest) for certain associates and joint ventures totaled US$1,513 and US$1,557, respectively. The fair value of the financial guarantees as of December 31, 2021 and 2020 totaled US$542 and US$877, respectively, and is recorded in the balance sheet as “Other non-current liabilities”. d) 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 25. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Aliança Geração ​ Aliança ​ ​ ​ Pelletizing ​ ​ ​ ​ ​ de Energia Norte Energia CSP (i) plants (ii) MRS Logística VLI S.A. Current assets 112 — ​ 566 ​ 425 ​ 497 494 Non-current assets 824 206 ​ 2,615 ​ 267 ​ 1,910 3,550 Total assets 936 206 ​ 3,181 ​ 692 ​ 2,407 4,044 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities 46 — ​ 438 ​ 166 ​ 447 580 Non-current liabilities 223 — ​ 2,545 ​ 1 ​ 1,092 2,085 Total liabilities 269 — ​ 2,983 ​ 167 ​ 1,539 2,665 Stockholders’ equity 667 206 ​ 198 ​ 525 ​ 868 1,379 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net revenue ​ 185 ​ — ​ 2,242 ​ 396 ​ 820 ​ 1,109 Net income (loss) 96 (7) ​ 891 ​ 250 ​ 155 (136) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nacala ​ ​ ​ ​ Aliança Geração ​ Aliança ​ ​ ​ ​ ​ Pelletizing ​ ​ ​ Corridor Holding ​ ​ ​ de Energia Norte Energia CSI CSP (i) plants (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 (negative reserves) 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) (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) Aggregated entities: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização, and Companhia Nipo-Brasileira de Pelotização. e) Subsidiaries ​ The significant consolidated entities in each business segment are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % Noncontrolling ​ Location Main activity /Business % Ownership % Voting capital interest Direct and indirect subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Companhia Portuária da Baía de Sepetiba Brazil ​ Iron ore ​ 100.0 % 100.0 % 0.0 % Mineração Corumbaense Reunida S.A. Brazil ​ Iron ore and manganese ​ 100.0 % 100.0 % 0.0 % Minerações Brasileiras Reunidas S.A. ("MBR") Brazil ​ Iron ore ​ 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 Oman Distribution Center LLC Oman ​ Iron ore and pelletizing plant ​ 100.0 % 100.0 % 0.0 % Vale Oman Pelletizing Company LLC Oman ​ Pelletizing plant ​ 70.0 % 70.0 % 30.0 % ​ f) 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, 2021 ​ ​ ​ ​ Vale ​ Vale Oman ​ ​ ​ ​ ​ PTVI Moçambique Pelletizing Others Total Current assets ​ 771 ​ 420 ​ 92 ​ — ​ — Non-current assets 1,875 ​ 195 ​ 633 ​ — ​ — Related parties - Stockholders ​ 82 ​ 6 ​ 25 ​ — ​ — Total assets 2,728 ​ 621 ​ 750 ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities 174 ​ 224 ​ 97 ​ — ​ — Non-current liabilities 70 ​ 74 ​ 157 ​ — ​ — Related parties - Stockholders ​ — ​ 12,072 ​ 296 ​ — ​ — Total liabilities 244 ​ 12,370 ​ 550 ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders' equity(negative reserves) ​ 2,484 ​ (11,749) ​ 200 ​ — ​ — Equity (negative reserves) attributable to noncontrolling interests ​ 1,383 ​ (587) ​ 60 ​ (21) ​ 834 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ 198 ​ 326 ​ 27 ​ — ​ — Net income (loss) attributable to noncontrolling interests ​ 110 ​ (85) ​ 8 ​ (10) ​ 23 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends paid to noncontrolling interests ​ 18 ​ — ​ 12 ​ — ​ 30 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ Vale ​ Vale Oman ​ ​ ​ ​ ​ ​ PTVI VNC Moçambique S.A. Pelletizing Others Total ​ Current assets ​ 595 ​ 2 ​ 352 ​ 58 ​ — ​ — ​ Non-current assets ​ 1,881 ​ — ​ 168 ​ 650 ​ — ​ — ​ Related parties - Stockholders ​ 61 ​ 49 ​ 29 ​ 47 ​ — ​ — ​ Total assets ​ 2,537 ​ 51 ​ 549 ​ 755 ​ — ​ — ​ Current liabilities ​ 162 ​ — ​ 341 ​ 37 ​ — ​ — ​ Non-current liabilities ​ 53 ​ — ​ 98 ​ 198 ​ — ​ — ​ Related parties - Stockholders ​ — ​ 281 ​ 12,185 ​ 325 ​ — ​ — ​ Total liabilities ​ 215 ​ 281 ​ 12,624 ​ 560 ​ — ​ — ​ Stockholders’ equity (negative reserves) ​ 2,322 ​ (230) ​ (12,075) ​ 195 ​ — ​ — ​ Equity (negative reserves) attributable to noncontrolling interests ​ 1,292 ​ (12) ​ (2,330) ​ 59 ​ 68 ​ (923) ​ Net income (loss) ​ 84 ​ (669) ​ (1,804) ​ 20 ​ — ​ — ​ Net income (loss) attributable to noncontrolling interests ​ 35 ​ (33) ​ (348) ​ 6 ​ (9) ​ (350) ​ Dividends paid to noncontrolling interests ​ — ​ — ​ — ​ 14 ​ — ​ 14 ​ ​ Accounting policy Subsidiaries – The Company consolidates all entities over which it has control, that is, when: (i) the Company is exposed or has rights over variable returns from its involvement with the investee; and (ii) has the ability to direct the investee’s significant activities. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. Consolidation is interrupted from the date on which the Company ceases to have control. Transactions with noncontrolling interests – 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 the Company’s stockholders. For purchases or disposals of non-controlling interests, the difference between the consideration paid and the book value of the acquired portion of the subsidiary's net assets is recorded directly in equity under “Acquisitions and disposals of non-controlling interests”. Loss of control – When the Company ceases to have control, any interest retained in the entity is remeasured at its fair value, with the change in the carrying amount recognized in profit or loss. Amounts previously recognized in other comprehensive income are reclassified to the income statement. Investments in associates and joint arrangements – Associates are all entities over which the Company has significant influence, but not control, generally through an equity interest of 20% to 50% of the voting rights. If the equity interest in the associate is reduced, but significant influence is retained, only a proportionate portion of the amounts previously recognized in other comprehensive income will be reclassified to profit or loss, when appropriate. Dilution gains and losses, incurred on interests in associates, are recognized in the income statement. 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. Accordingly, the assets, liabilities, income and expenses related to the joint operation are recorded individually in the financial statements. 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. Critical accounting estimates and judgments Judgment is required in some circumstances to determine whether after considering all relevant factors, the Company has either control, joint control or significant influence over an entity. Significant influence includes situations of collective control. The Company holds the majority of the voting capital in five joint arrangements (Aliança Geração de Energia S.A., Aliança Norte Energia Participações S.A., Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização and Companhia Nipo-Brasileira de Pelotização), but management has concluded that the Company does not have a sufficiently dominant voting interest to have the power to direct the activities of 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.

Non-current assets and liabilit

Non-current assets and liabilities held for sales and discontinued operations	12 Months Ended
	Dec. 31, 2021
Non-current assets and liabilities held for sales and discontinued operations
Non-current assets and liabilities held for sales and discontinued operations	16. Non-current assets and liabilities held for sales and discontinued operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Coal (Discontinued ​ ​ ​ ​ ​ ​ ​ operation) Manganese Other assets Total Assets Accounts receivable — 11 — 11 Inventories 167 12 — 179 Taxes 364 17 — 381 Investments — — 377 377 Other assets 21 1 6 28 Total assets 552 41 383 976 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities Suppliers and contractors 110 10 — 120 Other liabilities 232 3 — 235 Total liabilities 342 13 — 355 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net non-current assets held for sale 210 28 383 621 ​ a) Coal (Discontinued operation) ​ The Company has metallurgical and thermal coal mining and processing operations in Vale Moçambique S.A. (“Vale Moçambique”) which is a company controlled by Vale, with a non-controlling interest held by Mitsui & Co. Ltd. (“Mitsui”). Coal products are transported from the Moatize mine to the maritime terminal by the Nacala Logistics Corridor (“NLC”), which was a joint venture between Vale and Mitsui. The NLC’s main assets are the railways and port concessions located in Mozambique and Malawi. ​ As part of the sustainable mining strategic agenda, the Company announced in 2021 its intention to divest from coal assets. To achieve this objective, it was necessary to carry out the corporate reorganization through the acquisition of the interests held by Mitsui in these assets, which, upon completion, allowed the Company to reach an agreement with Vulcan Minerals (“Vulcan”) in December 2021, for the sale of all coal assets. Following the signing of the agreement, the Company started to treat coal as a discontinued operation. Below is a summary of the main events: ​ (a.i) Acquisition of non-controlling interest in Vale Moçambique ​ On June 22, 2021, the Company acquired 15% interest held by Mitsui in Vale Moçambique for an immaterial consideration, which resulted in a loss of US $331 (R $1,666 million) due to the negative reserves of Vale Moçambique at the conclusion of the transaction. This transaction with non-controlling interests was recognized in the Stockholders’ Equity as “Acquisition and disposal of non-controlling interest ”. After the acquisition of the interests previously held by Mitsui, the Company holds 95% of the share capital of Vale Moçambique and the remaining interest is held by the government of Mozambique. ​ (a.ii) Business combinations – NLC ​ Also on June 22, 2021, the Company concluded the acquisition of NLC’s control through the disbursement of US $2,517 to settle NLC’s loans with third parties (“Project Finance”), satisfying all conditions for acquiring the additional 50% held by Mitsui. Therefore, the Company started consolidating the NLC’s assets and liabilities on its balance sheet. ​ In addition, the Company has updated the discounted cash flow model to assess the fair value of the acquired business, resulting in a loss of US $771 on the fair value of the loans receivable from NLC, mainly due to the decrease in the long-term price assumption for both metallurgical and thermal coal as well as the reduction in the expected production to reflect the operational challenges to reach the ramp-up of the coal business, after the revamp of the processing plants. The cash flows were discounted at a rate of 11.6% , and the loss was recognized as “ Impairment and disposals of non-current assets” in the net income from discontinued operations for the year ended December 31, 2021. ​ The fair values of identifiable assets acquired, and liabilities assumed as a result of the NLC’s acquisition were as follow s: ​ ​ ​ ​ ​ June 22, 2021 Acquired assets ​ ​ Cash and cash equivalents 172 Inventory, recoverable tax, and other assets 423 Intangible 2,219 Property, plant, and equipment 1,363 Assumed liabilities (158) Net identifiable assets acquired 4,019 Fair value adjustments (i) (1,590) Total identifiable net assets at fair value 2,429 ​ ​ Pre-existing relation (Loans receivable from NLC) 859 Loss on pre-existing relation (771) ​ 2,517 ​ ​ ​ Cash consideration ​ 2,517 (-) Balances acquired ​ ​ Cash and cash equivalents 172 Net cash outflow ​ 2,345 (i) Of this amount, US $441 was allocated to property, plant, and equipment and US $791 was allocated to intangible and the remaining amount was allocated to other assets. ​ (a.iii) Fair value adjustments ​ Following the decision to divest from the coal segment, the Company initiated interactions with potential interested parties in acquiring these assets, and the negotiations that were underway at the time, resulted in the decision to provision in full the book value of these assets, mainly due to the difficulties to prove the expected productivity levels of metallurgical coal and thermal coal, due to the delays that occurred to implement the mining plan and the strategy for the plant to reach the ramp-up of the asset due to the travel and transportation restrictions of equipment resulting from the pandemic of COVID- 19. The Company recorded the impact of US$2,511 in the net income from discontinued operations for the year ended December 31, 2021, presented as “Impairment and disposal of non-current assets”. ​ (a.iv) Binding agreement with Vulcan Minerals (“Vulcan”) ​ On December 21, 2021, the Company signed a binding agreement with Vulcan, a private company part of the mining group Jindal. The agreements establishes that Vale will receive US$270 for the coal net assets and it is not expected that there will be a material impact on the income statement at the time of the transaction, as the value of the net coal assets approximates the consideration that will be received by the Company. The agreement also establishes a variable royalty consideration with a term of 10 years subject to certain conditions of production volume of coal. Due to the nature and uncertainties related to the measurement of these royalties, gains will be recognized as incurred. ​ In addition, upon closing the transaction, expected for the first half of 2022, the Company will recognize in the income statement a gain of approximately US$2,150 related to the reclassification of cumulative translation adjustments included the NCI disposal presented in note 15. ​ The closing of the transaction is subject to the satisfaction of customary conditions precedent, including the approval of the Ministry of Mineral Resources and Energy of Mozambique pursuant to the Mining Law No. 20/2014, and the approval of the Government of Mozambique pursuant to the Concession Agreements for the change of control and antitrust. ​ (a.v) Net income and cash flows from discontinued operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Net income from discontinued operations ​ ​ ​ ​ ​ Net operating revenue ​ 1,083 ​ 473 ​ 1,021 Cost of goods sold and services rendered ​ (1,386) ​ (1,475) ​ (1,875) Operating expenses ​ (33) ​ (43) ​ (29) Impairment and disposals of non-current assets ​ (3,282) ​ (935) ​ (1,691) Operating income (loss) ​ (3,618) ​ (1,980) ​ (2,574) Financial Results, net 447 ​ 2 ​ (20) Equity results in associates and joint ventures (26) ​ (43) ​ (25) Loss before income taxes (3,197) ​ (2,021) ​ (2,619) Income taxes 821 ​ 297 ​ — Loss from discontinued operations (2,376) ​ (1,724) ​ (2,619) Loss attributable to noncontrolling interests (85) ​ (347) ​ (612) Loss attributable to Vale's stockholders ​ (2,291) ​ (1,377) ​ (2,007) ​ Reclassification of cumulative translation adjustments Simultaneously, due to the classification of the coal segment as a discontinued operation, the Company concluded that its Australian subsidiaries (also part of the coal segment), which were no longer operational, were considered “abandoned” for the purposes of applying IAS 21 - The Effects of Changes in Foreign Exchange Rates recognized a gain arising from the cumulative translation adjustments in the amount of US$424, which was reclassified to the net income from discontinued operations, as “Other financial items, net”. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 2019 Cash flow from discontinued operations ​ ​ ​ ​ ​ ​ Operating activities ​ ​ ​ Loss before income taxes (3,197) (2,021) (2,619) Adjustments: ​ ​ ​ Equity results in associates and joint ventures ​ 26 ​ 43 ​ 25 Depreciation, amortization and depletion 69 19 237 Impairment and disposals of non-current assets 3,282 935 1,691 Financial Results, net (447) (2) 20 Increase (decrease) in assets and liabilities (49) (29) 9 Net cash provided by operating activities (316) (1,055) (637) ​ ​ ​ ​ Investing activities ​ ​ ​ Additions to property, plant, and equipment (194) (203) (240) Acquisition of NLC, net of cash ​ (2,345) ​ - ​ - Others 70 74 127 Net cash provided (used) in investing activities (2,469) (129) ​ (113) ​ ​ ​ ​ ​ Financing activities ​ ​ ​ ​ Payments (13) (15) ​ (14) Net cash used in financing activities (13) (15) ​ (14) Net cash provided (used) by discontinued operations (2,798) (1,199) ​ (764) ​ b) Manganese ferroalloys operations in Minas Gerais In September 2021, the Company signed an agreement to sell certain assets and liabilities located in the state of Minas Gerais, which are part of Vale Manganês S.A. and relates to the manganese ferroalloys business, for US$40. Due to that agreement, those assets and liabilities were classified as “held for sale” and measured at fair value less costs of disposal, resulting in the recognition of an impairment loss of US$25 recognized in the income statement as “Impairment and disposal of non-current assets” for the year ended December 31, 2021. The transaction was concluded in January 2022 (subsequent event) and will not have material impact in the income statement for the year 2022. c) Other assets In December 2021, the Company entered into a binding agreement with Nucor Corporation (“Nucor”) for the sale of its 50% interest in California Steel Industries, Inc (“CSI”). In February 2022 (subsequent event), the Company concluded the sale and transferred its 50% interest in CSI for the total amount of US$437. Upon completion of the transaction the Company will record a gain of approximately US$218 in income statement for the year ending December 31, 2022, of which US$57 relates to a gain from the sale and US$161 is due the reclassification of the cumulative translation adjustments from the stockholders’ equity to the income statement. ​ Accounting policy Business combinations - 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 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, 2021
Intangibles
Intangibles	17. Intangibles ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Research ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and development ​ ​ ​ Goodwill Concessions Contract right Software project and patents Total 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 Additions ​ — ​ 431 ​ — ​ 47 ​ — ​ 478 Disposals ​ — ​ (7) ​ — ​ — ​ — ​ (7) Amortization ​ — ​ (240) ​ — ​ (35) ​ — ​ (275) Acquisition of NLC (note 16) ​ — ​ 1,428 ​ — ​ — ​ — ​ 1,428 Impairment of discontinued operations (note 16) ​ — ​ (1,422) ​ — ​ — ​ — ​ (1,422) Translation adjustment ​ (90) ​ (358) ​ — ​ (2) ​ (37) ​ (487) Balance at December 31, 2021 ​ 3,208 ​ 5,223 ​ — ​ 86 ​ 494 ​ 9,011 Cost ​ 3,208 ​ 6,332 ​ — ​ 516 ​ 494 ​ 10,550 Accumulated amortization ​ — ​ (1,109) ​ — ​ (430) ​ — ​ (1,539) Balance at December 31, 2021 ​ 3,208 ​ 5,223 ​ — ​ 86 ​ 494 ​ 9,011 ​ a) Concessions – ​ b) Goodwill - c) Research and development project and patents - Accounting policy Intangibles are carried at acquisition cost, net of accumulated amortization and impairment charges. The estimated useful lives are as follows: ​ ​ ​ ​ ​ Useful life Railway concessions 5 to 37 years Contract right 22 to 31 years Software 5 years ​

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Dec. 31, 2021
Property, plant and equipment
Property, plant and equipment	18. 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, 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 19) ​ (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 Additions (i) ​ — ​ — ​ — ​ — ​ — ​ 185 ​ — ​ 5,316 ​ 5,501 Disposals ​ (13) ​ (32) ​ (69) ​ (2) ​ (9) ​ — ​ (4) ​ (63) ​ (192) Assets retirement obligation ​ — ​ — ​ — ​ 57 ​ — ​ — ​ — ​ — ​ 57 Depreciation, depletion and amortization ​ (436) ​ (475) ​ (664) ​ (450) ​ (166) ​ (171) ​ (264) ​ — ​ (2,626) Acquisition of NLC (note 16) ​ 235 ​ 140 ​ 102 ​ — ​ 318 ​ 33 ​ 2 ​ 92 ​ 922 Impairment (note 19) (11) ​ (7) ​ (11) ​ (21) ​ — ​ (13) ​ (7) ​ (60) ​ (130) Impairment of discontinued operations (note 16) ​ (231) ​ (114) ​ (86) ​ — ​ (317) ​ (33) ​ (4) ​ (304) ​ (1,089) Transfers to assets held for sale (note 16) ​ (2) ​ — ​ (1) ​ — ​ — ​ — ​ — ​ (3) ​ (6) Translation adjustment ​ (412) ​ (432) ​ (130) ​ (132) ​ (167) ​ (27) ​ (99) ​ (255) ​ (1,654) Transfers ​ 416 ​ 561 ​ 669 ​ 236 ​ 152 ​ — ​ 365 ​ (2,399) ​ — Balance at December 31, 2021 8,137 ​ 7,232 ​ 4,743 ​ 7,742 ​ 2,334 ​ 1,537 ​ 2,484 ​ 7,722 ​ 41,931 Cost ​ 14,937 ​ 11,560 ​ 10,770 ​ 17,036 ​ 3,717 ​ 2,014 ​ 5,470 ​ 7,722 ​ 73,226 Accumulated depreciation ​ (6,800) ​ (4,328) ​ (6,027) ​ (9,294) ​ (1,383) ​ (477) ​ (2,986) ​ — ​ (31,295) Balance at December 31, 2021 ​ 8,137 ​ 7,232 ​ 4,743 ​ 7,742 ​ 2,334 ​ 1,537 ​ 2,484 ​ 7,722 ​ 41,931 (i) The additions in the year mainly refer to: (i) Salobo III project, expansion of the Voisey's Bay mine and Serra Sul 120 Mtpy project; (ii) start of execution of the Capanema (ferrous) and Sol do Cerrado (solar energy) project; and (iii) higher expenses in the Coal business. Right-of-use assets (Leases) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impairment of ​ ​ ​ ​ ​ ​ ​ ​ Additions ​ ​ ​ discontinued ​ ​ ​ ​ ​ December 31, ​ and contract ​ ​ ​ operations ​ ​ ​ Translation ​ December 31, ​ 2020 modifications Impairment (note 16a) Depreciation adjustment 2021 Ports 718 30 ​ (13) ​ — (48) (7) 680 Vessels 534 — ​ — ​ — (42) — 492 Pelletizing plants 131 130 ​ — ​ — (37) (9) 215 Properties 112 8 ​ — ​ — (25) (11) 84 Energy plants 56 — ​ — ​ — (7) — 49 Mining equipment and locomotives 12 50 ​ — ​ (33) (12) — 17 Total 1,563 218 ​ (13) ​ (33) (171) (27) 1,537 ​ Lease liabilities are presented in note 23. ​ 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 Locomotives 12 to 25 years Wagons 30 to 45 years Railway equipment 5 to 37 years Vessels 20 to 25 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 - (ii) Expenditures on feasibility studies, new technologies and others research - (iii) Maintenance costs - (iv) Stripping Costs - 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 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 23. Critical accounting estimates and judgments Mineral reserves - 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, 2021
Impairment and onerous contracts
Impairment and onerous contracts	19. Impairment and onerous contracts The impairment losses recognized in the year are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income statement ​ ​ Impairment ​ 2021 2020 2019 Segments by class of assets ​ ​ ​ ​ ​ ​ Base metals – Nickel ​ 98 882 2,511 Manganese ​ 35 76 — Other assets ​ 95 ​ 125 ​ 119 Impairment of non-current assets ​ 228 1,083 2,630 ​ ​ ​ ​ Onerous contracts ​ 18 — 240 Disposals of non-current assets ​ 180 225 513 Impairment and disposals of non-current assets ​ 426 1,308 3,383 ​ a) Impairment of 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 ​ Based on the operational difficulties faced by VNC, in 2020, the Company started a program for the sale of this asset. As a result of negotiations with interested parties, VNC's assets and liabilities were classified as "held for sale" and measured at fair value less cost to sell, resulting in the recognition of an impairment of US$882 in the income statement for the year ended December 31 2020, mainly due to the need for financing for the continuity of VNC’s operations, including the commitment to make investments for the conversion of the tailings deposit from wet stacking to dry stacking (“Project Lucy”), which were estimated in the amount of US$500. ​ In March 2021, the Company signed the share purchase and sale agreement with Prony Resources, concluding the transaction for the sale of its interest in VNC (note 15). Under the terms of the definitive agreement, there was an increase in the value of the obligations assumed by Vale for the maintenance of VNC’s activities, which, combined with other adjustments in working capital, resulted in an additional loss of US$98 in the income for the year ended December 31, 2021. ​ Ferrous Minerals ​ Manganese ferroalloys operations in Minas Gerais ​ Simões Filho, Ferroalloys of Manganese ​ b) Onerous contract In 2021, 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 $18 (R $100 million) in relation to the costs of certain long-term contracts, with minimum guaranteed volume for fluvial transportation and port structure. In 2019, this review resulted in an additional provision of US $240 . c) Impairment test for the goodwill ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying amount Discount rate Period of cash flow projections Ferrous mineral 1,278 4.4 % 2051 Nickel 1,930 3.2% - 3.8 % 2045 ​ 3,208 ​ ​ ​ ​ ​ Goodwill, Iron ore and pellets Goodwill, Nickel Accounting policy Impairment of non-financial assets - 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 - 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, 2021
Financial and capital risk management
Financial and capital risk management	20. Financial and capital risk management The Company is exposed to several financial and capital risk factors that may impact its performance and equity position. The evaluation of the exposure to financial and capital risks is performed periodically to support 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 of 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 monthly , allowing the monitoring of financial results and their impact on cash flow. The Company applies hedge accounting to its net investment in foreign operation and nickel, palladium and coal 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 ​ Financial instruments and other financial liabilities that are not denominated in US$ ​ Swap and forward operations ​ Market risk - Interest rate ​ Loans and financing indexed to different interest rates including, but not limited to, LIBOR and CDI ​ Swap operations ​ Market risk - Product and input prices ​ Volatility of commodity and input prices ​ Forward operations and 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 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) Effects of derivatives on the balance sheet ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ December 31, 2021 ​ December 31, 2020 ​ Current Non-current Current Non-current Foreign exchange and interest rate risk ​ ​ ​ ​ ​ ​ ​ ​ IPCA swap ​ 41 ​ — ​ 7 ​ 38 Eurobond's swap ​ — ​ — ​ — ​ 3 Pre-dollar swap and forward transactions ​ 20 ​ 9 ​ — ​ 9 Libor swap ​ 1 ​ 11 ​ — ​ — ​ ​ 62 ​ 20 ​ 7 ​ 50 ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities price risk ​ ​ ​ ​ ​ ​ ​ ​ Base metals products ​ 28 ​ — ​ 30 ​ — Gasoil, Brent and freight ​ 8 ​ — ​ 97 ​ — ​ ​ 36 ​ — ​ 127 ​ — Others 13 ​ — ​ — ​ 16 ​ 13 ​ — ​ — ​ 16 Total 111 ​ 20 ​ 134 ​ 66 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ December 31, 2021 ​ December 31, 2020 ​ Current Non-current Current Non-current Foreign exchange and interest rate risk ​ ​ ​ ​ ​ ​ ​ ​ CDI & TJLP vs. US$ fixed and floating rate swap ​ 151 ​ 440 ​ 111 ​ 525 IPCA swap ​ 6 ​ 113 ​ 72 ​ 100 Eurobond's swap ​ — ​ — ​ 4 ​ — Pre-dollar swap and forward transactions ​ 57 ​ 38 ​ 63 ​ 58 Libor swap ​ — ​ 1 ​ 1 ​ 6 ​ ​ 214 ​ 592 ​ 251 ​ 689 Commodities price risk ​ ​ ​ ​ ​ ​ ​ ​ Base metals products ​ 27 ​ — ​ 46 ​ — Gasoil, Brent and freight ​ 2 ​ — ​ 13 ​ — ​ ​ 29 ​ — ​ 59 ​ — Others ​ — ​ — ​ 18 ​ — ​ ​ — ​ — ​ 18 ​ — Total ​ 243 ​ 592 ​ 328 ​ 689 ​ a.ii) Net exposure ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap (591) (636) IPCA swap (78) (127) Eurobond's swap — (1) Pre-dollar swap and forward transactions (66) (112) Libor swap (i) 11 (7) ​ (724) (883) Commodities price risk Base metals products 1 (16) Gasoil, Brent and freight 6 84 ​ 7 68 Others 13 (2) ​ 13 (2) Total (704) (817) (i) In March 2021, the UK Financial Conduct Authority (“FCA”), the financial regulator in the United Kingdom, announced the discontinuation of the LIBOR rate for all terms in pounds, euros, Swiss francs, yen and for terms of one week and two months in dollars at the end of December 2021 and the other terms at the end of June 2023. The Company has a multidisciplinary group dedicated to studying the rate transition and its potential impacts and is monitoring and advising various areas of Vale on the necessary initiatives. ​ a.iii) Effects of derivatives on the income statement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) recognized in the income statement ​ ​ Year ended December 31, ​ 2021 2020 2019 Foreign exchange and interest rate risk ​ ​ ​ ​ ​ ​ CDI & TJLP vs. US$ fixed and floating rate swap ​ (155) ​ (746) ​ (39) IPCA swap ​ 28 ​ (262) ​ 118 Eurobonds swap ​ (28) ​ 28 ​ (39) Pre-dollar swap and forward transactions ​ (20) ​ (160) ​ 2 Libor swap ​ 16 ​ (7) ​ — ​ ​ (159) ​ (1,147) ​ 42 Commodities price risk ​ ​ ​ ​ ​ ​ Base metals products ​ (2) ​ 10 ​ 58 Gasoil, Brent and freight ​ 127 ​ (134) ​ 42 ​ ​ 125 ​ (124) ​ 100 ​ ​ ​ ​ ​ ​ ​ Others ​ 11 ​ 61 ​ 102 ​ ​ 11 ​ 61 ​ 102 Total ​ (23) ​ (1,210) ​ 244 ​ a.iv) Effects of derivatives on the cash flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial settlement inflows (outflows) ​ ​ Year ended December 31, ​ 2021 2020 2019 Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap (142) (141) (381) IPCA swap (18) — (28) Eurobonds swap (29) (6) (5) Pre-dollar swap and forward transactions (79) (49) 8 Libor swap ​ (2) ​ — ​ — ​ (270) (196) (406) Commodities price risk ​ ​ ​ Base metals products — 8 48 Gasoil, Brent and freight 205 (206) 2 ​ 205 (198) 50 Others ​ — ​ 68 ​ 21 ​ ​ ​ ​ ​ ​ ​ Derivatives designated as cash flow hedge accounting ​ ​ ​ Nickel (67) 292 11 Palladium ​ 5 ​ — ​ — Coal ​ (70) ​ — ​ — ​ ​ (132) ​ 292 ​ 11 Total (197) (34) (324) ​ a.v) Hedge accounting ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain(loss) recognized in the other comprehensive income ​ ​ Year ended December 31, ​ 2021 2020 2019 Net investments hedge (118) (578) (74) Cash flow hedge (Nickel and Palladium) 3 (105) 102 ​ Net investment hedge ​ Cash flow hedge (Nickel) ​ In April 2020, the option contracts were liquidated to increase the Company's cash position as a result of the pandemic 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 program was renewed for 2022 mainly due to the high volatility of nickel prices linked to future cash flows forecast for the year. 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) ​ ​ ​ ​ ​ Fair value (Outflows) ​ Value at Risk ​ by year ​ ​ December 31, ​ December 31, ​ Bought/ ​ Average strike ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ Flow 2021 2020 Sold (US$/ton) 2021 2020 2021 2021 2022 Nickel Revenue Hedge Program ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Call options — 58,620 S — ​ — (46) (67) ​ — — Put options ​ — ​ 58,620 ​ B ​ — ​ — ​ 28 ​ — ​ — ​ — Forward 39,575 — S 20,008 ​ (26) — — ​ 23 (26) Total ​ ​ (26) (18) (67) ​ 23 (26) ​ Cash flow hedge (Palladium) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ settlement ​ ​ ​ Fair ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inflows ​ Value at ​ value ​ ​ Notional (t oz) ​ ​ ​ ​ ​ Fair value ​ (Outflows) ​ Risk ​ by year ​ December 31, December 31, Bought / Average strike December 31, December 31, December 31, December 31, ​ Flow 2021 2020 Sold ​ (US$/t oz) 2021 2020 ​ 2021 2021 ​ 2022 Palladium Revenue Hedge Program ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Call Options 44,228 7,200 S 3,370 (1) (1) — 2 (1) Put Options 44,228 7,200 B ​ 2,436 26 — 5 15 26 Total ​ ​ ​ ​ ​ ​ ​ ​ 25 ​ (1) 5 17 25 ​ Cash flow hedge (Metallurgical Coal) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ settlement ​ ​ ​ Fair ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inflows ​ ​ ​ Value by ​ ​ Notional (ton) ​ ​ ​ Fair Value ​ (Outflows) ​ Risk Value ​ year ​ ​ December ​ December ​ ​ ​ December 31, ​ December ​ December ​ December ​ ​ Flow ​ 31, 2021 ​ 31, 2020 ​ Buy / Sell ​ 2021 ​ 31, 2020 ​ 31, 2021 ​ 31, 2021 ​ 2022 Metallurgical Coal Revenue Hedge Program — — S — — (8) — — ​ Cash flow hedge (Thermal Coal) contracts to protect a portion of the projected sales of this product at fluctuating prices. The program was liquidated in December 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ settlement ​ ​ ​ Fair ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inflows ​ ​ ​ value by ​ ​ Notional (ton) ​ ​ ​ Fair Value ​ (Outflows) ​ Risk Value ​ year ​ ​ December ​ December ​ Bought / ​ December 31, ​ December ​ December ​ December ​ ​ Flow ​ 31, 2021 ​ 31, 2020 ​ Sold ​ 2021 ​ 31, 2020 ​ 31, 2021 ​ 31, 2021 ​ 2022 Thermal coal revenue Hedge Program New Castle — — S — — (43) — — API4 — — S — — (18) — — Total ​ ​ ​ — — (61) — — ​ 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 and other liabilities – mainly currency volatility. The hedges cover most of the debt denominated in Brazilian real. The Company uses swap and forward transactions to convert debt and financial obligations linked to Brazilian real into U.S. dollar, with volumes, flows and settlement dates similar to those of the debt instruments and financial obligations - 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 debt and financial obligations 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$ 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. 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$. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Settlement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inflows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ ​ ​ Fair value (Outflows) ​ Value at Risk ​ Fair value by year ​ December 31, December 31, ​ ​ Average December 31, December 31, December 31, December 31, ​ ​ ​ ​ ​ Flow 2021 2020 Index rate 2021 2020 2021 2021 2022 2023 2024+ CDI vs. US$ fixed rate swap ​ ​ (461) (473) (65) 40 (105) (64) (292) Receivable R$ 8,142 R$ 9,445 CDI 100.40 % ​ ​ ​ ​ Payable US$ 1,906 US$ 2,213 Fix 2.54 % ​ ​ TJLP vs. US$ fixed rate swap ​ ​ (130) (163) (52) 6 (46) (13) (71) Receivable R$ 1,192 R$ 1,651 TJLP + 1.10 % Payable US$ 320 US$ 460 Fix 3.19 % R$ fixed rate vs. US$ fixed rate swap ​ ​ 62 (111) (87) 22 (51) (6) (5) Receivable R$ 5,730 R$ 2,512 Fix 3.82 % Payable US$ 1,084 US$ 621 Fix 1.58 % IPCA vs. US$ fixed rate swap ​ ​ ​ (118) (173) (57) 8 (5) (13) (100) Receivable R$ 1,508 R$ 2,363 IPCA + 4.54 % Payable US$ 373 US$ 622 Fix 3.88 % IPCA vs. CDI swap ​ ​ 40 45 7 — 40 — — Receivable R$ 769 R$ 694 IPCA + 6.63 % Payable R$ 1,350 R$ 550 CDI 98.76 % EUR fixed rate vs. US$ fixed rate swap ​ ​ — (1) (29) — — — — Receivable ​ — EUR 500 Fix 0.00 % Payable ​ ​ — ​ US$ 613 ​ Fix ​ 0.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward R$ 6,013 R$ 916 B 5.57 ​ (4) (1) 15 20 15 ​ (9) (10) ​ b.ii) Protection program for Libor floating interest rate US$ denominated debt 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$. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Settlement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inflows ​ Value at ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ Fair value (Outflows) Risk Fair value by year ​ ​ December 31, ​ December 31, ​ ​ ​ Average ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ ​ ​ ​ ​ Flow 2021 2020 Index rate 2021 2020 2021 2021 2022 2023 2024+ Libor vs. US$ fixed rate swap ​ ​ ​ ​ ​ 11 (7) (1) 2 1 8 2 Receivable ​ US$ 950 ​ US$ 950 Libor 0.13 % Payable ​ US$ 950 ​ US$ 950 Fix 0.48 % ​ c) Market risk - Product prices and input costs 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, 2021 December 31, 2020 Bought / Sold Average strike (US$/bbl) December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2021 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brent crude oil (bbl) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Call options ​ 762,000 ​ 13,746,945 ​ B ​ 81 ​ 7 ​ 92 ​ 175 ​ 1 ​ 7 Put options ​ 762,000 ​ 13,746,945 ​ S ​ 55 ​ (2) ​ (12) ​ — ​ — ​ (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward Freight Agreement (days) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freight forwards (days) ​ 330 ​ 1,625 ​ B ​ 23,650 ​ 1 ​ 4 ​ 30 ​ — ​ 1 ​ ​ ​ ​ ​ ​ ​ Brent Crude Oil Freight derivative losses/gains due to freight price changes. The FFAs are contracts traded over the counter and can be cleared through a Clearing House, in this case subject to margin requirements. ​ d) Other derivatives, including embedded derivatives in contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ settlement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inflows ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ Average ​ Fair value (Outflows) ​ Value at Risk ​ Fair value ​ ​ December 31, ​ December 31, ​ Bought/ ​ strike ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ Flow 2021 2020 Sold (US$/bbl) 2021 2020 2021 2021 2022+ Option related to a Special Purpose Entity “SPE” (quantity) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Call option ​ 137,751,623 ​ 137,751,623 ​ B ​ 3.12 ​ 13 ​ 18 ​ — ​ 2 ​ 13 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivative in natural gas purchase agreement (volume/month) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Call options ​ 729,571 ​ 746,667 ​ S ​ 233 ​ (1) ​ — ​ 3 ​ 1 ​ (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivative in raw material purchase contract (tons) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel forwards ​ 4,269 ​ 1,497 ​ S ​ 19,817 ​ (1) ​ 2 ​ — ​ 2 ​ (1) Copper forwards ​ 1,603 ​ 1,009 ​ S ​ 9,571 ​ — ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum return guarantee on part of the stake in an associate sold to investment fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Put option ​ — ​ — ​ S ​ — ​ — ​ (19) ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed price sales protection (ton) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel forwards ​ 342 ​ — ​ B ​ 16,284 ​ 1 ​ — ​ 2 ​ — ​ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedge program for products acquisition for resale (tons) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel forwards 1,206 — S 20,055 (1) — ​ 1 1 (1) ​ Option related to a Special Purpose Entity "SPE" Embedded derivative in natural gas purchase agreement Embedded derivative in raw material purchase contract Minimum return guarantee on part of the stake in an associate sold to investment fund Fixed price sales protection Hedge program for products acquisition for resale 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, 2021 ● 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 (461) (945) ​ (1,429) ​ US$ interest rate inside Brazil decrease (461) (493) ​ (526) ​ Brazilian interest rate increase (461) (497) ​ (534) Protected item: R$ denominated liabilities R$ depreciation n.a. — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ TJLP vs. US$ fixed rate swap R$ depreciation (129) (204) ​ (279) ​ US$ interest rate inside Brazil decrease (129) (132) ​ (136) ​ Brazilian interest rate increase (129) (139) ​ (147) ​ TJLP interest rate decrease (129) (135) ​ (140) Protected item: R$ denominated debt R$ depreciation n.a. — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ R$ fixed rate vs. US$ fixed rate swap R$ depreciation (63) (324) ​ (585) ​ US$ interest rate inside Brazil decrease (63) (73) ​ (83) ​ Brazilian interest rate increase (63) (103) ​ (139) Protected item: R$ denominated debt R$ depreciation n.a. — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ IPCA swap vs. US$ fixed rate swap R$ depreciation (118) (216) ​ (315) ​ US$ interest rate inside Brazil decrease (118) (124) ​ (132) ​ Brazilian interest rate increase (118) (135) ​ (153) ​ IPCA index decrease (118) (127) ​ (136) Protected item: R$ denominated debt R$ depreciation n.a. — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ IPCA swap vs. CDI swap Brazilian interest rate increase 41 39 ​ 36 ​ IPCA index decrease 41 40 ​ 38 Protected item: R$ denominated debt linked to IPCA IPCA index decrease n.a. (40) ​ (38) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ US$ floating rate vs. US$ fixed rate swap ​ US$ Libor decrease ​ 11 ​ 3 ​ (5) Protected item: Libor US$ indexed debt ​ US$ Libor decrease ​ n.a. ​ (3) ​ 5 ​ ​ ​ ​ ​ ​ ​ ​ ​ NDF BRL/USD ​ R$ depreciation ​ (4) ​ (245) ​ (487) ​ ​ US$ interest rate inside Brazil decrease ​ (4) ​ (11) ​ (17) ​ ​ Brazilian interest rate increase ​ (4) ​ (29) ​ (52) Protected item: R$ denominated liabilities ​ R$ depreciation ​ n.a. ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Instrument ​ Instrument's main risk events ​ Probable ​ Scenario I ​ Scenario II Fuel oil protection Options Price input decrease 5 ​ (4) ​ (14) Protected item: Part of costs linked to fuel oil prices Price input decrease n.a. ​ 4 ​ 14 ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward Freight Agreement ​ ​ ​ ​ ​ ​ ​ ​ Forwards ​ Freight price decrease ​ 1 ​ (1) ​ (3) Protected item: Part of costs linked to maritime freight prices ​ Freight price decrease ​ n.a. ​ 1 ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel sales fixed price protection ​ ​ ​ ​ ​ Forwards Nickel price decrease 1 ​ — ​ (2) Protected item: Part of nickel revenues with fixed prices Nickel price decrease n.a. ​ — ​ 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedge program for products acquisition for resale (tons) ​ ​ ​ ​ ​ ​ ​ ​ Forwards ​ Nickel price increase ​ (1) ​ (5) ​ (11) Protected item: Part of revenues from products for resale ​ Nickel price increase ​ n.a. ​ 5 ​ 11 ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel Revenue Hedging Program ​ ​ ​ ​ ​ ​ ​ ​ Options ​ Nickel price increase ​ (26) ​ (233) ​ (440) Protected item: Part of nickel revenues with fixed sales prices ​ Nickel price increase ​ n.a. ​ 233 ​ 440 ​ ​ ​ ​ ​ ​ ​ ​ ​ Palladium Revenue Hedging Program ​ ​ ​ ​ ​ ​ ​ ​ Options ​ Palladium price increase ​ 25 ​ 10 ​ (2) Protected item: Part of palladium future revenues ​ Palladium price increase ​ n.a. ​ (10) ​ 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ Option - SPCs ​ SPCs stock value decrease ​ 13 ​ 3 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instrument Main risks Probable Scenario I Scenario II Embedded derivatives - Raw material purchase (nickel) Nickel price increase (1) ​ (22) ​ (44) Embedded derivatives - Raw material purchase (copper) Copper price increase — ​ (4) ​ (8) Embedded derivatives - Gas purchase Pellet price increase (1) ​ (2) ​ (3) ​ 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. Historically, the expected credit loss on the Company's accounts receivable portfolio is immaterial (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, 2021 December 31, 2020 Cash and cash equivalents (note 23) 11,721 13,487 Short-term investments (note 23) 184 771 Restricted cash 117 38 Judicial deposits (note 28) 1,220 1,268 Derivative financial instruments 131 200 Investments in equity securities (note 14a) 6 757 Related parties - Loans (note 31) — 1,118 Total 13,379 17,639 ​ 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 in foreign currency as published by Moody's regarding the main financial institutions used by the Company to contract derivative instruments, cash and cash equivalents transaction. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Cash and cash ​ Cash and cash ​ ​ ​ equivalents ​ ​ ​ equivalents ​ ​ ​ ​ and ​ ​ ​ and ​ ​ ​ investment Derivatives investment Derivatives Aa1 128 — 92 — Aa2 285 15 363 14 Aa3 495 34 1,147 37 A1 1,145 3 2,574 21 A2 3,478 39 4,760 55 A3 1,518 20 540 40 Baa1 90 — 4 — Baa2 10 — 2 — Ba2 (i) 2,763 5 2,932 2 Ba3 (i) 1,988 — 1,842 4 Others 5 15 2 27 ​ 11,905 131 14,258 200 (i) ​ 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 available revolving credit facilities are intended to assist short term liquidity management and to enable more efficiency in cash management and were provided by a syndicate of several global commercial banks. The Company has two revolving credit facilities, in the amount of US $5,000, for which US $3,000 have maturity date in 2024 and US $2,000 in 2026. As at December 31, 2021, 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 - ​ Net investment hedge - 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 - ​ 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, 2021
Financial assets and liabilities
Financial assets and liabilities	21. 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, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ ​ 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 23) ​ 11,721 ​ — ​ — ​ 11,721 ​ 13,487 ​ — ​ — ​ 13,487 Short-term investments (note 23) ​ — ​ — ​ 184 ​ 184 ​ — ​ — ​ 771 ​ 771 Derivative financial instruments (note 20) ​ — ​ — ​ 111 ​ 111 ​ — ​ — ​ 134 ​ 134 Accounts receivable (note 10) ​ 703 ​ — ​ 3,211 ​ 3,914 ​ 4,499 ​ — ​ 494 ​ 4,993 Loans - Related parties (note 31) (i) ​ — ​ — ​ — ​ — ​ 195 ​ — ​ — ​ 195 ​ ​ 12,424 ​ — ​ 3,506 ​ 15,930 ​ 18,181 ​ — ​ 1,399 ​ 19,580 Non-current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Judicial deposits (note 28) ​ 1,220 ​ — ​ — ​ 1,220 ​ 1,268 ​ — ​ — ​ 1,268 Restricted cash ​ 117 ​ — ​ — ​ 117 ​ 38 ​ — ​ — ​ 38 Derivative financial instruments (note 20) ​ — ​ — ​ 20 ​ 20 ​ — ​ — ​ 66 ​ 66 Investments in equity securities (note 14a) ​ — ​ 6 ​ — ​ 6 ​ — ​ 757 ​ — ​ 757 Loans - Related parties (note 31) (i) ​ — ​ — ​ — ​ — ​ 923 ​ — ​ — ​ 923 ​ ​ 1,337 ​ 6 ​ 20 ​ 1,363 ​ 2,229 ​ 757 ​ 66 ​ 3,052 Total of financial assets ​ 13,761 ​ 6 ​ 3,526 ​ 17,293 ​ 20,410 ​ 757 ​ 1,465 ​ 22,632 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Suppliers and contractors (note 11) ​ 3,475 ​ — ​ — ​ 3,475 ​ 3,367 ​ — ​ — ​ 3,367 Derivative financial instruments (note 20) ​ — ​ — ​ 243 ​ 243 ​ — ​ — ​ 328 ​ 328 Loans, borrowings and leases (note 23) ​ 1,204 ​ — ​ — ​ 1,204 ​ 1,136 ​ — ​ — ​ 1,136 Dividends payable ​ — ​ — ​ — ​ — ​ 1,220 ​ — ​ — ​ 1,220 Liabilities related to the concession grant (note 14b) ​ 760 ​ — ​ — ​ 760 ​ 209 ​ — ​ — ​ 209 Loans - Related parties (note 31) (i) ​ — ​ — ​ — ​ — ​ 490 ​ — ​ — ​ 490 Other financial liabilities - Related parties (note 31) ​ 393 ​ — ​ — ​ 393 ​ 235 ​ — ​ — ​ 235 Contract liability ​ 566 ​ — ​ — ​ 566 ​ 644 ​ — ​ — ​ 644 ​ ​ 6,398 ​ — ​ 243 ​ 6,641 ​ 7,301 ​ — ​ 328 ​ 7,629 Non-current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments (note 20) ​ — ​ — ​ 592 ​ 592 ​ — ​ — ​ 689 ​ 689 Loans, borrowings and leases (note 23) ​ 12,578 ​ — ​ — ​ 12,578 ​ 13,891 ​ — ​ — ​ 13,891 Loans - Related parties (note 31) (i) ​ — ​ — ​ — ​ — ​ 895 ​ — ​ — ​ 895 Participative stockholders' debentures (note 22) ​ — ​ — ​ 3,419 ​ 3,419 ​ — ​ — ​ 3,413 ​ 3,413 Liabilities related to the concession grant (note 14b) ​ 1,437 ​ — ​ — ​ 1,437 ​ 2,103 ​ — ​ — ​ 2,103 Financial guarantees (notes 15c and 23e) ​ — ​ — ​ 542 ​ 542 ​ — ​ — ​ 877 ​ 877 ​ ​ 14,015 ​ — ​ 4,553 ​ 18,568 ​ 16,889 ​ — ​ 4,979 ​ 21,868 Total of financial liabilities ​ 20,413 ​ — ​ 4,796 ​ 25,209 ​ 24,190 ​ — ​ 5,307 ​ 29,497 (i) Presented in note 31 as "Discontinued operations – Coal". b) Hierarchy of fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Short-term investments (note 23) 184 — — 184 771 — — 771 Derivative financial instruments (note 20) — 118 13 131 — 182 18 200 Accounts receivable (note 10) — 3,211 — 3,211 — 494 — 494 Investments in equity securities (note 14a) 6 — — 6 757 - — 757 Total 190 3,329 13 3,532 1,528 676 18 2,222 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities ​ ​ ​ Derivative financial instruments (note 20) — 835 — 835 — 998 19 1,017 Participative stockholders' debentures (note 22) — 3,419 — 3,419 — 3,413 — 3,413 Financial guarantees (notes 15c and 23e) — 542 — 542 — 877 — 877 Total — 4,796 — 4,796 — 5,288 19 5,307 ​ There were no transfers between levels 1, 2 and 3 of the fair value hierarchy during the years presented. ​ b.i) Changes in Level 3 assets and liabilities during the year ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ Financial assets Financial liabilities Balance at December 31, 2020 18 19 Gain and losses recognized in income statement (7) (16) Translation adjustments 2 (3) Balance at December 31, 2021 13 — ​ c) Fair value of loans and borrowings ​ Loans and borrowings 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, 2021 ​ December 31, 2020 ​ Carrying amount Fair value Carrying amount Fair value Quoted in the secondary market: US$ Bonds 7,448 9,151 7,448 10,025 Eurobonds — — 920 985 Debentures 387 387 496 496 Debt contracts in Brazil in: ​ ​ R$, indexed to TJLP, TR, IPCA, IGP-M and CDI 354 449 860 857 R$, with fixed interest 13 — 34 35 Basket of currencies and bonds in US$ indexed to LIBOR 11 11 56 56 Debt contracts in the international market in: ​ ​ US$, with variable and fixed interest 3,615 3,231 3,225 3,278 Other currencies, with variable interest 87 54 — — Other currencies, with fixed interest 107 117 120 134 Total 12,022 13,400 13,159 15,866 ​ Accounting policy Classification and measurement - ​ 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 FVTPL. ​ Fair value hierarchy - ​ 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, 2021
Participative stockholders' debentures
Participative stockholders' debentures	22. Participative stockholders' debentures 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 related to the debentures 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. On October 1, 2021, the Company made available for withdrawal as remuneration the amount of US$225 (R$ 1,244 million) for the first semester of 2021, as disclosed on the "Shareholders' debentures report" made available on the Company's website. To calculate the fair value of the liability, the Company uses the weighted average price of trades in the secondary market for the last month of the quarter. The average price increased from R$45.65 per debenture for the year ended December 31, 2020, to R$49.10 per debenture for the year ended December 30, 2021, resulting in an expense of US$716 (R$3,691 million) recorded in the income statement for year ended December 31, 2021. As at December 31, 2021, the liability was US$3,419 (R$19,078 million) (US$3,413 (R$17,737 million) as at December 31, 2020). Accounting policy The participative stockholders' debentures are measured at fair value through profit or loss based on the market approach, representing the amount that would be paid for the acquisition of these securities on the measurement date and, therefore, also implicitly includes the remuneration to the debenture holder. 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, 2021
Loans, borrowings, leases, cash and cash equivalents and short-term investments
Loans, borrowings, leases, cash and cash equivalents and short-term investments	23. 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, 2021 December 31, 2020 Debt contracts ​ 12,180 ​ 13,360 Leases 1,602 1,667 Total of loans, borrowings and leases 13,782 15,027 ​ ​ ​ ​ ​ (-) Cash and cash equivalents 11,721 13,487 (-) Short-term investments 184 771 Net debt ​ 1,877 ​ 769 ​ 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 $6,714 (US $2,849 in 2020) denominated in R$, indexed to the CDI), US $4,769 (US $10,195 in 2020) denominated in US$ and US $238 (US $443 in 2020) denominated in other currencies at the year ended of December 31, 2021. c) Short-term investments As at December 31, 2021, the balance of US $184 (US $771 as at December 31, 2020) substantially comprises investments in exclusive investment fund immediately liquidity, whose portfolio is composed of committed transactions and Financial Treasury Bills (“LFTs”), which are floating-rate securities issued by the Brazilian government. d) Loans, borrowings, and leases i) Total debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average interest ​ Current liabilities ​ Non-current liabilities ​ rate(i) December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Quoted in the secondary market: ​ ​ US$ Bonds 6.01 % — — 7,448 7,448 Eurobonds 4.29 % — ​ — ​ — ​ 920 R$ Debentures (ii) 10.48 % 186 ​ 107 ​ 201 ​ 389 Debt contracts in Brazil in (iii): ​ ​ ​ ​ ​ ​ ​ ​ ​ R$, indexed to TJLP, TR, IPCA, IGP-M and CDI 9.29 % 95 ​ 320 ​ 259 ​ 540 R$, with fixed interest 2.86 % 12 ​ 20 ​ 1 ​ 14 Basket of currencies and bonds in US$ indexed to LIBOR 2.32 % 11 ​ 45 ​ — ​ 11 Debt contracts in the international market in: ​ ​ ​ ​ ​ ​ ​ ​ ​ US$, with variable and fixed interest 2.24 % 479 ​ 182 ​ 3,136 ​ 3,044 Other currencies, with variable interest 4.10 % 77 ​ — ​ 10 ​ — Other currencies, with fixed interest 3.36 % 12 ​ 12 ​ 95 ​ 107 Accrued charges ​ ​ 158 ​ 201 ​ — ​ — Total ​ ​ 1,030 ​ 887 ​ 11,150 ​ 12,473 (i) (ii) (iii) Future flows of debt payments, principal and interest ​ ​ ​ ​ ​ ​ ​ ​ Estimated future ​ ​ Principal ​ interest payments (i) 2022 872 ​ 600 2023 289 ​ 564 2024 2,004 ​ 539 2025 145 ​ 510 Between 2026 and 2030 2,455 ​ 2,049 2031 onwards 6,257 ​ 2,128 Total 12,022 ​ 6,390 (i) ​ Covenants ​ Some of the Company’s debt agreements with lenders contain financial covenants. The primary financial covenants in those agreements require maintaining certain ratios, such as debt to EBITDA (as defined in note 4a) and interest coverage. The Company did not identify any instances of noncompliance as at December 31, 2021. ​ 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, 2020 ​ 9,046 ​ 959 ​ 3,355 ​ 13,360 Additions ​ — ​ — ​ 930 ​ 930 Repayments (i) (922) ​ (373) ​ (632) ​ (1,927) Interest paid (ii) (501) ​ (117) ​ (75) ​ (693) Cash flow from financing activities (1,423) ​ (490) ​ 223 ​ (1,690) ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of exchange rate (118) ​ (199) ​ 177 ​ (140) Interest accretion 469 ​ 110 ​ 71 ​ 650 Non-cash changes 351 ​ (89) ​ 248 ​ 510 December 31, 2021 7,974 ​ 380 ​ 3,826 ​ 12,180 (i) (ii) ​ Funding and repayments ​ In January 2021, the Company contracted a credit facility indexed to Libor, in the amount of US$300, with maturity date of 2035, with the New Development Bank (“NDB”, the BRICS bank) for investments in expanding the logistics capacity of the Northern Corridor. ​ In October and December 2021, the Company contracted credit facilities indexed to Libor in the amounts of US$350 and US$280, with maturities in 2027 and 2032, with a commercial bank and a Japanese development bank, respectively. ​ In March 2021, the Company redeemed all of its 3.75% bonds due in January 2023, in the total amount of US$886 (EUR750 million), and for it paid a premium of US$63, which was recorded as “Expenses with cash tender offer redemption” in the financial result for the year ended December 31, 2021. The payments of principal and interest of other instruments were made in accordance with the conditions defined in the terms of each contracted debt. ​ ii) Lease liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additions and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ contract ​ ​ ​ ​ ​ Transfer to ​ ​ ​ ​ ​ December 31, modifications ​ ​ liabilities held ​ Translation December 31, ​ 2020 (i) Payments (ii) Interest (iii) for sale ​ adjustment 2021 Ports 743 30 (75) 28 — ​ (13) 713 Vessels 533 — (65) 21 — ​ — 489 Pelletizing plants 137 130 (40) 7 — ​ (9) 225 Properties 142 8 (28) 5 (2) ​ (22) 103 Energy plants 62 — (8) 5 — ​ — 59 Mining equipment and locomotives 50 70 (12) 2 (89) ​ (8) 13 Total 1,667 238 (228) 68 (91) ​ (52) 1,602 (i) Additions and contract modifications includes the effect of US$53 due to Nacala Logistic Corridor acquisition (note 16). (ii) 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, 2021, 2020 and 2019 was US$395, US$63 and US$560, respectively. (iii) The interest accretion recognized in the income statement is disclosed in note 6. Includes the amount of US$5 related to coal operations, whose impact is recorded in the financial results of discontinued operations (note 16). Discount rates ​ ​ ​ ​ ​ ​ Discount rate Ports 3% to 6 % Vessels 3% to 4 % Pelletizing plants 3% to 5 % Properties 3% to 7 % Energy plants 4% to 5 % Mining equipment 3% to 7 % ​ Annual minimum payments and remaining lease term ​ The following table 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ remaining term ​ 2022 2023 2024 2025 ​ 2026 onwards Total (years) Ports 66 63 63 62 ​ 741 995 ​ 4 21 Vessels 64 62 60 59 ​ 345 590 ​ 3 11 Pelletizing plants 48 41 39 39 ​ 110 277 ​ 2 11 Properties 35 20 18 9 ​ 30 112 ​ 2 9 Energy plants 7 6 6 6 ​ 55 80 ​ 8 Mining equipment 3 2 1 1 ​ 7 14 ​ 2 6 Total 223 194 187 176 ​ 1,288 2,068 ​ ​ ​ e) Guarantees ​ As at December 31, 2021 and 2020, loans and borrowings are secured by property, plant and equipment in the amount of US$82 and US$176, 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.In 2021, 9% of total interest incurred was capitalized (note 6). Borrowing costs that are not capitalized are recognized in the income statement in the period in which they are incurred. The accounting policy applied to lease liabilities is disclosed in note 18.

Brumadinho dam failure

Brumadinho dam failure	12 Months Ended
	Dec. 31, 2021
Brumadinho dam failure
Brumadinho dam failure	24. 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, including 6 victims still missing, and caused extensive property and environmental damage in the region. ​ As a result of the dam failure, the Company has been recognizing provisions to meet its assumed obligations, including indemnification to those affected by the event, remediation of the affected areas and compensation to the society, as shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Monetary ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and present ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ value ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Operating ​ adjustments ​ Disbursements ​ Translation ​ December 31, ​ 2020 expense (i) (ii) adjustment 2021 Global Settlement for Brumadinho ​ 3,989 ​ — ​ 340 ​ (1,056) ​ (289) 2,984 Individual indemnification and other commitments ​ 586 ​ 201 ​ (11) ​ (192) ​ (31) 553 Incurred expenses (iii) ​ — ​ 650 ​ — ​ (650) ​ — — ​ ​ 4,575 ​ 851 ​ 329 ​ (1,898) ​ (320) 3,537 (i) In 2021, the effect of the present value adjustment on Global Settlement provision resulted in a reduction of US$170 due to the increase in the discount rate from 5.92% to 8.08% (2020: US$5). (ii) Disbursement is presented net of the judicial deposits utilization. (iii) 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 2020, the Company incurred expenses in the amount of US$510. ​ a) Global Settlement for Brumadinho ​ On February 4, 2021, 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. The Global Settlement was ratified by the Minas Gerais State Court on February 4, 2021, and the res judicata was drawn up on April 7, 2021. ​ 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. ​ The provision is discounted at presented value using an observable rate that reflects the current market assessments of the time value of money and the risks specific to the liability at the reporting date. In this year, the provisions were updated mainly by the consumer price index (“IPCA”), as required by the Global Agreement, resulting in an impact of US$340, recorded under financial results in the income statement for year ended December 31, 2021. ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Payment obligations 1,427 ​ 2,343 Provision for socio-economic reparation and others 852 ​ 860 Provision for social and environmental reparation 705 ​ 786 ​ ​ 2,984 ​ 3,989 ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Current liabilities 883 ​ 1,561 Non-current liabilities 2,101 ​ 2,428 Liabilities 2,984 ​ 3,989 ​ (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. In October 2021, the Company paid in full the income transfer program in the amount of US$777 (R$4,383 million). The remaining amount of US$1,427 (R$7,964 million) represents the present value for the fixed semiannual 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 aim 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 5 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, although Vale monitors this provision, the amount recorded may change depending on several factors that are not under the sole control of the Company. b) Provision for individual indemnification and other commitments The Company is also 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, including dredging part of the released material and de-sanding from the channel of the river Paraopeba. As at December 31, 2021, the provision recorded is US$317 (2020: US$267). 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, 2021, the provision recorded is US$115 (2020: US$179). c) Contingencies and other legal matters (c.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 justice institutions, claiming compensation for socioeconomic and socio-environmental damages resulting from the dam failure and seeking a broad range of preliminary injunctions ordering Vale to take specific remediation and reparation actions. As a result of the Global Settlement, the requests for the reparation of socio-environmental and socioeconomic damages caused by the dam rupture were substantially resolved. Indemnifications for individual damages was excluded from the Global Settlement, and the parties ratified the agreement with the Public Defendants of the State of Minas Gerais. Thus, the Company is continuing to enter into individual agreements. (c.ii) Collective Labor Civil Action In 2021, public civil actions were filed in the Betim Labor Court in the state of Minas Gerais, by a workers' union claiming the payment of compensation for death damages to own and outsourced employees, who died as a result of the rupture of Dam I. An initial sentence was published condemning Vale to pay US$180 thousand (R$1 million) per fatal victim. Vale is defending itself on the lawsuits and understands that the likelihood of loss is possible. (c.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 Vale made false and misleading statements or omitted to make disclosures concerning the risks of the operations of Dam I in the Córrego de Feijão mine and the adequacy of the related programs and procedures. 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 in 2022. On November 24, 2021, a new Complaint was filed before the same Court by eight Plaintiffs, all investment funds, as an “opt-out” litigation from the putative class action already pending in the Eastern District of New York court, asserting virtually the same claims against the same defendants as those in the putative class case. Based on the evaluation of the Company's legal counsel and given the very preliminary stage, the expectation of loss of these processes 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. The Plaintiff did not specify the amounts alleged in this demand. (c.iv) Arbitration proceedings in Brazil filed by minority stockholders and a class association In Brazil, Vale is a defendant in (i) one arbitration filed by 385 minority stockholders, (ii) two arbitrations filed by a class association allegedly representing all Vale’s minority stockholders, and (iii) three arbitrations filed by foreign investment funds. In the six proceedings, the Claimants argue Vale was aware of the risks associated with the dam, and failed to disclose it to the stockholders, which would be required under the Brazilian applicable laws and the rules of Comissão de Valores Mobiliários Based on the assessment of the Company's legal advisors, the expectation of loss is classified as possible for the six procedures and, considering the initial phase, it is not possible at this time to reliably estimate the amount of a possible loss. In one of the proceedings filed by foreign funds, the Claimants initially estimated the amount of the alleged losses would be approximately US$323 (R$1,800 million). In another proceeding recently filed by foreign funds, the Claimants initially estimated the amount of the alleged losses would be approximately US$700 (R$3,900 million). The Company disagrees with the ongoing proceedings and understands that, in this case and at the current stage of the proceedings, the probability of loss in the amount claimed by the foreign funds is remote. (c.v) Investigations conducted by CVM and the Securities and Exchange Commission (“SEC”) Vale has been notified that the SEC staff has made a preliminary determination to recommend that the SEC commence proceedings against Vale alleging violations of U.S. securities laws related to Vale’s disclosures about its dam safety management and the dam at Brumadinho. If the SEC authorizes an action against Vale, the SEC could seek an injunction against future violations of U.S. federal securities laws, the imposition of civil monetary penalties, disgorgement and other relief within the SEC’s authority in a lawsuit filed in a federal court. The CVM is also conducting investigations relating 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. At this time, it is not yet possible to estimate the value or a range of potential loss to the Company. (c.vi) Criminal proceedings and investigations In January 2020, the State Prosecutors of Minas Gerais (“MPMG”) filed criminal charges against 16 individuals (including former executive officers of Vale and former employees) for a number of potential crimes, including homicide, and against Vale S.A. for alleged environmental crimes. Vale is defending itself against the criminal claims and is still no possible to estimate when a decision on this criminal proceeding will be issued. d) Insurance The Company is negotiating with insurers the payment of indemnification under its civil liability and Directors and Officers Liability Insurance. However, these negotiations are still in progress, 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 related to these insurers was recognized in these financial statements. The adjustment of the claim of Brumadinho in the Operational Risk policy was concluded and the Company received a compensation in the amount of US$19 for the year ended December 31, 2021. 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. Thus, the amounts actually incurred by the Company may differ from the amounts currently provisioned, due to the confirmation of the assumptions used and which depend on several factors, some of which are not under the Company's control. These changes could result in a material impact on the amount of the provision in future periods. At each presentation date of its financial statements, the Company will reassess the main assumptions used in the preparation of projected cash flows and will adjust the provision, when applicable.

Liabilities related to associat

Liabilities related to associates and joint ventures	12 Months Ended
	Dec. 31, 2021
Liabilities related to associates and joint ventures
Liabilities related to associates and joint ventures	25. Liabilities related to associates and joint ventures a) Rupture of Samarco dam 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 (“TacGov Agreement”), 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. ​ Judicial recovery of Samarco ​ Under the Framework Agreement, the TacGov Agreement and Renova’s bylaws, 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. ​ In April 2021, Samarco announced the request for Judicial Reorganization (“RJ”) that was filed with the Minas Gerais Court to renegotiate its debt, which is held by bondholders abroad. The purpose of RJ is to restructure Samarco’s debts and establish an independent and sustainable financial position, allowing Samarco to keep working to resume its operations safely and to fulfill its obligations related to the Fundação Renova. ​ The RJ does not affect Samarco’s obligation to remediate and compensate the impacts of the Fundão tailings dam failure. However, as Samarco began the gradual resumption of operations in December 2020, it is not yet possible to reliably estimate when Samarco will generate cash to comply with its assumed obligation in the Framework Agreement. Thus, the liability recorded by Vale on December 31, 2021 are recognized base on the assumption that Samarco does not have the capacity to generate cash enough to make all cash contributions to the Fundação Renova. ​ In addition, ongoing discussions in the context of the RJ may lead to the loss of deductibility of part of the expenses incurred with the Fundação Renova and of the deferred taxes over the total provision, depending on the method determined for restructuring Samarco's debts. The total amount exposed as at December 31, 2021 is US$1,519 (R$8,476 million), of which US$426 (R$2,376 million refers to expenses already incurred and considered as part of the Company’s uncertain tax positions (note 8). ​ The Company works in the perspective that the mechanisms resulting from the RJ will continue to allow the deductibility of these expenses, however, future decisions resulting from the negotiations regarding Samarco's capital structure, which are not under Vale's control, could materially change the value of the deferred tax recognized by the Company. ​ Changes on the provisions in the year ​ ​ ​ ​ ​ ​ ​ 2021 2020 Balance at January 1, 2,074 1,700 Additional provision 1,700 1,095 Disbursements (392) (394) Present value valuation (91) 64 Translation adjustment (179) (391) Balance at December 31, 3,112 2,074 ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 Current liabilities ​ 1,785 ​ 876 Non-current liabilities ​ 1,327 ​ 1,198 Liabilities ​ 3,112 ​ 2,074 ​ Fundação Renova ​ New court decisions on individual indemnities for residents of cities impacted by the Fundão dam failure were issued at the end of the fiscal year, impacting the provision related to Fundação Renova, on December 31, 2021. These decisions mainly changed and expanded the number of types of damage, categories, indemnifiable amounts to the affected municipalities. ​ The addition in the provision in the amount of US$1,699 was substantially driven by these court decisions. As at December 31, 2021, the Company has a provision of US$2,910 (US$1,853 as at December 31, 2020) for remediation and compensation programs, which corresponds to the Company's proportionate responsibility with Fundação Renova. ​ 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 the Brazilian National Mining Agency (“ Agência Nacional de Mineração ​ Samarco’s working capital In addition to the provision, Vale made available the amount of US$21 for the year ended December 31, 2021 and (2020: US$166) which was fully used to fund Samarco’s working capital and recognized in Vale´s income statement as an expense in “Equity results and other results in associates and joint ventures”. 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, 2021 December 31, 2020 Current assets 561 ​ 87 Non-current assets 2,921 ​ 4,582 Total assets 3,482 ​ 4,669 ​ ​ ​ ​ ​ Current liabilities 10,902 ​ 8,370 Non-current liabilities 7,040 ​ 6,385 Total liabilities 17,942 ​ 14,755 Negative reserves (14,460) ​ (10,086) ​ ​ ​ ​ ​ Loss for the year ended (3,208) ​ (1,160) ​ 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 Framework Agreements represents a model for 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 Fundação Renova reparation programs upon the completion of studies carried by specialist engaged to assist the Public Prosecutor's Office in this process. In October 2020, the MPF requested the resumption of its public civil action of US$27.5 billion (R$155 billion), due to a difficulty in hiring of technical advisors. Discussion for the renegotiation began in April 2021, and a letter of principles was finalized and signed in June 2021 by the companies Vale, BHPB and Samarco, as well as representatives of the Government and various Justice Institutions. Depending on the conclusion of the specialists hired and the court decision in this regard, the Company may recognize additional provisions for the fulfillment of the programs determined in 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 in June 2021. Thus, the case is closed and will be archived. ​ (iii) 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. 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. In 2021, the Company received payments in the amount of US$33 (2020: US$17). The Company recorded 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 Fundação Renova requires the use of assumptions that may be mainly affected by: (i) changes in scope of work required under the Framework Agreement as a result of further technical analysis and the ongoing negotiations with the Federal Prosecution Office, (ii) activity level 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.

Provision for de-characterizati

Provision for de-characterization of dam structures and asset retirement obligations	12 Months Ended
	Dec. 31, 2021
Provision for de-characterization of dam structures and asset retirement obligations
Provision for de-characterization of dam structures and asset retirement obligations	26. Provision for de-characterization of dam structures and asset retirement obligations The Company is subject to regulations, which requires the decommissioning of the assets and mine sites that Vale operates at the end of their useful lives. Depending on the geotechnical characteristics of the structures, the Company is required to de-characterize the structures, as described below. a) De-characterization of dam structures located in Brazil As a result of the Brumadinho dam rupture (note 24), the Company has decided to speed up the plan to “de-characterize” of all its tailings dams built under the upstream method, certain “centerline structures” and dikes, located in Brazil. The Company also operates tailings dams in Canada, including upstream compacted dams, however, there are no safety, technical or regulatory reasons for these dams to be de-characterized. Therefore, these dams will be decommissioned using other methods, as presented in item (b) below. In September 2020, the federal government enacted Law no. 14,066, which modified the National Dam Safety Policy (Law no. 12,334/2020), reinforcing the prohibition of constructing and raising upstream dams in Brazil. The statute also requires companies to de-characterize the structures built using the upstream method by 2022, or by a later date if it is proven that the de-characterization is not technically feasible by 2022. A substantial part of the Company's de-characterization projects will be completed in a period exceeding the date established in the regulation due to the characteristics and safety levels of the Company's geotechnical structures. Thus, on February 21, 2022 (subsequent event), the Company filed with the relevant bodies a request for an extension to perform the projects. In 2021, as a result of advances in engineering and geotechnical studies, the Company reviewed the estimates to de-characterize the geotechnical structures. In the last quarter 2021, the Company recorded US$1,725 in addition to the provision recorded in 2020, mainly due to changes in the engineering methods and solutions of geotechnical structures to ensure safety in the execution of the de-characterization. These changes resulted in the increase on the volume of tailings to be removed from certain structures, changes in containment plans and reinforcement of structures, and the use of remotely controlled equipment instead of conventional equipment. These engineering projects for these structures are in different stages of maturity, some of them still in the conceptual engineering phase, for which the estimation of expenditures includes in its methodology a high degree of uncertainty in the definition of the total cost of the project in accordance with best market practices. The Company’s de-characterization projects will last up to 15 years and were discounted at present value at a rate, which increased from 3.50% to 5.48%. Changes in the provisions are as follows: ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Balance at January 1, 2,289 2,489 Additional provision 1,725 617 Disbursements (338) (293) Present value valuation (36) 36 Translation adjustment (117) (560) Balance at December 31, 3,523 2,289 ​ ​ ​ ​ ​ Current liabilities 451 381 Non-current liabilities 3,072 1,908 Liabilities 3,523 2,289 ​ In addition, due to the de-characterization projects, the Company has suspended some operations due to judicial decisions or technical analysis performed by Vale on its upstream dam structures located in Brazil. 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$376 and US$634 for the year ended December 31, 2021 and 2020, respectively. The Company is working on legal and technical measures to resume all operations at full capacity. b) Asset retirement obligations and environmental obligations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Discount rate Flow duration Liability by geographical area Brazil 1,398 1,530 5.48 % 2,119 Canada 2,727 2,491 0.00 % 2,151 Oman 123 105 3.03 % 2,035 Indonesia 77 60 4.20 % 2,061 Other regions 255 336 0.00 - 7.79 % ​ 4,580 4,522 ​ ​ ​ ​ ​ Provision changes during the year ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Asset retirement obligations ​ ​ ​ ​ Balance at beginning of the year ​ 4,220 ​ 3,960 Adjustment to present value 110 27 Disbursements ​ (88) ​ (45) Revisions on projected cash flows (i) 178 509 Transfer to assets held for sale (note 16) (50) — Translation adjustment ​ (87) ​ (231) Balance at end of the year 4,283 4,220 ​ ​ ​ ​ ​ Environmental obligations ​ ​ ​ ​ Balance at beginning of the year ​ 302 ​ 389 Adjustment to present value ​ 19 ​ 6 Disbursements ​ (57) ​ (61) Revisions on projected cash flows ​ 49 ​ 48 Translation adjustment ​ (16) ​ (80) Balance at end of the year ​ 297 ​ 302 Liability ​ 4,580 ​ 4,522 ​ ​ ​ ​ ​ Current 170 201 Non-current 4,410 4,321 Liability 4,580 4,522 (i) ​ Financial guarantees ​ The Company has issued letters of credit and surety bonds for US$605 as at December 31, 2021 (2020: US$651), in connection with the asset retirement obligations for its base metals operations. ​ Critical accounting estimates and judgments De-characterization of dam structures - interpretation of the enacted laws and regulations; (ii) location availability for the tailings disposal; (iii) engineering methods and solutions; (iv) security levels; (v) productivity of the equipment used; (vi) advances in geological studies and new hydrological information; and (vii) discount rate update ​ 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. ​ Asset retirement obligations - ​ 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. ​ Judgment is required to determine key assumptions used on the asset retirement obligation measurement such as, interest rate, cost of closure, useful life of the mining asset considering the current conditions of closure and the projected date of depletion of each mine. Any changes in these assumptions may significantly impact the recorded provision. Therefore, the estimated costs for closure of the mining assets are deemed to be a critical accounting estimate and annually reviewed.

Provisions

Provisions	12 Months Ended
	Dec. 31, 2021
Provisions
Provisions	27. Provisions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities Non-current liabilities ​ ​ December 31, 2021 ​ December 31, 2020 ​ December 31, 2021 December 31, 2020 Provisions for litigation (note 28) 93 87 1,012 1,004 Employee postretirement obligations (note 29) 99 103 1,533 2,271 Payroll, related charges and other remunerations 816 877 — — Onerous contracts (note 19) 37 58 874 838 Provision related to VNC sale (note 15) — 500 — — Others — 39 — — Provisions 1,045 1,664 3,419 4,113 ​ Accounting policy 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. The accrued amounts of these obligations are not deducted from the potential costs covered by insurance or indemnities.

Litigations

Litigations	12 Months Ended
	Dec. 31, 2021
Litigations
Litigations	28. 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 - Civil litigations - Labor litigations - Environmental litigations - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Environmental Total of ​ Tax litigation Civil litigation Labor litigation litigation litigation provision 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 Additions and reversals, net ​ 4 ​ 19 ​ 74 ​ 1 ​ 98 Payments ​ (10) ​ (22) ​ (57) ​ (5) ​ (94) Indexation and interest ​ 10 ​ 45 ​ 32 ​ — ​ 87 Acquisition of NLC (note 16) ​ — ​ 2 ​ 8 ​ — ​ 10 Discontinued operations - Coal (note 16) ​ — ​ (2) ​ (8) ​ — ​ (10) Translation adjustment ​ (33) ​ (18) ​ (26) ​ — ​ (77) Balance at December 31, 2021 ​ 456 ​ 284 ​ 358 ​ 7 ​ 1,105 Current liabilities ​ 14 ​ 22 ​ 56 ​ 1 ​ 93 Non-current liabilities ​ 442 ​ 262 ​ 302 ​ 6 ​ 1,012 ​ ​ 456 ​ 284 ​ 358 ​ 7 ​ 1,105 (i) Includes amounts regarding to social security claims that were classified as labor claims. b) Contingent liabilities ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Tax litigations ​ 5,177 ​ 5,746 Civil litigations ​ 1,503 ​ 1,185 Labor litigations ​ 516 ​ 563 Environmental litigations ​ 954 ​ 907 Total ​ 8,150 ​ 8,401 ​ The main contingent liabilities, updated by applicable interest rates, for which the likelihood of loss is considered possible are presented by nature as follows: (b.i) Tax proceedings - CFEM 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 (b.ii) Tax proceedings - PIS/COFINS The Company is a party to several collections related to the alleged improper use of PIS and COFINS credits (federal taxes levied on the companies' gross revenue). Brazilian tax legislation authorizes taxpayers to use PIS and COFINS tax credits, such as those referring to the acquisition of inputs for the production process and other items. The tax authorities mainly claim that (i) some credits were not related to the production process, and (ii) the right to use the tax credits was not adequately proven. The Company is discussing the aforementioned charges related to credits determined as at 2002. The chances of loss related to these lawsuits classified as possible total US$1,016 (R$5,667 million) as at December 31, 2021 (US$1,004 (R$5,602 million) as at December 31, 2020). (b.iii) Tax proceedings - Tax on Services (“ISS”) The Company is party to 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, 2021, the total amount of the possible loss is US$526 (R$2,935 million) (US$504 (R$2,621 million) as at December 31, 2020). (b.iv) Tax proceedings - Value added tax on services and circulation of goods (“ICMS”) Vale 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) use of undue tax credit; (ii) failing to comply with certain accessory obligations; (iii) the Company is required to pay the ICMS on acquisition of electricity (iv) operations related to the collection of tax rate differential (“DIFAL”) and (v) incidence of ICMS on its own transportation. The total amount classified as a possible loss is US$524 (R$2,923 million) as at December 31, 2021 (US$648 (R$3,369 million) as at December 31, 2020). (b.v) Tax proceedings - Fines arising from offsets not approved for settlement of federal debts Vale is a party to several assessments by the Brazilian Federal Revenue Service (“RFB”) referring to the imposition of fines of 50% on the value of compensation not approved for the settlement of federal debts. The RFB understands that these offsets were made with undue credits. The Company contests the aforementioned fines and also the non-approval of compensation in other proceedings, which are already disclosed if related to a contingency with possible likelihood of loss. If the Company is successful in the proceedings in which the non-approval of the compensation is being discussed, the expectation is that the corresponding collection of fines will be cancelled. The constitutionality of the fine collection is discussed by another company in a leading case before the STF, and a favorable decision in this case will be applicable to all taxpayers who dispute this thesis. As at December 31, 2021, the total amount of fines imposed was US$287 (R$1,604 million) (US$297 (R$1,542 million) as at December 31, 2020). (b.vi ) Civil proceedings - Environmental licensing of the Company's operations The Company is a party to several civil proceedings, which are not individually material. Among these processes, 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. 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. (b.vii) Environmental litigations– Iron ore operations in Itabira The Company is a party to several environmental proceedings, which are not individually material. Among these processes, the Company is a defendant in two separate actions brought by the municipality of Itabira, in the Brazilian state of Minas Gerais. In the first action, filed in August 1996, the municipality alleges that Vale iron ore operations have caused environmental and social harm, and claims damages with respect to the alleged environmental degradation, as well as the immediate restoration of the affected ecological complex and the performance of compensatory environmental programs in the region. In the second action, filed in September 1996, the municipality of Itabira claims the right to be reimbursed for expenses it has incurred in connection with public services rendered as a consequence of mining activities. The damages sought, as adjusted from the date of the claim, amount to approximately US$345 (US$287 as at December 31, 2020). c) Judicial deposits ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Tax litigations ​ 957 ​ 988 Civil litigations ​ 100 ​ 85 Labor litigations ​ 141 ​ 177 Environmental litigations ​ 22 ​ 18 Total ​ 1,220 ​ 1,268 ​ d) Guarantees contracted for legal proceedings In addition to the above-mentioned tax, civil, labor and environmental judicial deposits, the Company contracted US $2 billion (R$ 11.2 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 Eletrobras shares in the period within 1987 to 1993. In November 2019, the Company requested for the payment recognized by Eletrobras 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 still under evaluation is US$35 (R$198 million). (e.ii) 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 continues 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.iii) 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 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. In 2020, the Company received the amount of US$177 (CAD242 million). Accounting policy A provision is recognized when it is considered probable that an outflow of resources will be required to settle the obligation and can be reliably estimated. The liability is accounted against an expense in the income statement. This obligation is updated based on the developments of the judicial process or interest accretion and can be reversed if the expectation of loss is not considered probable due to changes in circumstances or when the obligation is settled. Contingent assets are disclosed when the related economic benefits are probable and are only recognized in the financial statements in the period in which their realization is virtually certain. 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, 2021
Employee benefits
Employee benefits	29. Employee benefits a) Employee postretirements obligations In Brazil, the management of the pension plans is the responsibility of Fundação Vale do Rio Doce de Seguridade Social (“Valia”) a nonprofit entity with administrative and financial autonomy. The Brazilian plans are as follows: Benefit plan Vale Mais (“ Vale Mais ”) and benefit plan Valiaprev (“ Valiaprev ”) - 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, 2021 and 2020. Defined benefit plan (“ Plano BD ”) - “ Abono complementação ” benefit plan - abono complementação Other benefits - abono complementação The Foreign plans are managed in accordance with their region. They are divided between plans in Canada, United States of America, United Kingdom and Indonesia. 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, 2021 and 2020. 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. Evolution of present value obligation ​ ​ ​ ​ ​ ​ ​ ​ Overfunded pension plans Underfunded pension plans Other benefits 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 Service costs ​ 10 ​ 68 ​ 1 Interest costs ​ 196 ​ 122 ​ 33 Benefits paid ​ (235) ​ (257) ​ (56) Participant contributions ​ — ​ (31) ​ — Effect of changes in the actuarial assumptions ​ (330) ​ (246) ​ (261) Translation adjustment ​ (208) ​ (10) ​ (23) Transfer ​ 295 ​ (295) ​ — Benefit obligation as at December 31, 2021 ​ 2,833 ​ 3,983 ​ 1,427 ​ ii. Evolution of assets fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ Overfunded pension plans Underfunded pension plans Other benefits Fair value of plan assets as at December 31, 2019 ​ 5,304 ​ 3,726 ​ — Interest income 298 ​ 109 ​ — Employer contributions (39) ​ 54 ​ 53 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 ​ — Interest income 253 ​ 102 ​ — Employer contributions 29 ​ 40 ​ 56 Benefits paid (235) ​ (257) ​ (56) Return on plan assets (excluding interest income) (269) ​ 181 ​ — Translation adjustment (276) ​ 2 ​ — Transfer ​ 281 ​ (281) ​ — Fair value of plan assets as at December 31, 2021 3,752 ​ 3,779 ​ — ​ iii. Reconciliation of assets and liabilities recognized in the statement of financial position ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plans in Brazil ​ ​ December 31, 2021 ​ December 31, 2020 ​ Overfunded Underfunded Other Overfunded Underfunded Other ​ ​ pension plans ​ pension plans ​ benefits ​ pension plans ​ pension plans ​ benefits Balance at beginning of the year ​ 864 ​ — ​ — ​ 1,298 ​ — ​ — Interest income ​ 58 ​ — ​ — ​ 74 ​ — ​ — Changes on asset ceiling ​ 16 ​ — ​ — ​ (278) ​ — ​ — Translation adjustment ​ (62) ​ — ​ — ​ (230) ​ — ​ — Balance at end of the year ​ 876 ​ — ​ — ​ 864 ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in the statement of financial position ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Present value of actuarial liabilities ​ (2,572) ​ (237) ​ (301) ​ (3,105) ​ (317) ​ (465) Fair value of assets ​ 3,448 ​ 94 ​ — ​ 3,969 ​ 109 ​ — Effect of the asset ceiling ​ (876) ​ — ​ — ​ (864) ​ — ​ — Liabilities ​ — ​ (143) ​ (301) ​ — ​ (208) ​ (465) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ — ​ (40) ​ (5) ​ — ​ (32) ​ (49) Non-current liabilities ​ — ​ (103) ​ (296) ​ — ​ (176) ​ (416) Liabilities ​ — ​ (143) ​ (301) ​ — ​ (208) ​ (465) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign plan ​ ​ December 31, 2021 ​ December 31, 2020 ​ Overfunded ​ ​ ​ ​ ​ ​ pension ​ Underfunded ​ ​ ​ Underfunded ​ ​ ​ ​ plans ​ pension plans ​ Other benefits ​ pension plans ​ Other benefits Movements of assets ceiling ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes on asset ceiling and onerous liability ​ 44 ​ — ​ — ​ — ​ — Balance at December 31, ​ 44 ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in the statement of financial position ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Present value of actuarial liabilities ​ (261) ​ (3,746) ​ (1,127) ​ (4,315) ​ (1,268) Fair value of assets ​ 305 ​ 3,685 ​ — ​ 3,883 ​ — Effect of the asset ceiling ​ (44) ​ — ​ — ​ — ​ — Liabilities ​ — ​ (61) ​ (1,127) ​ (432) ​ (1,268) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ — ​ (7) ​ (47) ​ (7) ​ (47) Non-current liabilities ​ — ​ (54) ​ (1,080) ​ (425) ​ (1,221) Liabilities ​ — ​ (61) ​ (1,127) ​ (432) ​ (1,268) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ December 31, 2021 ​ December 31, 2020 ​ Overfunded Underfunded Other Overfunded Underfunded Other ​ ​ pension plans ​ pension plans ​ benefits ​ pension plans ​ pension plans ​ benefits Balance at beginning of the year ​ 864 ​ — ​ — ​ 1,298 ​ — ​ — Interest income ​ 58 ​ — ​ — ​ 74 ​ — ​ — Changes on asset ceiling ​ 60 ​ — ​ — ​ (278) ​ — ​ — Translation adjustment ​ (63) ​ — ​ — ​ (230) ​ — ​ — Balance at end of the year ​ 919 ​ — ​ — ​ 864 ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in the statement of financial position ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Present value of actuarial liabilities ​ (2,833) ​ (3,983) ​ (1,428) ​ (3,105) ​ (4,632) ​ (1,733) Fair value of assets ​ 3,752 ​ 3,779 ​ — ​ 3,969 ​ 3,991 ​ — Effect of the asset ceiling ​ (919) ​ — ​ — ​ (864) ​ — ​ — Liabilities ​ — ​ (204) ​ (1,428) ​ — ​ (641) ​ (1,733) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ — ​ (47) ​ (52) ​ — ​ (47) ​ (96) Non-current liabilities ​ — ​ (157) ​ (1,376) ​ — ​ (594) ​ (1,637) Liabilities ​ — ​ (204) ​ (1,428) ​ — ​ (641) ​ (1,733) ​ iv. Costs recognized in the income statement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2021 ​ 2020 2019 ​ 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 10 ​ 68 ​ 1 ​ 7 ​ 52 ​ 18 ​ 7 ​ 55 ​ 10 Interest expense 196 ​ 122 ​ 33 ​ 222 ​ 134 ​ 64 ​ 317 ​ 153 ​ 57 Interest income (253) ​ (102) ​ — ​ (297) ​ (107) ​ — ​ (432) ​ (123) ​ — Interest expense on effect of (asset ceiling)/ onerous liability 58 ​ — ​ — ​ 74 ​ — ​ — ​ 114 ​ — ​ — Total of cost, net 11 ​ 88 ​ 34 ​ 6 ​ 79 ​ 82 ​ 6 ​ 85 ​ 67 ​ v. Costs recognized in the statement of comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2021 ​ 2020 2019 ​ 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 ​ (101) ​ (400) ​ (363) ​ (173) ​ (459) ​ (238) ​ (166) ​ (468) ​ (128) Effect of changes actuarial assumptions ​ 330 ​ 246 ​ 261 ​ (118) ​ (271) ​ (243) ​ (718) ​ (373) ​ (182) Return on plan assets (excluding interest income) ​ (269) ​ 181 ​ — ​ (114) ​ 305 ​ — ​ 757 ​ 385 ​ — Change of asset ceiling ​ (60) ​ — ​ — ​ 278 ​ — ​ — ​ (60) ​ — ​ — Others ​ (5) ​ 3 ​ (4) ​ — ​ 9 ​ 11 ​ — ​ — ​ — ​ ​ (4) ​ 430 ​ 257 ​ 46 ​ 43 ​ (232) ​ (21) ​ 12 ​ (182) Deferred income tax ​ 5 ​ (130) ​ (83) ​ (15) ​ (12) ​ 82 ​ 7 ​ (5) ​ 63 Others comprehensive income ​ 1 ​ 300 ​ 174 ​ 31 ​ 31 ​ (150) ​ (14) ​ 7 ​ (119) Translation adjustments ​ 7 ​ 8 ​ 17 ​ 41 ​ 28 ​ 25 ​ 7 ​ 2 ​ 9 Accumulated other comprehensive income ​ (93) ​ (92) ​ (172) ​ (101) ​ (400) ​ (363) ​ (173) ​ (459) ​ (238) ​ 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 - Actuarial - Market - Credit - Liquidity - 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, 2021 ​ December 31, 2020 ​ Overfunded Underfunded ​ ​ Overfunded Underfunded ​ ​ ​ pension plans ​ pension plans ​ Other benefits ​ pension plans ​ pension plans ​ Other benefits Discount rate to determine benefit obligation 8.62% - 8.82 % 10.25 % 8.68% - 8.86 % 6.62% - 7.32 % 6.50 % 6.16% - 7.17% ​ Nominal average rate to determine expense/ income 8.62% - 8.82 % 10.25 % N/A ​ 6.62% - 7.32 % 6.50 % N/A Nominal average rate of salary increase 3.25% - 5.32 % 7.50 % N/A ​ 3.80 % 6.00 % N/A Nominal average rate of benefit increase 3.25 % 7.50 % N/A ​ 3.80 % 6.00 % N/A Immediate health care cost trend rate N/A ​ N/A ​ 6.35 % N/A ​ N/A ​ 6.35% - 6.91% ​ Ultimate health care cost trend rate N/A ​ N/A ​ 6.35 % N/A ​ N/A ​ 6.35% - 6.91% ​ Nominal average rate of price inflation 3.25 % 5.00 % 3.25 % 3.31% - 3.80 % 3.50 % 3.25% - 3.80% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ December 31, 2021 ​ December 31, 2020 ​ Underfunded ​ Underfunded ​ ​ ​ pension plans ​ Other benefits ​ pension plans ​ Other benefits Discount rate to determine benefit obligation 2.84 % 3.03 % 2.43 % 2.62 % Nominal average rate to determine expense/ income 2.62 % 2.62 % 3.04 % 3.04 % Nominal average rate of salary increase 3.28 % N/A ​ 3.21 % N/A ​ Nominal average rate of benefit increase 3.00 % N/A ​ 3.00 % N/A ​ Immediate health care cost trend rate N/A ​ 5.11 % N/A ​ 5.35 % Ultimate health care cost trend rate N/A ​ 4.57 % N/A ​ 4.56 % Nominal average rate of price inflation 2.10 % N/A ​ 2.08 % 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brazil ​ ​ December 31, 2021 ​ Overfunded pension plans Underfunded pension plans Other benefits Nominal discount rate - 1% increase ​ ​ ​ ​ ​ ​ ​ Actuarial liability adjusted for the sensitivity test ​ 2,434 ​ 276 ​ 386 ​ Assumptions made ​ 9.72 % 7.50 % 9.68 % Nominal discount rate - 1% reduction ​ ​ ​ ​ ​ ​ ​ Actuarial liability adjusted for the sensitivity test ​ 2,723 ​ 317 ​ 299 ​ Assumptions made ​ 7.72 % 5.50 % 7.68 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ December 31, 2021 ​ Overfunded pension plans Underfunded pension plans Other benefits Nominal discount rate - 1% increase ​ Actuarial liability adjusted for the sensitivity test 221 3,291 971 ​ Assumptions made 2.85 % 3.84 % 4.03 % ​ ​ ​ ​ ​ ​ ​ ​ Nominal discount rate - 1% reduction ​ Actuarial liability adjusted for the sensitivity test 324 4,260 1,313 ​ Assumptions made 0.85 % 1.84 % 2.03 % ​ viii. Assets of pension plans Brazilian plan assets as at December 31, 2021 and 2020 includes respectively (i) investments in a portfolio of Vale’s stock and other instruments in the amount of US $50 and US $20 , which are presented as “Investments funds – Equity” and (ii) Brazilian Federal Government securities in the amount of US $3,682 and US $3,612 , which are presented as “Debt securities governments” and “Investments funds – Fixed” Foreign plan assets as at December 31, 2021 and 2020 includes Canadian Government securities in the amount of US $682 and US $688 , respectively. ix. Overfunded pension plans Assets by category are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents ​ — ​ 1 ​ — ​ 1 ​ — ​ — ​ — ​ — Debt securities - Corporate ​ 1 ​ 74 ​ — ​ 75 ​ — ​ 42 ​ — ​ 42 Debt securities - Government ​ 2,042 ​ — ​ — ​ 2,042 ​ 1,840 ​ — ​ — ​ 1,840 Investments funds - Fixed Income ​ 1,910 ​ 175 ​ — ​ 2,085 ​ 2,242 ​ — ​ — ​ 2,242 Investments funds - Equity ​ 452 ​ — ​ — ​ 452 ​ 396 ​ — ​ — ​ 396 International investments ​ 91 ​ — ​ — ​ 91 ​ 32 ​ — ​ — ​ 32 Structured investments - Private Equity funds ​ — ​ 129 ​ 103 ​ 232 ​ — ​ — ​ 126 ​ 126 Structured investments - Real estate funds ​ — ​ — ​ 5 ​ 5 ​ 124 ​ — ​ 5 ​ 129 Real estate ​ — ​ — ​ 212 ​ 212 ​ — ​ — ​ 255 ​ 255 Loans to participants ​ — ​ — ​ 106 ​ 106 ​ — ​ — ​ 105 ​ 105 Total ​ 4,496 ​ 379 ​ 426 ​ 5,301 ​ 4,633 ​ 42 ​ 491 ​ 5,166 Funds not related to risk plans (i) ​ ​ ​ ​ ​ ​ ​ (1,549) ​ ​ ​ ​ ​ ​ ​ (1,197) Fair value of plan assets at end of year ​ ​ ​ ​ ​ ​ ​ 3,752 ​ ​ ​ ​ ​ ​ ​ 3,969 (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, 2021 ​ Private equity funds Real estate funds Real estate Loans to participants Total Balance as at December 31, 2019 ​ 157 ​ 17 ​ 323 ​ 140 ​ 637 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) ​ (5) ​ (73) ​ (30) ​ (143) Balance as at December 31, 2020 ​ 126 ​ 5 ​ 255 ​ 105 ​ 491 Return on plan assets ​ 10 ​ — ​ (15) ​ 16 ​ 11 Assets purchases ​ — ​ — ​ 4 ​ 67 ​ 71 Assets sold during the year ​ (25) ​ — ​ (14) ​ (74) ​ (113) Translation adjustment ​ (8) ​ — ​ (18) ​ (8) ​ (34) Balance as at December 31, 2021 ​ 103 ​ 5 ​ 212 ​ 106 ​ 426 ​ x. Underfunded pension plans Assets by category are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents ​ 5 ​ 70 ​ — ​ 75 ​ — ​ 102 ​ — ​ 102 Equity securities ​ 1,708 ​ 3 ​ — ​ 1,711 ​ 1,565 ​ — ​ — ​ 1,565 Debt securities - Corporate ​ — ​ 556 ​ — ​ 556 ​ — ​ 519 ​ — ​ 519 Debt securities - Government ​ 133 ​ 683 ​ — ​ 816 ​ 132 ​ 690 ​ — ​ 822 Investments funds - Fixed Income ​ 38 ​ — ​ — ​ 38 ​ 36 ​ 158 ​ — ​ 194 Investments funds - Equity ​ 3 ​ 173 ​ 53 ​ 229 ​ 1 ​ 350 ​ — ​ 351 Structured investments - Private Equity funds ​ — ​ — ​ 181 ​ 181 ​ — ​ — ​ 250 ​ 250 Real estate ​ — ​ — ​ 3 ​ 3 ​ — ​ — ​ 5 ​ 5 Loans to participants ​ — ​ — ​ 1 ​ 1 ​ — ​ — ​ 2 ​ 2 Others ​ — ​ — ​ 168 ​ 168 ​ — ​ — ​ 179 ​ 179 Total ​ 1,887 ​ 1,485 ​ 406 ​ 3,778 ​ 1,735 ​ 1,819 ​ 437 ​ 3,991 ​ Measurement of underfunded plan assets at fair value with no observable market variables (level 3) are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Private equity funds Equity pool ​ Real estate Loans to participants Others Total 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 Return on plan assets ​ 11 ​ 14 ​ — ​ — ​ (14) ​ 11 Assets purchases ​ 28 ​ 39 ​ — ​ — ​ — ​ 67 Assets sold during the year ​ (108) ​ — ​ (1) ​ — ​ — ​ (109) Translation adjustment ​ — ​ — ​ (1) ​ (1) ​ 2 ​ — Balance as at December 31, 2021 181 ​ 53 ​ 3 ​ 1 ​ 168 ​ 406 ​ xi. Disbursement of future cash flow Vale expects to disburse US$89 in 2022 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, 2021 ​ ​ Overfunded pension plans ​ Underfunded pension plans ​ Other benefits 2022 ​ 230 ​ 229 ​ 69 2023 ​ 232 ​ 228 ​ 70 2024 ​ 235 ​ 227 ​ 72 2025 ​ 237 ​ 226 ​ 70 2026 ​ 237 ​ 223 ​ 72 2027 and thereafter ​ 1,196 ​ 1,085 ​ 388 ​ 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$478, US$476 and US$316 for the years ended on December 31, 2021, 2020 and 2019, respectively. c) Long-term incentive programs For the long-term awarding of eligible executives, the Company compensation plans includes Matching program and Performance Share Unit program (“PSU”), with three years-vesting cycles, respectively, with the aim of encouraging employee’s retention and encouraging their performance. Matching Program 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 three Performance Shares Units For PSU program, the eligible executives may receive during a three At the Annual and Extraordinary Shareholders' Meeting ("AGOE") held on April 30, 2021, the Company's shareholders approved changes in the PSU program to be implemented as from the 2021 grant, consisting of (i) a change in the payment of the program award, which will be paid with common shares of the Company, and (ii) additional payment at the end of each cycle based on the remuneration that will be paid by Vale to its stockholders during the cycle. d) Modification altering manner of settlement As described in note 2, both programs were classified as “cash-settled” due to the PSU requirements and the Company’s settlement practice for the Matching program and, therefore, presented as a liability. However, the decision taken at the AGOE (“modification date”) demonstrates the Company's declared intention to change the form of liquidation of the programs. As a result, those programs were modified to become “equity-settled” and were remeasured at the modification-date fair value. Remeasurement of the fair value of plans The fair value of the Matching program was estimated using the Company's share price and ADR on the modification date, as described in note 2, in the amount of R$109.02 and US$20.12 per share, respectively. The number of shares granted on the grant date for the 2019, 2020 and 2021 cycles were 1,222,721, 2,154,534 and 1,046,255, respectively. The fair value of the program is recognized on a straight-line basis over three years (period of service required), net of estimated losses. For the PSU, the program was remeasured by estimating the performance factor using Monte Carlo simulations for the Return to Shareholders Indicator and health and safety and sustainability indicators. The assumptions used for the Monte Carlo simulations are shown in the table below, as well as the result used to calculate the expected value of the total performance factor. ​ ​ ​ ​ ​ PSU 2021 Granted shares 1,474,723 ​ Date shares were granted 04/30/2021 ​ VALE (BRL) 109.02 ​ VALE ON (USD) 20.12 ​ Expected volatility 39.00%p.y. ​ Expected dividend yield 3.18%p.y. ​ Expected term (in years) 3 ​ Expected shareholder return indicator 51.20 % Expected performance factor 60.96 % ​ Reclassification from cash-settled to equity-settled ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Matching April 30, 2021 Remeasurement Reclassification May 1, 2021 Expense December 31, 2021 Liability 33 5 (38) — — — Stockholders' equity — — 38 38 19 57 Net income — (5) — (5) (19) (24) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PSU April 30, 2021 Remeasurement Reclassification May 1, 2021 Expense December 31, 2021 Liability 3 (1) (2) ​ — — ​ — Stockholders' equity — — 2 ​ 2 4 ​ 6 Net income — 1 — ​ 1 (4) ​ (3) ​ 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 Performance Share unit (“PSU”) Programs) with the goal of encouraging employee retention and optimum performance. Share-based long-term compensation programs are equity-settled, under which the Company receives employee services as consideration for equity instruments. The fair value of employee services received in exchange for the grant of options is recognized as an expense. The total amount of expenses is recognized during the period in which the right is acquired; period during which the specific vesting conditions are met. 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, 2021
Stockholders' equity
Stockholders' equity	30. Stockholders’ equity a) Share capital As at December 31, 2021, the share capital was US$61,614 corresponding to 5,132,458,410 shares issued and fully paid without par value. The Board of Directors may, regardless of changes to by-laws, approve the issue and cancellation of common shares, including the capitalization of profits and reserves to the extent authorized. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Common shares Golden shares Total Stockholders ​ ​ ​ ​ ​ ​ Shareholders with more than 5% of total capital ​ 1,910,844,005 ​ — ​ 1,910,844,005 Previ ​ 415,794,956 ​ — ​ 415,794,956 Capital World Investors ​ 335,249,101 ​ — ​ 335,249,101 Capital Research Global Investors ​ 326,001,911 ​ — ​ 326,001,911 Mitsui&co ​ 286,347,055 ​ — ​ 286,347,055 Blackrock, Inc ​ 279,562,772 ​ — ​ 279,562,772 Capital International Investors ​ 267,888,210 ​ — ​ 267,888,210 Others ​ 2,928,772,919 ​ — ​ 2,928,772,919 Golden shares ​ — ​ 12 ​ 12 Total outstanding (without shares in treasury) ​ 4,839,616,924 ​ 12 ​ 4,839,616,936 Shares in treasury ​ 292,841,474 ​ — ​ 292,841,474 Total capital ​ 5,132,458,398 ​ 12 ​ 5,132,458,410 ​ b) Share buyback program and treasury shares (b.i) Share buyback program On April 1, 2021, the Board of Directors approved a share buyback program for Vale’s stocks limited to a maximum of 270,000,000 stocks, and their respective ADRs, representing up to 5.3% of the total number of outstanding shares on that date. This program was concluded in November with the repurchase of all shares, corresponding to the amount of US$5,281 (R$27,642 million), of which US$2,273 (R$12,068 million) through wholly-owned subsidiaries and US$3,008 (R$15,574 million) directly by the Parent Company. Following the previous program, the Board of Directors approved on October 28, 2021, a new share buyback program for Vale’s stocks limited to a maximum of 200,000,000 stocks, and their respective ADRs, representing up to 4.1% of the total number of outstanding stocks on that date. Until December 31, 2021, the Company repurchased 21,184,500 shares, in the amount of US$264 (R$1,479 million), through wholly-owned subsidiaries. Thus, as at December 31, 2021, the Company repurchased 291,184,500 stocks at an average price of US$19.04 per share (R$ 100.01 per stock), being 152,166,153 through its wholly-owned subsidiaries and 139,018,347 directly by the Parent Company. The total amount acquired was US$5,546 (R$29,121 million), of which US$2,538 (R$13,547 million) through its wholly owned subsidiaries and US$3,008 (R$15,574 million) by the Parent Company. The subsidiaries continue to hold the acquired stocks as at December 31, 2021. (b.ii) Cancellation of treasury shares In 2021, the Board of Directors approved the cancellation of 152,016,372 common shares of the Company acquired in previous buyback programs and held in treasury, without reducing its share capital. The impact of US$2,401 was recorded in the stockholders' equity as “Treasury shares utilized and canceled”. On February 24, 2022 (subsequent event), the Board of Directors approved the cancellation of 133,418,347 common shares issued by the Company and held in treasury, without reducing the value of its capital stock. (b.iii) Treasury shares used for the share-based payment program In 2021, the Company used 890,482 stocks from its treasury stocks (2020: 1,628,485 stocks), for share-based payment program of its executives (note 2g), corresponding to US$7 (R$37 million) (2020: US$14 (R$68 million)) recorded as “Treasury shares utilized and canceled” in the stockholders’ equity for the year ended December 31, 2021. c) Profit distribution ​ ​ ​ ​ ​ 2021 Net income of the year 22,445 Appropriation to legal reserve (1,123) Appropriation to tax incentive reserve ​ (2,581) Net income after appropriations to legal reserve and tax incentive reserve 18,741 Reclassification of the fair value adjustment reserve (nota 14a) ​ 522 ​ ​ ​ Approved remuneration (i) 8,368 Additional Stockholders’ remuneration 3,500 Appropriation to investments reserve 7,395 ​ (i) Of the total remuneration to shareholders for fiscal year 2021, US$4,542 (R$25,346 million) totals the minimum mandatory remuneration for fiscal year 2021, which, according to the Company's Bylaws, must represent 25% of net income, after the allocations of the legal reserve and tax incentive reserve. This amount was paid in full in 2021. (c.i) Remuneration approved In 2021, the Company approved and paid dividends and interest on capital to stockholders in the amount of US$9,844 (R$51,246 million), as follows: (i) US$2,200 (R$11,046 million), as approved by the Board of Directors on June 17, 2021; and (ii) US$7,644 (R$40,200 million), approved by the Board of Directors on September 16, 2021. Of the total amount paid, US$1,476 (R$7,411 million) was approved from the profits reserve and the remaining amount as an anticipation of the income for the year ended December 31, 2021. ​ (c.ii) Additional remuneration ​ On February 24, 2022 (subsequent event), the Board of Directors approved the stockholder’s remuneration in the total gross amount of US$3,500 (R$17,849 million). The payment is expected to be on March 16, 2022. (c.iii) Stockholder’s remuneration for the year 2020 On February 25, 2021, the Board of Directors approved the stockholder’s remuneration in the amount of US$3,972 (R$21,866 million). Of the total amount, US$1,152 (R$6,342 million) represents the minimum mandatory remuneration for 2020 and was recorded as "Dividends payable" in the Company's current liabilities as at December 31, 2020. The remaining amount of US$2,820 (R$15,524 million) was approved as additional remuneration to the Company’s stockholders and recorded in the stockholders’ equity as “Additional remuneration reserve” as at December 31, 2020. This amount was paid in full on March 15, 2021. (c.iv) Profit reserves ​ Of the total amount of profit reserves, after deducting the balance of legal, tax incentive and treasury shares reserves, as required by Brazilian corporate law, US$4,746 (R$26,485 million) represents the amount of reserves available for distribution to the Company's stockholders. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ ​ Tax incentive ​ Investment's ​ remuneration ​ Total of profit ​ ​ Legal reserve ​ reserve ​ reserve ​ reserve ​ reserves Balance as at December 31, 2019 ​ 1,656 ​ 848 ​ 4,586 ​ — ​ 7,090 Allocation of income ​ 251 ​ 2 ​ 656 ​ 2,820 ​ 3,729 Deliberated 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 Allocation of income ​ 1,123 ​ 2,581 ​ 7,395 ​ 3,500 ​ 14,599 Deliberated dividends and interest on capital of Vale's stockholders ​ — ​ — ​ (1,476) ​ (2,820) ​ (4,296) Treasury shares cancellation ​ — ​ — ​ (2,401) ​ — ​ (2,401) Translation adjustment ​ (142) ​ (157) ​ 1,526 ​ (469) ​ 758 Balance as at December 31, 2021 ​ 2,523 ​ 3,083 ​ 6,898 ​ 3,198 ​ 15,702 ​ Legal reserve Tax incentive reserve Investment reserve Additional remuneration reserve Accounting policy Share capital and treasury shares - Stockholder’s remuneration - 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, 2021
Related parties
Related parties	31. The Company’s related parties are subsidiaries, joint ventures, associates, stockholders and its related entities and key management personnel of the Company. 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. 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. 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, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ Net ​ Cost and ​ ​ ​ Net ​ Cost and ​ ​ ​ Net ​ Cost and ​ ​ ​ ​ operating ​ operating ​ Financial ​ operating ​ operating ​ Financial ​ operating ​ operating ​ Financial ​ revenue expenses result revenue expenses result revenue expenses result Joint Ventures 645 (857) (13) 372 (546) 4 374 (1,059) (18) Companhia Siderúrgica do Pecém 640 — 3 353 — 8 358 — 2 Aliança Geração de Energia S.A. 5 (105) — 19 (105) — 16 (128) — Pelletizing companies (i) — (349) (15) — (100) (17) — (574) (39) MRS Logística S.A. — (279) — — (227) — — (203) — Norte Energia S.A. — (114) — — (101) — — (142) — Others — (10) (1) — (13) 13 — (12) 19 Associates 256 (21) (2) 240 (25) 2 294 (32) (1) VLI 255 (21) (2) 235 (25) (1) 280 (32) (1) Others 1 — — 5 — 3 14 — — Major stockholders (ii) 261 — (515) 185 — (32) 204 — (9) Bradesco — — (528) — — (49) — — (29) Mitsui 261 — — 185 — — 204 — — Banco do Brasil — — 13 — — 17 — — 20 Total of continuing operations 1,162 (878) (530) 797 (571) (26) 872 (1,091) (28) Discontinued operation - Coal (note 16) — (95) 15 — (405) 23 — (690) 67 Total 1,162 (973) (515) 797 (976) (3) 872 (1,781) 39 (i) Aggregated entities: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização, and Companhia Nipo-Brasileira de Pelotização. (ii) Refers to the stockholders that were part of the controlling “shareholders’ agreement”, which has expired on November 10, 2020. b) Outstanding balances with related parties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 ​ ​ Assets ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ Dividends ​ ​ ​ ​ ​ ​ ​ Dividends ​ ​ Cash and ​ ​ ​ ​ ​ receivable ​ Cash and ​ ​ ​ ​ ​ receivable ​ ​ cash ​ Accounts ​ ​ ​ and other ​ cash ​ Accounts ​ ​ ​ and other ​ equivalents receivable Loans (iii) assets equivalents receivable Loans (iii) assets Joint Ventures — 75 — 96 — 109 — 55 Companhia Siderúrgica do Pecém — 74 — 39 — 109 — 36 Pelletizing companies (i) — — — 37 — — — 14 MRS Logística S.A. — — — 19 — — — 5 Others — 1 — 1 — — — Associates — 18 — 3 — 45 — 2 VLI — 16 — — — 15 — — Others — 2 — 3 — 30 — 2 Major stockholders (ii) 1,825 4 — 5 2,082 2 — 2 Bradesco 1,746 — — 5 1,518 — — 2 Mitsui — 4 — — — 2 — — Banco do Brasil 79 — — — 564 — — — Pension plan — 12 — — — 12 — — Total 1,825 109 — 104 2,082 168 — 59 Discontinued operation - Coal (note 16) — — — — — — 1,118 32 Total 1,825 109 — 104 2,082 168 1,118 91 (i) Aggregated entities: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização, and Companhia Nipo-Brasileira de Pelotização. (ii) Refers to the stockholders that were part of the controlling "shareholders' agreement", which has expired on November 10, 2020. (iii) Refers to the loan with Nacala Logistics Corridor, presented in note 16. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Liabilities ​ Liabilities ​ ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ ​ instruments ​ ​ ​ ​ ​ instruments ​ ​ Supplier and ​ ​ ​ and other ​ Supplier and ​ ​ ​ and other ​ contractors Loans liabilities contractors Loans liabilities Joint Ventures ​ 70 ​ — ​ 393 ​ 121 ​ — ​ 235 Pelletizing companies (i) ​ 13 ​ — ​ 393 ​ 37 ​ — ​ 235 MRS Logística S.A. ​ 41 ​ — ​ — ​ 48 ​ — ​ — Others ​ 16 ​ — ​ — ​ 36 ​ — ​ — Associates ​ 46 ​ — ​ 47 ​ 40 ​ — ​ 48 VLI ​ 6 ​ — ​ 47 ​ 7 ​ — ​ 48 Others ​ 40 ​ — ​ — ​ 33 ​ — ​ ​ Major stockholders (ii) ​ 1 ​ — ​ 267 ​ — ​ 944 ​ 248 Bradesco ​ — ​ — ​ 265 ​ — ​ — ​ 248 Mitsui ​ — ​ — ​ 2 ​ — ​ — ​ — BNDES (iii) ​ — ​ — ​ — ​ — ​ 944 ​ — Others ​ 1 ​ — ​ — ​ — ​ — ​ — Pension plan ​ 10 ​ — ​ — ​ 11 ​ — ​ — Total ​ 127 ​ — ​ 707 ​ 172 ​ 944 ​ 531 Discontinued operation - Coal (note 16) ​ — ​ — ​ — ​ — ​ 1,385 ​ — Total ​ 127 ​ — ​ 707 ​ 172 ​ 2,329 ​ 531 (i) Aggregated entities: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização, and Companhia Nipo-Brasileira de Pelotização. (ii) Refers to regular financial instruments with the stockholders were part of the controlling “shareholders’ agreement”, which has expired on November 10, 2020. (iii) Banco Nacional de Desenvolvimento c) The key management personnel remuneration ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 2019 Short ‐ term benefits ​ ​ ​ ​ ​ ​ Wages ​ 9 ​ 9 ​ 12 Direct and indirect benefits ​ 1 ​ 1 ​ 2 Profit sharing program (“PLR”) ​ 10 ​ 8 ​ 9 ​ ​ 20 ​ 18 ​ 23 Long ‐ term benefits ​ ​ ​ ​ ​ ​ Shares based ​ 12 ​ 12 ​ 8 ​ ​ ​ ​ ​ ​ ​ Severance ​ 1 ​ 7 ​ 3 ​ ​ 33 ​ 37 ​ 34 ​ The amounts presented in the table above are on an accrual basis and include the compensation of the Executive Directors and members of the Company's Board of Directors, however the amount effectively paid in the years 2021, 2020 and 2019 was US$38, US$34 and US$26 respectively.

Commitments

Commitments	12 Months Ended
	Dec. 31, 2021
Commitments
Commitments	32. Commitments The commitments mainly relate 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, 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Purchase obligations ​ 5,015 ​ 6,991 Purchase of energy ​ 2,746 ​ 2,945 Total minimum payments required ​ 7,761 ​ 9,936 ​

Basis of preparation of finan_2

Basis of preparation of financial statements (Policies)	12 Months Ended
	Dec. 31, 2021
Significant accounting policies
Principles for consolidation	The Company's financial statements reflect the assets, liabilities and transactions of the Parent Company and its direct and indirect subsidiaries (“subsidiaries”). Intercompany balances and transactions, which include unrealized profits, are eliminated. A list of the most relevant companies, including subsidiaries, associates and joint ventures, and the accounting policies applied in the preparation of the consolidated financial statements are described in note 15.
Significant accounting policies	Certain new accounting standards and interpretations have been published that are not mandatory for December 31, 2021, reporting periods or have not impacted these financial statements. The Company did not early adopt any of these standards and does not expect them to have a material impact on the entity in future reporting periods. ​ 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 following: ​ f.i) IAS 21 - Effects of changes in exchange rates and conversion of financial statements ​ IAS 21 defines that exchange differences arising from transactions and balances of foreign operations are recognized and accumulated in equity until this operation is fully or partially disposed. The IFRS Interpretations Committee defined that “partial disposal” of investment can be interpreted as (i) reduction in the percentage of equity interest; or (ii) reduction in the absolute value of the investment through the reduction of the investee's capital, even if the investor’s percentage of ownership interest is not changed. Therefore, according to this interpretation, there is an accounting policy choice regarding the definition of partial disposal and, consequently, for the reclassification of cumulative translation adjustments in this context. ​ In 2021, Vale has determined its first capital return from a subsidiary, mainly due to the review of intragroup cash flows vis-à-vis the dividend policy in place and considering the profit reserves available for distribution to stockholders. ​ In December 2021, the Company approved a capital reduction in the amount of US$3,000 of VISA, a wholly-owned foreign subsidiary (note 15). The amount received in December 2021 was determined as a return of the Company’s investment in VISA, which led to a reduction in the investment held by the Parent Company. ​ Following this new transaction, Vale concluded that capital reductions in foreign operations will be better reflected in its financial statements through the application of the absolute value approach, as described in ii) above. ​ Therefore, the return of capital was determined as a partial disposal and, in accordance with the requirements of IAS 21, the exchange differences recorded in the stockholders’ equity were reclassified to the income statement in the same proportion as the reduction in the net investment held in VISA, leading to a gain of US$2,413 presented as “Other financial items, net” (note 6). The remaining balance of cumulative translation adjustments of VISA represents US$6,243 as at December 31, 2021. ​ f.ii) IFRS 2 - Share-based payment ​ IFRS 2 defines that the accounting for share-based payments depends on the form of settlement of the plans, which can be “cash-settled” or “equity-settled”. When a plan is settled in cash, the payment obligation to the employee is recognized as a liability, which is updated to fair value recognized in the income statement at each reporting date and on the settlement date of the obligation. When the plan is settled with equity instruments, the fair value of the plan is calculated only on the grant date of the benefit and the fair value of the plan is recognized in the income statement for the year on a straight-line basis to equity over the period of service required. ​ Until December 2020, the long-term incentive programs for the Company's executives, were recorded as liabilities based on the practice adopted by the Company to settle its obligation related to these programs with cash payment instead of Vale’s stocks for its executives. ​ On April 30, 2021, the modification of the Regulation of the Performance Share Unit program (“PSU”) was approved at the Ordinary and Extraordinary Annual General Meeting (“date of modification”), enabling the use of treasury shares of the Company to settle the obligation. Thus, the plans started to be treated as “settled with equity instruments” and their fair value was remeasured on the modification date. The effects of this change are detailed in note 29.
Revenue	Revenue from sales - Revenue is recognized when the control of a good or service is 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. In general, the contract payment terms consider the upfront payments or the use of letters of credit. 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 as a component of other 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 based on the volume produced compared to the total proved and probable reserves of gold or cobalt .
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 liabilities related to 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 carryforward. 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 net realizable value. Inventory production cost comprises variable and fixed costs, direct and indirect costs of production and are assigned to individual items of inventory based on 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”.
Concessions	Railway concessions liabilities consist of the following future payments discounted at present value: (i) fixed payments for the concession; (ii) amounts expected to be disbursed for constructing railways and infrastructure; (iii) cost of acquiring equipment to be made available for the granting authority; and (iv) other miscellaneous obligations and commitments that complement the early extension of the railway concessions agreement. Grant payments are discounted using the regulatory weighted average cost of capital (“WACC”), which is the interest rate explicit in the concession agreement as determined by the ANTT, and payments related to other investment obligations are discounted at an incremental rate to reflect the time value of money, that is, a risk-free interest rate applicable to the economic environment in which the Company operates and with terms and conditions equivalent to the obligations assumed. The amounts payable in relation to the concession granted are initially accounted for as intangible in accordance with the accounting policy, disclosed in note 17.
Subsidiaries	The Company consolidates all entities over which it has control, that is, when: (i) the Company is exposed or has rights over variable returns from its involvement with the investee; and (ii) has the ability to direct the investee’s significant activities. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. Consolidation is interrupted from the date on which the Company ceases to have control.
Transactions with noncontrolling interests	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 the Company’s stockholders. For purchases or disposals of non-controlling interests, the difference between the consideration paid and the book value of the acquired portion of the subsidiary's net assets is recorded directly in equity under “Acquisitions and disposals of non-controlling interests”.
Loss of control	When the Company ceases to have control, any interest retained in the entity is remeasured at its fair value, with the change in the carrying amount recognized in profit or loss. Amounts previously recognized in other comprehensive income are reclassified to the income statement.
Investments in associates and joint arrangements	Associates are all entities over which the Company has significant influence, but not control, generally through an equity interest of 20% to 50% of the voting rights. If the equity interest in the associate is reduced, but significant influence is retained, only a proportionate portion of the amounts previously recognized in other comprehensive income will be reclassified to profit or loss, when appropriate. Dilution gains and losses, incurred on interests in associates, are recognized in the income statement. 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. Accordingly, the assets, liabilities, income and expenses related to the joint operation are recorded individually in the financial statements. 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.
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 acquisition cost, net of accumulated amortization and impairment charges. The estimated useful lives are as follows: ​ ​ ​ ​ ​ Useful life Railway concessions 5 to 37 years Contract right 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 Locomotives 12 to 25 years Wagons 30 to 45 years Railway equipment 5 to 37 years Vessels 20 to 25 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 23.
Impairment and onerous contracts	Impairment of non-financial assets - 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 -
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 - ​ Net investment hedge - 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 -
Financial instruments classification	Classification and measurement - ​ 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 FVTPL. ​ Fair value hierarchy - ​ 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, representing the amount that would be paid for the acquisition of these securities on the measurement date and, therefore, also implicitly includes the remuneration to the debenture holder. 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.In 2021, 9% of total interest incurred was capitalized (note 6). Borrowing costs that are not capitalized are recognized in the income statement in the period in which they are incurred. The accounting policy applied to lease liabilities is disclosed in note 18.
Provisions	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. 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. Contingent assets are disclosed when the related economic benefits are probable and are only recognized in the financial statements in the period in which their realization is virtually certain.
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 Performance Share unit (“PSU”) Programs) with the goal of encouraging employee retention and optimum performance. Share-based long-term compensation programs are equity-settled, under which the Company receives employee services as consideration for equity instruments. The fair value of employee services received in exchange for the grant of options is recognized as an expense. The total amount of expenses is recognized during the period in which the right is acquired; period during which the specific vesting conditions are met. 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 - Stockholder’s remuneration - 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 finan_3

Basis of preparation of financial statements (Tables)	12 Months Ended
	Dec. 31, 2021
Basis of preparation of financial statements
Schedule of exchange rates used to translate its foreign operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Closing rate ​ Average annual rate ​ 2021 2020 2019 2021 2020 2019 US Dollar ("US$") ​ 5.5805 ​ 5.1967 ​ 4.0307 ​ 5.3956 ​ 5.1578 ​ 3.9461 Canadian dollar ("CAD") ​ 4.3882 ​ 4.0771 ​ 3.1034 ​ 4.3042 ​ 3.8480 ​ 2.9746 Euro ("EUR") ​ 6.3210 ​ 6.3779 ​ 4.5305 ​ 6.3784 ​ 5.8989 ​ 4.4159

Information by business segme_2

Information by business segment and geographic area (Tables)	12 Months Ended
	Dec. 31, 2021
Information by business segment and geographic area
Schedule of adjusted EBITDA	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ ​ ​ ​ ​ ​ 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 38,701 ​ (11,468) ​ (135) ​ (198) (330) 10 ​ 26,580 Iron ore pellets 7,053 ​ (2,231) ​ 30 ​ (3) (47) 71 ​ 4,873 Ferroalloys and manganese 175 ​ (119) ​ — ​ (2) (15) — ​ 39 Other ferrous products and services 373 ​ (281) ​ 9 ​ (2) (2) — ​ 97 ​ 46,302 ​ (14,099) ​ (96) ​ (205) (394) 81 ​ 31,589 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Base metals ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel and other products 5,377 ​ (3,606) ​ (5) ​ (77) (113) — ​ 1,576 Copper 2,589 ​ (878) ​ (9) ​ (81) (4) — ​ 1,617 ​ 7,966 ​ (4,484) ​ (14) ​ (158) (117) — ​ 3,193 Brumadinho event and de-characterization of dams ​ — ​ — ​ (2,576) ​ — ​ — ​ — ​ (2,576) COVID-19 ​ — ​ — ​ (44) ​ — ​ — ​ — ​ (44) Others (i) 234 ​ (289) ​ (685) ​ (185) (3) 109 ​ (819) Total of continuing operations 54,502 ​ (18,872) ​ (3,415) ​ (548) (514) 190 ​ 31,343 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discontinued operations - Coal 1,083 ​ (1,317) ​ (26) ​ (7) — 78 ​ (189) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total 55,585 ​ (20,189) ​ (3,441) ​ (555) (514) 268 ​ 31,154 (i) Includes the negative EBITDA of VNC in the amount of US$65, since upon the decision to sell this operation, the bodies responsible for making decisions on the Company's operating performance no longer analyze this operation as part of the Base Metals operating segment (notes 15 and 19). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 4,652 ​ (2,734) ​ (21) ​ (42) (29) — ​ 1,826 Copper 2,175 ​ (794) ​ (7) ​ (68) (1) — ​ 1,305 ​ ​ 6,827 ​ (3,528) ​ (28) ​ (110) (30) — ​ 3,131 Brumadinho event and de-characterization of dams ​ — ​ — ​ (5,257) ​ — ​ — ​ — ​ (5,257) COVID-19 ​ — ​ — ​ (109) ​ — ​ — ​ — ​ (109) Others (i) 640 ​ (810) ​ (932) ​ (169) (12) 32 ​ (1,251) Total of continuing operations 39,545 ​ (14,603) ​ (6,499) ​ (415) ​ (682) ​ 173 ​ 17,519 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discontinued operations - Coal 473 ​ (1,456) ​ (15) ​ (28) ​ — ​ 95 ​ (931) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total 40,018 ​ (16,059) ​ (6,514) ​ (443) (682) 268 ​ 16,588 (i) Includes the reclassification of the negative EBITDA of VNC in the amount of US$150, since upon the decision to sell this operation, the bodies responsible for making decisions on the Company's operating performance no longer analyze this operation as part of the Base Metals operating segment (notes 15 and 19). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 3,954 ​ (2,334) ​ (74) ​ (38) ​ (28) ​ — ​ 1,480 Copper 1,904 ​ (905) ​ (5) ​ (43) ​ (20) ​ — ​ 931 ​ ​ 5,858 ​ (3,239) ​ (79) ​ (81) ​ (48) ​ — ​ 2,411 Brumadinho event and de-characterization of dams ​ — ​ — ​ (7,402) ​ — ​ — ​ — ​ (7,402) Others (i) 686 ​ (923) ​ (507) ​ (190) (11) 57 ​ (888) Total of continuing operations 36,549 ​ (16,150) ​ (8,339) ​ (413) ​ (882) ​ 353 ​ 11,118 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discontinued operations - Coal 1,021 ​ (1,638) ​ 1 ​ (30) ​ — ​ 113 ​ (533) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total 37,570 ​ (17,788) ​ (8,338) ​ (443) ​ (882) ​ 466 ​ 10,585 (i) Includes the reclassification of the negative EBITDA of VNC in the amount of US$237, since upon the decision to sell this operation, the bodies responsible for making decisions on the Company's operating performance no longer analyze this operation as part of the Base Metals operating segment (notes 15 and 19). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 2019 Net income from continuing operations attributable to Vale's stockholders ​ 24,736 ​ 6,258 ​ 324 Net income (loss) attributable to noncontrolling interests ​ 108 ​ (3) ​ 115 Net income from ​ 24,844 ​ 6,255 ​ 439 Depreciation, depletion and amortization ​ 3,034 ​ 3,215 ​ 3,489 Income taxes ​ 4,697 ​ 735 ​ (595) Financial results ​ (3,119) ​ 4,813 ​ 3,393 Equity results and other results in associates and joint ventures ​ 1,271 ​ 1,020 ​ 656 Dividends received and interest from associates and joint ventures ​ 190 ​ 173 ​ 353 Impairment and disposal of non-current assets ​ 426 ​ 1,308 ​ 3,383 Adjusted EBITDA from continuing operations ​ 31,343 ​ 17,519 ​ 11,118 ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 ​ 2020 ​ 2019 Loss from discontinued operations attributable to Vale's stockholders ​ (2,291) ​ (1,377) ​ (2,007) Loss attributable to noncontrolling interests ​ (85) ​ (347) ​ (612) Loss ​ (2,376) ​ (1,724) ​ (2,619) Depreciation, depletion and amortization ​ 69 ​ 19 ​ 237 Income taxes ​ (821) ​ (297) ​ — Financial results ​ (447) ​ (2) ​ 20 Equity results in associates and joint ventures ​ 26 ​ 43 ​ 25 Dividends received and interest from associates and joint ventures (i) ​ 78 ​ 95 ​ 113 Impairment of non-current assets ​ 3,282 ​ 935 ​ 1,691 Adjusted EBITDA from discontinued operations ​ (189) ​ (931) ​ (533) (i) Includes the remuneration of the financial instrument of the Coal segment.
Asset by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ ​ ​ Investments in ​ Property, plant ​ ​ ​ Investments in ​ Property, plant ​ ​ Product ​ associates and ​ and equipment ​ Product ​ associates and ​ and equipment ​ inventory joint ventures and intangibles inventory joint ventures and intangibles (i) Ferrous minerals ​ 2,186 ​ 1,113 ​ 28,988 ​ 2,017 ​ 1,154 ​ 29,436 Base metals 1,384 ​ 17 ​ 20,127 ​ 1,231 ​ 18 ​ 19,549 Coal (note 16) — ​ — ​ — ​ 25 ​ — ​ — Others 21 ​ 621 ​ 1,827 ​ — ​ 859 ​ 1,459 Total 3,591 ​ 1,751 ​ 50,942 ​ 3,273 ​ 2,031 ​ 50,444 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ Capital expenditures (i) ​ ​ ​ Capital expenditures (i) ​ ​ ​ Capital expenditures (i) ​ ​ ​ ​ ​ ​ ​ ​ 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 2,496 531 1,771 2,134 258 1,768 ​ 1,685 385 2,063 Base metals 1,518 344 1,213 1,415 239 1,351 ​ 1,089 151 1,191 Others (ii) 20 124 50 156 25 96 146 8 235 Total 4,034 999 3,034 3,705 522 3,215 2,920 544 3,489 (i) Amounts disbursed during the periods presented above. (ii) Includes the reclassification of VNC under the captions “Sustaining capital” and “depreciation, depletion and amortization”, in the amount of US$151 and US$46, respectively, for the year ended December 31, 2020 and in the amount of US$136 and US$160, respectively, for the year ended December 31, 2019.
Assets and net operating revenue by geographic area	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ 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 ​ 1,730 ​ 7,050 ​ 23,793 ​ 32,573 ​ 1,760 ​ 7,341 ​ 23,364 ​ 32,465 Canada ​ — ​ 1,958 ​ 12,441 ​ 14,399 ​ — ​ 1,951 ​ 11,798 ​ 13,749 Americas, except Brazil and Canada ​ — ​ — ​ 3 ​ 3 ​ 234 ​ — ​ 5 ​ 239 Europe ​ — ​ — ​ 739 ​ 739 ​ — ​ — ​ 894 ​ 894 Indonesia ​ — ​ 1 ​ 2,723 ​ 2,724 ​ — ​ 2 ​ 2,729 ​ 2,731 Asia, except Indonesia and China ​ 21 ​ — ​ 874 ​ 895 ​ 20 ​ — ​ 951 ​ 971 China ​ — ​ 2 ​ 21 ​ 23 ​ 17 ​ 2 ​ 19 ​ 38 Oman ​ — ​ — ​ 1,337 ​ 1,337 ​ — ​ — ​ 1,388 ​ 1,388 Total ​ 1,751 ​ 9,011 ​ 41,931 ​ 52,693 ​ 2,031 ​ 9,296 ​ 41,148 ​ 52,475 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ ​ Ferrous ​ ​ ​ ​ ​ ​ ​ minerals Base metals Others Total Americas, except United States and Brazil 877 ​ 402 ​ 4 ​ 1,283 United States of America 392 ​ 1,151 ​ — ​ 1,543 Germany ​ 618 ​ 1,416 ​ — ​ 2,034 Europe, except Germany 2,373 ​ 2,323 ​ — ​ 4,696 Middle East, Africa, and Oceania 2,140 ​ 15 ​ — ​ 2,155 Japan 3,977 ​ 546 ​ — ​ 4,523 China 27,510 ​ 1,093 ​ — ​ 28,603 Asia, except Japan and China 3,536 ​ 965 ​ — ​ 4,501 Brazil 4,879 ​ 55 ​ 230 ​ 5,164 Net operating revenue 46,302 ​ 7,966 ​ 234 ​ 54,502 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2020 ​ ​ Ferrous ​ ​ ​ ​ ​ ​ ​ minerals Base metals Others Total Americas, except United States and Brazil ​ 334 ​ 83 ​ 343 ​ 760 United States of America ​ 244 ​ 797 ​ — ​ 1,041 Germany ​ 357 ​ 1,169 ​ — ​ 1,526 Europe, except Germany ​ 1,214 ​ 2,356 ​ — ​ 3,570 Middle East, Africa, and Oceania ​ 1,418 ​ 17 ​ — ​ 1,435 Japan ​ 1,793 ​ 400 ​ — ​ 2,193 China ​ 22,202 ​ 922 ​ — ​ 23,124 Asia, except Japan and China ​ 2,068 ​ 931 ​ — ​ 2,999 Brazil ​ 2,448 ​ 152 ​ 297 ​ 2,897 Net operating revenue ​ 32,078 ​ 6,827 ​ 640 ​ 39,545 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2019 ​ ​ Ferrous ​ ​ ​ ​ ​ ​ ​ minerals Base metals Others Total Americas, except United States and Brazil ​ 523 ​ 532 ​ 303 ​ 1,358 United States of America ​ 404 ​ 931 ​ — ​ 1,335 Germany ​ 1,161 ​ 522 ​ — ​ 1,683 Europe, except Germany ​ 1,514 ​ 1,715 ​ — ​ 3,229 Middle East, Africa, and Oceania ​ 2,083 ​ 20 ​ — ​ 2,103 Japan ​ 2,057 ​ 426 ​ — ​ 2,483 China ​ 17,572 ​ 670 ​ — ​ 18,242 Asia, except Japan and China ​ 2,032 ​ 816 ​ — ​ 2,848 Brazil ​ 2,659 ​ 226 ​ 383 ​ 3,268 Net operating revenue ​ 30,005 ​ 5,858 ​ 686 ​ 36,549

Costs and expenses by nature (T

Costs and expenses by nature (Tables)	12 Months Ended
	Dec. 31, 2021
Costs and expenses by nature
Schedule of cost of goods sold and services rendered	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 2019 Personnel ​ 1,703 ​ 1,624 ​ 1,923 Materials and services ​ 2,907 ​ 2,782 ​ 2,814 Fuel oil and gas ​ 1,011 ​ 848 ​ 1,240 Maintenance ​ 2,812 ​ 2,529 ​ 2,554 Royalties (i) ​ 1,370 ​ 845 ​ 791 Energy ​ 639 ​ 673 ​ 824 Acquisition of products (i) ​ 2,277 ​ 946 ​ 608 Depreciation, depletion and amortization ​ 2,857 ​ 2,961 ​ 3,162 Freight (ii) ​ 4,575 ​ 3,439 ​ 4,023 Others ​ 1,578 ​ 917 ​ 1,373 Total ​ 21,729 ​ 17,564 ​ 19,312 Cost of goods sold ​ 21,142 ​ 16,982 ​ 18,623 Cost of services rendered ​ 587 ​ 582 ​ 689 Total ​ 21,729 ​ 17,564 ​ 19,312 (i) In the ferrous minerals segment, the increase is mainly due to the significant increase in the reference price of iron ore compared to 2020. (ii) The increase is mainly due to the increase in volumes of CFR sales and higher international freight prices.
Schedule of selling and administrative expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 2019 Selling ​ 80 ​ 81 ​ 79 Personnel ​ 170 ​ 168 ​ 181 Services ​ 107 ​ 114 ​ 85 Depreciation and amortization ​ 42 ​ 49 ​ 56 Advertisement ​ 27 ​ 17 ​ 7 Others ​ 55 ​ 62 ​ 66 Total ​ 481 ​ 491 ​ 474 ​
Schedule of other operating expenses (income), net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 2019 Asset retirement obligations (note 26b) ​ 121 ​ 312 ​ 92 Provision for litigations (i) ​ 98 ​ 73 ​ 291 Profit sharing program 126 169 88 COVID-19 expenses (note 2) ​ 44 ​ 109 ​ — Disposals of materials and inventories ​ 5 ​ 19 ​ 47 Others ​ 6 ​ 118 ​ 1 Total ​ 400 ​ 800 ​ 519 (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.

Financial results (Tables)

Financial results (Tables)	12 Months Ended
	Dec. 31, 2021
Financial results
Schedule of financial result	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 2019 Financial income ​ ​ ​ ​ ​ ​ Short‐term investments ​ 226 ​ 129 ​ 247 Others (i) ​ 111 ​ 178 ​ 206 ​ ​ 337 ​ 307 ​ 453 Financial expenses ​ ​ ​ ​ ​ ​ Loans and borrowings gross interest ​ (671) ​ (742) ​ (943) Capitalized loans and borrowing costs ​ 59 ​ 70 ​ 140 Participative stockholders' debentures ​ (716) ​ (1,565) ​ (1,475) Interest on REFIS ​ (54) ​ (55) ​ (154) Interest on lease liabilities ​ (63) ​ (65) ​ (71) Financial guarantees (ii) ​ 312 ​ (468) ​ (353) Expenses with cash tender offer repurchased ​ (63) ​ — ​ (265) Others ​ (457) ​ (366) ​ (563) ​ ​ (1,653) ​ (3,191) ​ (3,684) Other financial items, net ​ ​ ​ ​ ​ ​ Net foreign exchange gains (losses) ​ 408 ​ (549) ​ 71 Derivative financial instruments (note 20) ​ (23) ​ (1,210) ​ 244 Reclassification of cumulative translation adjustments to the income statement (notes 2 and 15) ​ 4,326 ​ — ​ — Indexation losses, net ​ (276) ​ (170) ​ (477) ​ ​ 4,435 ​ (1,929) ​ (162) Total ​ 3,119 ​ (4,813) ​ (3,393) (i) 2020 includes amounts related to Eletrobras contingent assets in the amount of US$59 (note 28e). (ii) Refers to the fair value adjustments on financial guarantees given to associates due to their rating improvement, leading to a decrease in the probability of default on the guaranteed loans (notes 15c and 23e).

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income taxes
Schedule of deferred income tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ 2021 2020 Taxes losses carryforward ​ 5,757 ​ 4,328 Temporary differences: ​ ​ ​ ​ Employee post retirement obligations ​ 504 ​ 744 Provision for litigation ​ 346 ​ 356 Timing differences arising from assets and liabilities ​ 4,384 ​ 4,331 Fair value of financial instruments ​ 1,373 ​ 1,355 Allocated goodwill ​ (2,857) ​ (2,623) Others ​ 53 ​ 74 ​ ​ 3,803 ​ 4,237 Total ​ 9,560 ​ 8,565 Assets ​ 11,441 ​ 10,335 Liabilities ​ (1,881) ​ (1,770) ​ ​ 9,560 ​ 8,565 ​
Schedule of changes in deferred tax	​ ​ ​ ​ ​ ​ ​ ​ ​ Assets Liabilities Deferred taxes, net Balance at December 31, 2019 ​ 9,217 ​ 1,882 ​ 7,335 Taxes losses carryforward ​ 77 ​ — ​ 77 Timing differences arising from 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 ​ 2,555 ​ (108) ​ 2,663 Transfers between assets and liabilities ​ 38 ​ 38 ​ — Translation adjustment ​ (1,811) ​ (37) ​ (1,774) Other comprehensive income ​ 39 ​ (5) ​ 44 Tax loss carryforward from coal operations (note 16) ​ 297 ​ — ​ 297 Balance at December 31, 2020 ​ 10,335 ​ 1,770 ​ 8,565 Taxes losses carryforward ​ 830 ​ — ​ 830 Timing differences arising from assets and liabilities ​ 226 ​ — ​ 226 Fair value of financial instruments ​ 75 ​ — ​ 75 Allocated goodwill ​ — ​ 138 ​ (138) Others ​ (27) ​ — ​ (27) Effect in income statement ​ 1,104 ​ 138 ​ 966 Transfers between asset and liabilities ​ (155) ​ (155) ​ — Translation adjustment ​ (649) ​ (13) ​ (636) Other comprehensive income ​ (15) ​ 141 ​ (156) Tax loss carryforward from coal operations (note 16) ​ 821 ​ — ​ 821 Balance at December 31, 2021 ​ 11,441 ​ 1,881 ​ 9,560 ​
Schedule of amount presented as income taxes in the income statement reconciled to the rate established by law	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 2019 Income (loss) before income taxes ​ 29,541 ​ 6,990 ​ (156) Income taxes at statutory rate – 34% ​ (10,044) ​ (2,377) ​ 53 Adjustments that affect the basis of taxes: ​ ​ ​ ​ ​ ​ Income tax benefit from interest on stockholders' equity ​ 260 ​ 316 ​ 601 Tax incentives ​ 2,826 ​ 211 ​ 189 Equity results ​ 167 ​ (27) ​ 85 Addition of tax loss carryforward (i) ​ 251 ​ 769 ​ 25 Unrecognized tax losses of the year ​ (115) ​ (215) ​ (551) Others (ii) ​ 1,958 ​ 588 ​ 193 Income taxes ​ (4,697) ​ (735) ​ 595 (i) (ii)
Schedule of income taxes settlement	​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2021 2020 Current liabilities 324 340 ​ Non-current liabilities 1,964 2,404 ​ REFIS liabilities 2,288 2,744 ​ ​ ​ ​ ​ ​ ​ SELIC rate 9.25 % 2.00 %

Basic and diluted earnings (l_2

Basic and diluted earnings (loss) per share (Tables)	12 Months Ended
	Dec. 31, 2021
Basic and diluted earnings (loss) per share
Schedule of basic and diluted earnings (loss) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 2019 Net income (loss) attributable to Vale's stockholders: ​ ​ ​ ​ ​ ​ Net income from continuing operations ​ 24,736 ​ 6,258 ​ 324 Loss from discontinued operations ​ (2,291) ​ (1,377) ​ (2,007) Net income (loss) ​ 22,445 ​ 4,881 ​ (1,683) Thousands of shares ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding ​ 5,012,424 ​ 5,129,585 ​ 5,127,950 Basic and diluted earnings per share from continuing operations: Common share (US$) 4.93 ​ 1.22 ​ 0.06 Basic and diluted loss per share from discontinued operations: ​ ​ ​ Common share (US$) (0.46) ​ (0.27) ​ (0.39) Basic and diluted earnings (loss) per share: Common share (US$) 4.47 ​ 0.95 ​ (0.33)

Accounts receivable (Tables)

Accounts receivable (Tables)	12 Months Ended
	Dec. 31, 2021
Accounts receivable.
Schedule of accounts receivable	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Receivables from customer contracts ​ ​ ​ ​ ​ Related parties (note 31) ​ 109 ​ 168 ​ Third parties ​ ​ ​ ​ ​ Ferrous minerals ​ 3,023 ​ 4,093 ​ Base metals ​ 668 ​ 716 ​ Others ​ 162 ​ 66 ​ Accounts receivable 3,962 5,043 ​ Expected credit loss (48) (50) ​ Accounts receivable, net ​ 3,914 ​ 4,993 ​
Schedule of sensitivity of the Company's risk on final settlement	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Thousand ​ Provisional price ​ ​ ​ ​ ​ metric tons (US$/tone) Change Effect on Revenue Iron ore 22,228 120.3 + % + Iron ore pellets 704 187.1 + % + Copper 104 11,730.7 + % +

Suppliers and contractors (Tabl

Suppliers and contractors (Tables)	12 Months Ended
	Dec. 31, 2021
Suppliers and contractors.
Summary of amount due to suppliers and contractors	​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Third parties - Brazil 1,728 1,782 Third parties - Abroad 1,620 1,413 Related parties (note 31) 127 172 Total 3,475 3,367

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2021
Inventories
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Finished products 2,795 2,712 Work in progress ​ 820 ​ 647 Consumable inventory 857 882 ​ ​ ​ ​ ​ Allowance to net realizable value (i) ​ (95) ​ (180) Total 4,377 4,061 (i) In 2021, the effect of provision for net realizable value was US$1 (2020: reversal of US$20).

Recoverable and payable taxes (

Recoverable and payable taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Recoverable and payable taxes
Schedule of recoverable taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Current assets Non-current assets Current liabilities Current assets Non-current assets Current liabilities Value-added tax 217 ​ 11 ​ 162 ​ 254 ​ 179 17 Brazilian federal contributions 520 ​ 511 ​ 12 ​ 136 ​ 458 14 Income taxes ​ 113 ​ 413 ​ 1,861 ​ 107 ​ 454 ​ 773 Financial compensation for the exploration of mineral resources - CFEM — ​ — ​ 59 ​ — ​ — 80 Others 12 ​ — ​ 83 ​ 12 ​ — 68 Total 862 ​ 935 ​ 2,177 ​ 509 ​ 1,091 952

Other financial assets and li_2

Other financial assets and liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Other financial assets and liabilities
Schedule of other financial assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ Non-Current ​ December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Other financial assets ​ ​ ​ ​ ​ ​ ​ ​ Restricted cash ​ — ​ — ​ 117 ​ 38 Derivative financial instruments (note 20) ​ 111 ​ 134 ​ 20 ​ 66 Investments in equity securities (i) ​ — ​ — ​ 6 ​ 757 Loans - Related parties (note 31) (ii) ​ — ​ 195 ​ - ​ 923 ​ ​ 111 ​ 329 ​ 143 ​ 1,784 Other financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments (note 20) ​ 243 ​ 328 ​ 592 ​ 689 Loans - Related parties (note 31) (ii) ​ — ​ 490 ​ — ​ 895 Other financial liabilities - Related parties (note 31) ​ 393 ​ 235 ​ — ​ — Financial guarantees provided (notes 15c and 23e) ​ — ​ — ​ 542 ​ 877 Liabilities related to the concession grant (notes 14b and 17a) ​ 760 ​ 209 ​ 1,437 ​ 2,103 Contract liability ​ 566 ​ 644 ​ — ​ — ​ ​ 1,962 ​ 1,906 ​ 2,571 ​ 4,564 (i) The Company has an investment of US$6, corresponding to a 3.24% non-controlling interest in Boston Electrometallurgical Company, whose objective is to promote the development of a technology focused on reducing carbon dioxide emissions in steel production. (ii) The decrease in non-current liabilities refers to the settlement of loans due to the transaction for acquiring Nacala Logistic Corridor (note 16).
Summary of liabilities related to the concession grant	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability Discount rate ​ ​ December 31, 2021 December 31, 2020 2021 2020 Concessions grants 586 542 11.04 % 11.04 % Midwest Integration Railway ("FICO") 1,206 1,306 5.11 % 2.59 % Infrastructure program 342 264 5.22 % 3.08 % West-East Integration Railway ("FIOL") 62 200 5.75 % 2.67 % Total 2,196 2,312 ​

Investments in subsidiaries, _2

Investments in subsidiaries, associates and joint ventures (Tables)	12 Months Ended
	Dec. 31, 2021
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 ​ ​ ​ ​ ​ December 31, ​ Year ended December 31, ​ Year ended December 31, Associates and joint ventures ​ % ownership ​ % voting capital ​ 2021 ​ 2020 ​ 2021 2020 2019 ​ 2021 2020 2019 Ferrous minerals ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Baovale Mineração S.A. ​ 50.00 ​ 50.00 ​ 21 ​ 20 ​ 4 ​ 1 ​ 4 ​ 1 ​ — ​ — Companhia Coreano-Brasileira de Pelotização ​ 50.00 ​ 50.00 ​ 51 ​ 48 ​ 46 ​ 8 ​ 48 ​ 33 ​ 34 ​ 62 Companhia Hispano-Brasileira de Pelotização ​ 50.89 ​ 50.89 ​ 38 ​ 43 ​ 1 ​ 11 ​ 37 ​ 7 ​ 27 ​ 50 Companhia Ítalo-Brasileira de Pelotização ​ 50.90 ​ 51.00 ​ 48 ​ 44 ​ 40 ​ 10 ​ 30 ​ 23 ​ 23 ​ 54 Companhia Nipo-Brasileira de Pelotização ​ 51.00 ​ 51.11 ​ 129 ​ 121 ​ 40 ​ 8 ​ 84 ​ 8 ​ 32 ​ 92 MRS Logística S.A. ​ 48.16 ​ 46.75 ​ 418 ​ 398 ​ 75 ​ 34 ​ 50 ​ 9 ​ 22 ​ 29 Samarco Mineração S.A. (note 25) ​ 50.00 ​ 50.00 ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — VLI S.A. ​ 29.60 ​ 29.60 ​ 408 ​ 480 ​ (40) ​ (22) ​ 1 ​ — ​ 2 ​ 9 ​ ​ ​ ​ ​ ​ 1,113 ​ 1,154 ​ 166 ​ 50 ​ 254 ​ 81 ​ 140 ​ 296 Base metals ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Korea Nickel Corp. ​ 25.00 ​ 25.00 ​ 17 ​ 18 ​ 1 ​ — ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ 17 ​ 18 ​ 1 ​ — ​ — ​ — ​ — ​ — Others ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aliança Geração de Energia S.A. ​ 55.00 ​ 55.00 ​ 367 ​ 367 ​ 53 ​ 28 ​ 31 ​ 25 ​ 24 ​ 28 Aliança Norte Energia Participações S.A. ​ 51.00 ​ 51.00 ​ 105 ​ 117 ​ (4) ​ (8) ​ 4 ​ — ​ — ​ — California Steel Industries, Inc. ​ 50.00 ​ 50.00 ​ — ​ 234 ​ 228 ​ (7) ​ 23 ​ 84 ​ — ​ 29 Companhia Siderúrgica do Pecém ​ 50.00 ​ 50.00 ​ 99 ​ — ​ 56 ​ (131) ​ (69) ​ — ​ — ​ — Mineração Rio do Norte S.A. ​ 40.00 ​ 40.00 ​ — ​ 71 ​ (5) ​ (3) ​ 15 ​ — ​ 9 ​ — Others ​ ​ ​ ​ ​ 50 ​ 70 ​ (1) ​ (5) ​ (5) ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ 621 ​ 859 ​ 327 ​ (126) ​ (1) ​ 109 ​ 33 ​ 57 Total ​ ​ ​ ​ ​ 1,751 ​ 2,031 ​ 494 ​ (76) ​ 253 ​ 190 ​ 173 ​ 353
Schedule of changes in investments in associates and joint ventures	​ ​ ​ ​ ​ ​ ​ 2021 2020 Balance at January 1, ​ 2,031 ​ 2,798 Additions and capitalizations (i) ​ 42 ​ 131 Equity results in income statement ​ 494 ​ (76) Dividends declared ​ (228) ​ (128) Translation adjustment ​ (128) ​ (542) Reduction of investment in VLI ​ - ​ (131) Transfer the equity results to discontinued operations (note 16a) ​ (26) ​ (43) Transfer of CSI to assets held for sale (nota 16c) ​ (377) ​ - Others ​ (57) ​ 22 Balance at December 31, ​ 1,751 ​ 2,031
Summarized financial information about relevant associates and joint ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Aliança Geração ​ Aliança ​ ​ ​ Pelletizing ​ ​ ​ ​ ​ de Energia Norte Energia CSP (i) plants (ii) MRS Logística VLI S.A. Current assets 112 — ​ 566 ​ 425 ​ 497 494 Non-current assets 824 206 ​ 2,615 ​ 267 ​ 1,910 3,550 Total assets 936 206 ​ 3,181 ​ 692 ​ 2,407 4,044 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities 46 — ​ 438 ​ 166 ​ 447 580 Non-current liabilities 223 — ​ 2,545 ​ 1 ​ 1,092 2,085 Total liabilities 269 — ​ 2,983 ​ 167 ​ 1,539 2,665 Stockholders’ equity 667 206 ​ 198 ​ 525 ​ 868 1,379 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net revenue ​ 185 ​ — ​ 2,242 ​ 396 ​ 820 ​ 1,109 Net income (loss) 96 (7) ​ 891 ​ 250 ​ 155 (136) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nacala ​ ​ ​ ​ Aliança Geração ​ Aliança ​ ​ ​ ​ ​ Pelletizing ​ ​ ​ Corridor Holding ​ ​ ​ de Energia Norte Energia CSI CSP (i) plants (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 (negative reserves) 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)
Schedule of material consolidated entities in each business segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % Noncontrolling ​ Location Main activity /Business % Ownership % Voting capital interest Direct and indirect subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Companhia Portuária da Baía de Sepetiba Brazil ​ Iron ore ​ 100.0 % 100.0 % 0.0 % Mineração Corumbaense Reunida S.A. Brazil ​ Iron ore and manganese ​ 100.0 % 100.0 % 0.0 % Minerações Brasileiras Reunidas S.A. ("MBR") Brazil ​ Iron ore ​ 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 Oman Distribution Center LLC Oman ​ Iron ore and pelletizing plant ​ 100.0 % 100.0 % 0.0 % Vale Oman Pelletizing Company LLC Oman ​ Pelletizing plant ​ 70.0 % 70.0 % 30.0 %
Summary of financial information, prior to the eliminations of the intercompany balances and transactions, about subsidiaries with material noncontrolling interest	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ Vale ​ Vale Oman ​ ​ ​ ​ ​ PTVI Moçambique Pelletizing Others Total Current assets ​ 771 ​ 420 ​ 92 ​ — ​ — Non-current assets 1,875 ​ 195 ​ 633 ​ — ​ — Related parties - Stockholders ​ 82 ​ 6 ​ 25 ​ — ​ — Total assets 2,728 ​ 621 ​ 750 ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities 174 ​ 224 ​ 97 ​ — ​ — Non-current liabilities 70 ​ 74 ​ 157 ​ — ​ — Related parties - Stockholders ​ — ​ 12,072 ​ 296 ​ — ​ — Total liabilities 244 ​ 12,370 ​ 550 ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders' equity(negative reserves) ​ 2,484 ​ (11,749) ​ 200 ​ — ​ — Equity (negative reserves) attributable to noncontrolling interests ​ 1,383 ​ (587) ​ 60 ​ (21) ​ 834 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ 198 ​ 326 ​ 27 ​ — ​ — Net income (loss) attributable to noncontrolling interests ​ 110 ​ (85) ​ 8 ​ (10) ​ 23 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends paid to noncontrolling interests ​ 18 ​ — ​ 12 ​ — ​ 30 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ Vale ​ Vale Oman ​ ​ ​ ​ ​ ​ PTVI VNC Moçambique S.A. Pelletizing Others Total ​ Current assets ​ 595 ​ 2 ​ 352 ​ 58 ​ — ​ — ​ Non-current assets ​ 1,881 ​ — ​ 168 ​ 650 ​ — ​ — ​ Related parties - Stockholders ​ 61 ​ 49 ​ 29 ​ 47 ​ — ​ — ​ Total assets ​ 2,537 ​ 51 ​ 549 ​ 755 ​ — ​ — ​ Current liabilities ​ 162 ​ — ​ 341 ​ 37 ​ — ​ — ​ Non-current liabilities ​ 53 ​ — ​ 98 ​ 198 ​ — ​ — ​ Related parties - Stockholders ​ — ​ 281 ​ 12,185 ​ 325 ​ — ​ — ​ Total liabilities ​ 215 ​ 281 ​ 12,624 ​ 560 ​ — ​ — ​ Stockholders’ equity (negative reserves) ​ 2,322 ​ (230) ​ (12,075) ​ 195 ​ — ​ — ​ Equity (negative reserves) attributable to noncontrolling interests ​ 1,292 ​ (12) ​ (2,330) ​ 59 ​ 68 ​ (923) ​ Net income (loss) ​ 84 ​ (669) ​ (1,804) ​ 20 ​ — ​ — ​ Net income (loss) attributable to noncontrolling interests ​ 35 ​ (33) ​ (348) ​ 6 ​ (9) ​ (350) ​ Dividends paid to noncontrolling interests ​ — ​ — ​ — ​ 14 ​ — ​ 14 ​

Non-current assets and liabil_2

Non-current assets and liabilities held for sales and discontinued operations (Tables)	12 Months Ended
	Dec. 31, 2021
Non-current assets and liabilities held for sales and discontinued operations
Schedule of net non-current assets held for sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Coal (Discontinued ​ ​ ​ ​ ​ ​ ​ operation) Manganese Other assets Total Assets Accounts receivable — 11 — 11 Inventories 167 12 — 179 Taxes 364 17 — 381 Investments — — 377 377 Other assets 21 1 6 28 Total assets 552 41 383 976 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities Suppliers and contractors 110 10 — 120 Other liabilities 232 3 — 235 Total liabilities 342 13 — 355 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net non-current assets held for sale 210 28 383 621
Schedule of net income and cash flows from discontinued operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Net income from discontinued operations ​ ​ ​ ​ ​ Net operating revenue ​ 1,083 ​ 473 ​ 1,021 Cost of goods sold and services rendered ​ (1,386) ​ (1,475) ​ (1,875) Operating expenses ​ (33) ​ (43) ​ (29) Impairment and disposals of non-current assets ​ (3,282) ​ (935) ​ (1,691) Operating income (loss) ​ (3,618) ​ (1,980) ​ (2,574) Financial Results, net 447 ​ 2 ​ (20) Equity results in associates and joint ventures (26) ​ (43) ​ (25) Loss before income taxes (3,197) ​ (2,021) ​ (2,619) Income taxes 821 ​ 297 ​ — Loss from discontinued operations (2,376) ​ (1,724) ​ (2,619) Loss attributable to noncontrolling interests (85) ​ (347) ​ (612) Loss attributable to Vale's stockholders ​ (2,291) ​ (1,377) ​ (2,007) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 2019 Cash flow from discontinued operations ​ ​ ​ ​ ​ ​ Operating activities ​ ​ ​ Loss before income taxes (3,197) (2,021) (2,619) Adjustments: ​ ​ ​ Equity results in associates and joint ventures ​ 26 ​ 43 ​ 25 Depreciation, amortization and depletion 69 19 237 Impairment and disposals of non-current assets 3,282 935 1,691 Financial Results, net (447) (2) 20 Increase (decrease) in assets and liabilities (49) (29) 9 Net cash provided by operating activities (316) (1,055) (637) ​ ​ ​ ​ Investing activities ​ ​ ​ Additions to property, plant, and equipment (194) (203) (240) Acquisition of NLC, net of cash ​ (2,345) ​ - ​ - Others 70 74 127 Net cash provided (used) in investing activities (2,469) (129) ​ (113) ​ ​ ​ ​ ​ Financing activities ​ ​ ​ ​ Payments (13) (15) ​ (14) Net cash used in financing activities (13) (15) ​ (14) Net cash provided (used) by discontinued operations (2,798) (1,199) ​ (764)
Summary of fair values of identifiable assets acquired and liabilities assumed as a result of the acquisition	​ ​ ​ ​ ​ June 22, 2021 Acquired assets ​ ​ Cash and cash equivalents 172 Inventory, recoverable tax, and other assets 423 Intangible 2,219 Property, plant, and equipment 1,363 Assumed liabilities (158) Net identifiable assets acquired 4,019 Fair value adjustments (i) (1,590) Total identifiable net assets at fair value 2,429 ​ ​ Pre-existing relation (Loans receivable from NLC) 859 Loss on pre-existing relation (771) ​ 2,517 ​ ​ ​ Cash consideration ​ 2,517 (-) Balances acquired ​ ​ Cash and cash equivalents 172 Net cash outflow ​ 2,345 (i) Of this amount, US $441 was allocated to property, plant, and equipment and US $791 was allocated to intangible and the remaining amount was allocated to other assets.

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2021
Intangibles
Schedule of movements in intangibles	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Research ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and development ​ ​ ​ Goodwill Concessions Contract right Software project and patents Total 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 Additions ​ — ​ 431 ​ — ​ 47 ​ — ​ 478 Disposals ​ — ​ (7) ​ — ​ — ​ — ​ (7) Amortization ​ — ​ (240) ​ — ​ (35) ​ — ​ (275) Acquisition of NLC (note 16) ​ — ​ 1,428 ​ — ​ — ​ — ​ 1,428 Impairment of discontinued operations (note 16) ​ — ​ (1,422) ​ — ​ — ​ — ​ (1,422) Translation adjustment ​ (90) ​ (358) ​ — ​ (2) ​ (37) ​ (487) Balance at December 31, 2021 ​ 3,208 ​ 5,223 ​ — ​ 86 ​ 494 ​ 9,011 Cost ​ 3,208 ​ 6,332 ​ — ​ 516 ​ 494 ​ 10,550 Accumulated amortization ​ — ​ (1,109) ​ — ​ (430) ​ — ​ (1,539) Balance at December 31, 2021 ​ 3,208 ​ 5,223 ​ — ​ 86 ​ 494 ​ 9,011
Schedule of estimated useful lives of intangibles	​ ​ ​ ​ ​ Useful life Railway concessions 5 to 37 years Contract right 22 to 31 years Software 5 years

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Property, plant and equipment
Schedule of movements 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, 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 19) ​ (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 Additions (i) ​ — ​ — ​ — ​ — ​ — ​ 185 ​ — ​ 5,316 ​ 5,501 Disposals ​ (13) ​ (32) ​ (69) ​ (2) ​ (9) ​ — ​ (4) ​ (63) ​ (192) Assets retirement obligation ​ — ​ — ​ — ​ 57 ​ — ​ — ​ — ​ — ​ 57 Depreciation, depletion and amortization ​ (436) ​ (475) ​ (664) ​ (450) ​ (166) ​ (171) ​ (264) ​ — ​ (2,626) Acquisition of NLC (note 16) ​ 235 ​ 140 ​ 102 ​ — ​ 318 ​ 33 ​ 2 ​ 92 ​ 922 Impairment (note 19) (11) ​ (7) ​ (11) ​ (21) ​ — ​ (13) ​ (7) ​ (60) ​ (130) Impairment of discontinued operations (note 16) ​ (231) ​ (114) ​ (86) ​ — ​ (317) ​ (33) ​ (4) ​ (304) ​ (1,089) Transfers to assets held for sale (note 16) ​ (2) ​ — ​ (1) ​ — ​ — ​ — ​ — ​ (3) ​ (6) Translation adjustment ​ (412) ​ (432) ​ (130) ​ (132) ​ (167) ​ (27) ​ (99) ​ (255) ​ (1,654) Transfers ​ 416 ​ 561 ​ 669 ​ 236 ​ 152 ​ — ​ 365 ​ (2,399) ​ — Balance at December 31, 2021 8,137 ​ 7,232 ​ 4,743 ​ 7,742 ​ 2,334 ​ 1,537 ​ 2,484 ​ 7,722 ​ 41,931 Cost ​ 14,937 ​ 11,560 ​ 10,770 ​ 17,036 ​ 3,717 ​ 2,014 ​ 5,470 ​ 7,722 ​ 73,226 Accumulated depreciation ​ (6,800) ​ (4,328) ​ (6,027) ​ (9,294) ​ (1,383) ​ (477) ​ (2,986) ​ — ​ (31,295) Balance at December 31, 2021 ​ 8,137 ​ 7,232 ​ 4,743 ​ 7,742 ​ 2,334 ​ 1,537 ​ 2,484 ​ 7,722 ​ 41,931 (i)
Schedule of right-of-use assets (leases)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impairment of ​ ​ ​ ​ ​ ​ ​ ​ Additions ​ ​ ​ discontinued ​ ​ ​ ​ ​ December 31, ​ and contract ​ ​ ​ operations ​ ​ ​ Translation ​ December 31, ​ 2020 modifications Impairment (note 16a) Depreciation adjustment 2021 Ports 718 30 ​ (13) ​ — (48) (7) 680 Vessels 534 — ​ — ​ — (42) — 492 Pelletizing plants 131 130 ​ — ​ — (37) (9) 215 Properties 112 8 ​ — ​ — (25) (11) 84 Energy plants 56 — ​ — ​ — (7) — 49 Mining equipment and locomotives 12 50 ​ — ​ (33) (12) — 17 Total 1,563 218 ​ (13) ​ (33) (171) (27) 1,537 ​
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 Locomotives 12 to 25 years Wagons 30 to 45 years Railway equipment 5 to 37 years Vessels 20 to 25 years Others 2 to 50 years ​

Impairment and onerous contra_2

Impairment and onerous contracts (Tables)	12 Months Ended
	Dec. 31, 2021
Impairment and onerous contracts
Schedule of impairment losses recognized	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income statement ​ ​ Impairment ​ 2021 2020 2019 Segments by class of assets ​ ​ ​ ​ ​ ​ Base metals – Nickel ​ 98 882 2,511 Manganese ​ 35 76 — Other assets ​ 95 ​ 125 ​ 119 Impairment of non-current assets ​ 228 1,083 2,630 ​ ​ ​ ​ Onerous contracts ​ 18 — 240 Disposals of non-current assets ​ 180 225 513 Impairment and disposals of non-current assets ​ 426 1,308 3,383 ​
Summary of impairment test for the goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying amount Discount rate Period of cash flow projections Ferrous mineral 1,278 4.4 % 2051 Nickel 1,930 3.2% - 3.8 % 2045 ​ 3,208 ​ ​ ​ ​

Financial and capital risk ma_2

Financial and capital risk management (Tables)	12 Months Ended
	Dec. 31, 2021
Ifrs Statement [Line Items]
Schedule for risks, origination and management	​ Risks Origin of the exhibition Management Market Risk - Exchange Rate ​ Financial instruments and other financial liabilities that are not denominated in US$ ​ Swap and forward operations ​ Market risk - Interest rate ​ Loans and financing indexed to different interest rates including, but not limited to, LIBOR and CDI ​ Swap operations ​ Market risk - Product and input prices ​ Volatility of commodity and input prices ​ Forward operations and 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, 2021 December 31, 2020 Bought / Sold Average strike (US$/bbl) December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2021 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brent crude oil (bbl) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Call options ​ 762,000 ​ 13,746,945 ​ B ​ 81 ​ 7 ​ 92 ​ 175 ​ 1 ​ 7 Put options ​ 762,000 ​ 13,746,945 ​ S ​ 55 ​ (2) ​ (12) ​ — ​ — ​ (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward Freight Agreement (days) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freight forwards (days) ​ 330 ​ 1,625 ​ B ​ 23,650 ​ 1 ​ 4 ​ 30 ​ — ​ 1 ​ ​ ​ ​ ​ ​
Schedule of derivatives effects on statement of financial position	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ December 31, 2021 ​ December 31, 2020 ​ Current Non-current Current Non-current Foreign exchange and interest rate risk ​ ​ ​ ​ ​ ​ ​ ​ IPCA swap ​ 41 ​ — ​ 7 ​ 38 Eurobond's swap ​ — ​ — ​ — ​ 3 Pre-dollar swap and forward transactions ​ 20 ​ 9 ​ — ​ 9 Libor swap ​ 1 ​ 11 ​ — ​ — ​ ​ 62 ​ 20 ​ 7 ​ 50 ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodities price risk ​ ​ ​ ​ ​ ​ ​ ​ Base metals products ​ 28 ​ — ​ 30 ​ — Gasoil, Brent and freight ​ 8 ​ — ​ 97 ​ — ​ ​ 36 ​ — ​ 127 ​ — Others 13 ​ — ​ — ​ 16 ​ 13 ​ — ​ — ​ 16 Total 111 ​ 20 ​ 134 ​ 66 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ December 31, 2021 ​ December 31, 2020 ​ Current Non-current Current Non-current Foreign exchange and interest rate risk ​ ​ ​ ​ ​ ​ ​ ​ CDI & TJLP vs. US$ fixed and floating rate swap ​ 151 ​ 440 ​ 111 ​ 525 IPCA swap ​ 6 ​ 113 ​ 72 ​ 100 Eurobond's swap ​ — ​ — ​ 4 ​ — Pre-dollar swap and forward transactions ​ 57 ​ 38 ​ 63 ​ 58 Libor swap ​ — ​ 1 ​ 1 ​ 6 ​ ​ 214 ​ 592 ​ 251 ​ 689 Commodities price risk ​ ​ ​ ​ ​ ​ ​ ​ Base metals products ​ 27 ​ — ​ 46 ​ — Gasoil, Brent and freight ​ 2 ​ — ​ 13 ​ — ​ ​ 29 ​ — ​ 59 ​ — Others ​ — ​ — ​ 18 ​ — ​ ​ — ​ — ​ 18 ​ — Total ​ 243 ​ 592 ​ 328 ​ 689 ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap (591) (636) IPCA swap (78) (127) Eurobond's swap — (1) Pre-dollar swap and forward transactions (66) (112) Libor swap (i) 11 (7) ​ (724) (883) Commodities price risk Base metals products 1 (16) Gasoil, Brent and freight 6 84 ​ 7 68 Others 13 (2) ​ 13 (2) Total (704) (817)
Schedule of effects of derivatives on income statement and cash flow	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) recognized in the income statement ​ ​ Year ended December 31, ​ 2021 2020 2019 Foreign exchange and interest rate risk ​ ​ ​ ​ ​ ​ CDI & TJLP vs. US$ fixed and floating rate swap ​ (155) ​ (746) ​ (39) IPCA swap ​ 28 ​ (262) ​ 118 Eurobonds swap ​ (28) ​ 28 ​ (39) Pre-dollar swap and forward transactions ​ (20) ​ (160) ​ 2 Libor swap ​ 16 ​ (7) ​ — ​ ​ (159) ​ (1,147) ​ 42 Commodities price risk ​ ​ ​ ​ ​ ​ Base metals products ​ (2) ​ 10 ​ 58 Gasoil, Brent and freight ​ 127 ​ (134) ​ 42 ​ ​ 125 ​ (124) ​ 100 ​ ​ ​ ​ ​ ​ ​ Others ​ 11 ​ 61 ​ 102 ​ ​ 11 ​ 61 ​ 102 Total ​ (23) ​ (1,210) ​ 244 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial settlement inflows (outflows) ​ ​ Year ended December 31, ​ 2021 2020 2019 Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap (142) (141) (381) IPCA swap (18) — (28) Eurobonds swap (29) (6) (5) Pre-dollar swap and forward transactions (79) (49) 8 Libor swap ​ (2) ​ — ​ — ​ (270) (196) (406) Commodities price risk ​ ​ ​ Base metals products — 8 48 Gasoil, Brent and freight 205 (206) 2 ​ 205 (198) 50 Others ​ — ​ 68 ​ 21 ​ ​ ​ ​ ​ ​ ​ Derivatives designated as cash flow hedge accounting ​ ​ ​ Nickel (67) 292 11 Palladium ​ 5 ​ — ​ — Coal ​ (70) ​ — ​ — ​ ​ (132) ​ 292 ​ 11 Total (197) (34) (324)
Schedule of effects of derivatives on other comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain(loss) recognized in the other comprehensive income ​ ​ Year ended December 31, ​ 2021 2020 2019 Net investments hedge (118) (578) (74) Cash flow hedge (Nickel and Palladium) 3 (105) 102
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 (461) (945) ​ (1,429) ​ US$ interest rate inside Brazil decrease (461) (493) ​ (526) ​ Brazilian interest rate increase (461) (497) ​ (534) Protected item: R$ denominated liabilities R$ depreciation n.a. — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ TJLP vs. US$ fixed rate swap R$ depreciation (129) (204) ​ (279) ​ US$ interest rate inside Brazil decrease (129) (132) ​ (136) ​ Brazilian interest rate increase (129) (139) ​ (147) ​ TJLP interest rate decrease (129) (135) ​ (140) Protected item: R$ denominated debt R$ depreciation n.a. — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ R$ fixed rate vs. US$ fixed rate swap R$ depreciation (63) (324) ​ (585) ​ US$ interest rate inside Brazil decrease (63) (73) ​ (83) ​ Brazilian interest rate increase (63) (103) ​ (139) Protected item: R$ denominated debt R$ depreciation n.a. — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ IPCA swap vs. US$ fixed rate swap R$ depreciation (118) (216) ​ (315) ​ US$ interest rate inside Brazil decrease (118) (124) ​ (132) ​ Brazilian interest rate increase (118) (135) ​ (153) ​ IPCA index decrease (118) (127) ​ (136) Protected item: R$ denominated debt R$ depreciation n.a. — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ IPCA swap vs. CDI swap Brazilian interest rate increase 41 39 ​ 36 ​ IPCA index decrease 41 40 ​ 38 Protected item: R$ denominated debt linked to IPCA IPCA index decrease n.a. (40) ​ (38) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ US$ floating rate vs. US$ fixed rate swap ​ US$ Libor decrease ​ 11 ​ 3 ​ (5) Protected item: Libor US$ indexed debt ​ US$ Libor decrease ​ n.a. ​ (3) ​ 5 ​ ​ ​ ​ ​ ​ ​ ​ ​ NDF BRL/USD ​ R$ depreciation ​ (4) ​ (245) ​ (487) ​ ​ US$ interest rate inside Brazil decrease ​ (4) ​ (11) ​ (17) ​ ​ Brazilian interest rate increase ​ (4) ​ (29) ​ (52) Protected item: R$ denominated liabilities ​ R$ depreciation ​ n.a. ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Instrument ​ Instrument's main risk events ​ Probable ​ Scenario I ​ Scenario II Fuel oil protection Options Price input decrease 5 ​ (4) ​ (14) Protected item: Part of costs linked to fuel oil prices Price input decrease n.a. ​ 4 ​ 14 ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward Freight Agreement ​ ​ ​ ​ ​ ​ ​ ​ Forwards ​ Freight price decrease ​ 1 ​ (1) ​ (3) Protected item: Part of costs linked to maritime freight prices ​ Freight price decrease ​ n.a. ​ 1 ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel sales fixed price protection ​ ​ ​ ​ ​ Forwards Nickel price decrease 1 ​ — ​ (2) Protected item: Part of nickel revenues with fixed prices Nickel price decrease n.a. ​ — ​ 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedge program for products acquisition for resale (tons) ​ ​ ​ ​ ​ ​ ​ ​ Forwards ​ Nickel price increase ​ (1) ​ (5) ​ (11) Protected item: Part of revenues from products for resale ​ Nickel price increase ​ n.a. ​ 5 ​ 11 ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel Revenue Hedging Program ​ ​ ​ ​ ​ ​ ​ ​ Options ​ Nickel price increase ​ (26) ​ (233) ​ (440) Protected item: Part of nickel revenues with fixed sales prices ​ Nickel price increase ​ n.a. ​ 233 ​ 440 ​ ​ ​ ​ ​ ​ ​ ​ ​ Palladium Revenue Hedging Program ​ ​ ​ ​ ​ ​ ​ ​ Options ​ Palladium price increase ​ 25 ​ 10 ​ (2) Protected item: Part of palladium future revenues ​ Palladium price increase ​ n.a. ​ (10) ​ 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ Option - SPCs ​ SPCs stock value decrease ​ 13 ​ 3 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instrument Main risks Probable Scenario I Scenario II Embedded derivatives - Raw material purchase (nickel) Nickel price increase (1) ​ (22) ​ (44) Embedded derivatives - Raw material purchase (copper) Copper price increase — ​ (4) ​ (8) Embedded derivatives - Gas purchase Pellet price increase (1) ​ (2) ​ (3)
Summary of ratings published by Moody's regarding the main financial institutions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Cash and cash ​ Cash and cash ​ ​ ​ equivalents ​ ​ ​ equivalents ​ ​ ​ ​ and ​ ​ ​ and ​ ​ ​ investment Derivatives investment Derivatives Aa1 128 — 92 — Aa2 285 15 363 14 Aa3 495 34 1,147 37 A1 1,145 3 2,574 21 A2 3,478 39 4,760 55 A3 1,518 20 540 40 Baa1 90 — 4 — Baa2 10 — 2 — Ba2 (i) 2,763 5 2,932 2 Ba3 (i) 1,988 — 1,842 4 Others 5 15 2 27 ​ 11,905 131 14,258 200
Schedule of carrying amount of the financial assets that represent the exposure to credit risk	​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Cash and cash equivalents (note 23) 11,721 13,487 Short-term investments (note 23) 184 771 Restricted cash 117 38 Judicial deposits (note 28) 1,220 1,268 Derivative financial instruments 131 200 Investments in equity securities (note 14a) 6 757 Related parties - Loans (note 31) — 1,118 Total 13,379 17,639
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 2021 2020 Index rate 2021 2020 2021 2021 2022 2023 2024+ CDI vs. US$ fixed rate swap ​ ​ (461) (473) (65) 40 (105) (64) (292) Receivable R$ 8,142 R$ 9,445 CDI 100.40 % ​ ​ ​ ​ Payable US$ 1,906 US$ 2,213 Fix 2.54 % ​ ​ TJLP vs. US$ fixed rate swap ​ ​ (130) (163) (52) 6 (46) (13) (71) Receivable R$ 1,192 R$ 1,651 TJLP + 1.10 % Payable US$ 320 US$ 460 Fix 3.19 % R$ fixed rate vs. US$ fixed rate swap ​ ​ 62 (111) (87) 22 (51) (6) (5) Receivable R$ 5,730 R$ 2,512 Fix 3.82 % Payable US$ 1,084 US$ 621 Fix 1.58 % IPCA vs. US$ fixed rate swap ​ ​ ​ (118) (173) (57) 8 (5) (13) (100) Receivable R$ 1,508 R$ 2,363 IPCA + 4.54 % Payable US$ 373 US$ 622 Fix 3.88 % IPCA vs. CDI swap ​ ​ 40 45 7 — 40 — — Receivable R$ 769 R$ 694 IPCA + 6.63 % Payable R$ 1,350 R$ 550 CDI 98.76 % EUR fixed rate vs. US$ fixed rate swap ​ ​ — (1) (29) — — — — Receivable ​ — EUR 500 Fix 0.00 % Payable ​ ​ — ​ US$ 613 ​ Fix ​ 0.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward R$ 6,013 R$ 916 B 5.57 ​ (4) (1) 15 20 15 ​ (9) (10)
Libor floating interest rate US$ denominated debt
Ifrs Statement [Line Items]
Schedule of protection program	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Settlement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inflows ​ Value at ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ Fair value (Outflows) Risk Fair value by year ​ ​ December 31, ​ December 31, ​ ​ ​ Average ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ ​ ​ ​ ​ Flow 2021 2020 Index rate 2021 2020 2021 2021 2022 2023 2024+ Libor vs. US$ fixed rate swap ​ ​ ​ ​ ​ 11 (7) (1) 2 1 8 2 Receivable ​ US$ 950 ​ US$ 950 Libor 0.13 % Payable ​ US$ 950 ​ 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) ​ ​ ​ ​ ​ Fair value (Outflows) ​ Value at Risk ​ by year ​ ​ December 31, ​ December 31, ​ Bought/ ​ Average strike ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ Flow 2021 2020 Sold (US$/ton) 2021 2020 2021 2021 2022 Nickel Revenue Hedge Program ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Call options — 58,620 S — ​ — (46) (67) ​ — — Put options ​ — ​ 58,620 ​ B ​ — ​ — ​ 28 ​ — ​ — ​ — Forward 39,575 — S 20,008 ​ (26) — — ​ 23 (26) Total ​ ​ (26) (18) (67) ​ 23 (26)
Protection programs for base metals raw materials and products - Palladium revenue hedging program
Ifrs Statement [Line Items]
Schedule of protection program	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ settlement ​ ​ ​ Fair ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inflows ​ Value at ​ value ​ ​ Notional (t oz) ​ ​ ​ ​ ​ Fair value ​ (Outflows) ​ Risk ​ by year ​ December 31, December 31, Bought / Average strike December 31, December 31, December 31, December 31, ​ Flow 2021 2020 Sold ​ (US$/t oz) 2021 2020 ​ 2021 2021 ​ 2022 Palladium Revenue Hedge Program ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Call Options 44,228 7,200 S 3,370 (1) (1) — 2 (1) Put Options 44,228 7,200 B ​ 2,436 26 — 5 15 26 Total ​ ​ ​ ​ ​ ​ ​ ​ 25 ​ (1) 5 17 25
Metallurgical Coal Revenue Hedge Program
Ifrs Statement [Line Items]
Schedule of protection program	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ settlement ​ ​ ​ Fair ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inflows ​ ​ ​ Value by ​ ​ Notional (ton) ​ ​ ​ Fair Value ​ (Outflows) ​ Risk Value ​ year ​ ​ December ​ December ​ ​ ​ December 31, ​ December ​ December ​ December ​ ​ Flow ​ 31, 2021 ​ 31, 2020 ​ Buy / Sell ​ 2021 ​ 31, 2020 ​ 31, 2021 ​ 31, 2021 ​ 2022 Metallurgical Coal Revenue Hedge Program — — S — — (8) — —
Thermal coal revenue Hedge Program
Ifrs Statement [Line Items]
Schedule of protection program	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ settlement ​ ​ ​ Fair ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inflows ​ ​ ​ value by ​ ​ Notional (ton) ​ ​ ​ Fair Value ​ (Outflows) ​ Risk Value ​ year ​ ​ December ​ December ​ Bought / ​ December 31, ​ December ​ December ​ December ​ ​ Flow ​ 31, 2021 ​ 31, 2020 ​ Sold ​ 2021 ​ 31, 2020 ​ 31, 2021 ​ 31, 2021 ​ 2022 Thermal coal revenue Hedge Program New Castle — — S — — (43) — — API4 — — S — — (18) — — Total ​ ​ ​ — — (61) — —
Embedded derivatives -forward contracts
Ifrs Statement [Line Items]
Schedule of protection program	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ settlement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inflows ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ Average ​ Fair value (Outflows) ​ Value at Risk ​ Fair value ​ ​ December 31, ​ December 31, ​ Bought/ ​ strike ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ Flow 2021 2020 Sold (US$/bbl) 2021 2020 2021 2021 2022+ Option related to a Special Purpose Entity “SPE” (quantity) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Call option ​ 137,751,623 ​ 137,751,623 ​ B ​ 3.12 ​ 13 ​ 18 ​ — ​ 2 ​ 13 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivative in natural gas purchase agreement (volume/month) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Call options ​ 729,571 ​ 746,667 ​ S ​ 233 ​ (1) ​ — ​ 3 ​ 1 ​ (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivative in raw material purchase contract (tons) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel forwards ​ 4,269 ​ 1,497 ​ S ​ 19,817 ​ (1) ​ 2 ​ — ​ 2 ​ (1) Copper forwards ​ 1,603 ​ 1,009 ​ S ​ 9,571 ​ — ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum return guarantee on part of the stake in an associate sold to investment fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Put option ​ — ​ — ​ S ​ — ​ — ​ (19) ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed price sales protection (ton) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel forwards ​ 342 ​ — ​ B ​ 16,284 ​ 1 ​ — ​ 2 ​ — ​ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedge program for products acquisition for resale (tons) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel forwards 1,206 — S 20,055 (1) — ​ 1 1 (1)

Financial assets and liabilit_2

Financial assets and liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Financial assets and liabilities
Schedule of financial instruments classification based on its recognition	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ ​ 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 23) ​ 11,721 ​ — ​ — ​ 11,721 ​ 13,487 ​ — ​ — ​ 13,487 Short-term investments (note 23) ​ — ​ — ​ 184 ​ 184 ​ — ​ — ​ 771 ​ 771 Derivative financial instruments (note 20) ​ — ​ — ​ 111 ​ 111 ​ — ​ — ​ 134 ​ 134 Accounts receivable (note 10) ​ 703 ​ — ​ 3,211 ​ 3,914 ​ 4,499 ​ — ​ 494 ​ 4,993 Loans - Related parties (note 31) (i) ​ — ​ — ​ — ​ — ​ 195 ​ — ​ — ​ 195 ​ ​ 12,424 ​ — ​ 3,506 ​ 15,930 ​ 18,181 ​ — ​ 1,399 ​ 19,580 Non-current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Judicial deposits (note 28) ​ 1,220 ​ — ​ — ​ 1,220 ​ 1,268 ​ — ​ — ​ 1,268 Restricted cash ​ 117 ​ — ​ — ​ 117 ​ 38 ​ — ​ — ​ 38 Derivative financial instruments (note 20) ​ — ​ — ​ 20 ​ 20 ​ — ​ — ​ 66 ​ 66 Investments in equity securities (note 14a) ​ — ​ 6 ​ — ​ 6 ​ — ​ 757 ​ — ​ 757 Loans - Related parties (note 31) (i) ​ — ​ — ​ — ​ — ​ 923 ​ — ​ — ​ 923 ​ ​ 1,337 ​ 6 ​ 20 ​ 1,363 ​ 2,229 ​ 757 ​ 66 ​ 3,052 Total of financial assets ​ 13,761 ​ 6 ​ 3,526 ​ 17,293 ​ 20,410 ​ 757 ​ 1,465 ​ 22,632 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Suppliers and contractors (note 11) ​ 3,475 ​ — ​ — ​ 3,475 ​ 3,367 ​ — ​ — ​ 3,367 Derivative financial instruments (note 20) ​ — ​ — ​ 243 ​ 243 ​ — ​ — ​ 328 ​ 328 Loans, borrowings and leases (note 23) ​ 1,204 ​ — ​ — ​ 1,204 ​ 1,136 ​ — ​ — ​ 1,136 Dividends payable ​ — ​ — ​ — ​ — ​ 1,220 ​ — ​ — ​ 1,220 Liabilities related to the concession grant (note 14b) ​ 760 ​ — ​ — ​ 760 ​ 209 ​ — ​ — ​ 209 Loans - Related parties (note 31) (i) ​ — ​ — ​ — ​ — ​ 490 ​ — ​ — ​ 490 Other financial liabilities - Related parties (note 31) ​ 393 ​ — ​ — ​ 393 ​ 235 ​ — ​ — ​ 235 Contract liability ​ 566 ​ — ​ — ​ 566 ​ 644 ​ — ​ — ​ 644 ​ ​ 6,398 ​ — ​ 243 ​ 6,641 ​ 7,301 ​ — ​ 328 ​ 7,629 Non-current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments (note 20) ​ — ​ — ​ 592 ​ 592 ​ — ​ — ​ 689 ​ 689 Loans, borrowings and leases (note 23) ​ 12,578 ​ — ​ — ​ 12,578 ​ 13,891 ​ — ​ — ​ 13,891 Loans - Related parties (note 31) (i) ​ — ​ — ​ — ​ — ​ 895 ​ — ​ — ​ 895 Participative stockholders' debentures (note 22) ​ — ​ — ​ 3,419 ​ 3,419 ​ — ​ — ​ 3,413 ​ 3,413 Liabilities related to the concession grant (note 14b) ​ 1,437 ​ — ​ — ​ 1,437 ​ 2,103 ​ — ​ — ​ 2,103 Financial guarantees (notes 15c and 23e) ​ — ​ — ​ 542 ​ 542 ​ — ​ — ​ 877 ​ 877 ​ ​ 14,015 ​ — ​ 4,553 ​ 18,568 ​ 16,889 ​ — ​ 4,979 ​ 21,868 Total of financial liabilities ​ 20,413 ​ — ​ 4,796 ​ 25,209 ​ 24,190 ​ — ​ 5,307 ​ 29,497
Schedule of assets and liabilities measured and recognized at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Short-term investments (note 23) 184 — — 184 771 — — 771 Derivative financial instruments (note 20) — 118 13 131 — 182 18 200 Accounts receivable (note 10) — 3,211 — 3,211 — 494 — 494 Investments in equity securities (note 14a) 6 — — 6 757 - — 757 Total 190 3,329 13 3,532 1,528 676 18 2,222 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities ​ ​ ​ Derivative financial instruments (note 20) — 835 — 835 — 998 19 1,017 Participative stockholders' debentures (note 22) — 3,419 — 3,419 — 3,413 — 3,413 Financial guarantees (notes 15c and 23e) — 542 — 542 — 877 — 877 Total — 4,796 — 4,796 — 5,288 19 5,307
Schedule of changes in Level 3 assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ Financial assets Financial liabilities Balance at December 31, 2020 18 19 Gain and losses recognized in income statement (7) (16) Translation adjustments 2 (3) Balance at December 31, 2021 13 —
Schedule of fair value and carrying amounts of loans and financing	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Carrying amount Fair value Carrying amount Fair value Quoted in the secondary market: US$ Bonds 7,448 9,151 7,448 10,025 Eurobonds — — 920 985 Debentures 387 387 496 496 Debt contracts in Brazil in: ​ ​ R$, indexed to TJLP, TR, IPCA, IGP-M and CDI 354 449 860 857 R$, with fixed interest 13 — 34 35 Basket of currencies and bonds in US$ indexed to LIBOR 11 11 56 56 Debt contracts in the international market in: ​ ​ US$, with variable and fixed interest 3,615 3,231 3,225 3,278 Other currencies, with variable interest 87 54 — — Other currencies, with fixed interest 107 117 120 134 Total 12,022 13,400 13,159 15,866

Loans, borrowings, leases, ca_2

Loans, borrowings, leases, cash and cash equivalents and short-term investments (Tables)	12 Months Ended
	Dec. 31, 2021
Loans, borrowings, leases, cash and cash equivalents and short-term investments
Schedule of net debt	​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Debt contracts ​ 12,180 ​ 13,360 Leases 1,602 1,667 Total of loans, borrowings and leases 13,782 15,027 ​ ​ ​ ​ ​ (-) Cash and cash equivalents 11,721 13,487 (-) Short-term investments 184 771 Net debt ​ 1,877 ​ 769
Schedule of total debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average interest ​ Current liabilities ​ Non-current liabilities ​ rate(i) December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Quoted in the secondary market: ​ ​ US$ Bonds 6.01 % — — 7,448 7,448 Eurobonds 4.29 % — ​ — ​ — ​ 920 R$ Debentures (ii) 10.48 % 186 ​ 107 ​ 201 ​ 389 Debt contracts in Brazil in (iii): ​ ​ ​ ​ ​ ​ ​ ​ ​ R$, indexed to TJLP, TR, IPCA, IGP-M and CDI 9.29 % 95 ​ 320 ​ 259 ​ 540 R$, with fixed interest 2.86 % 12 ​ 20 ​ 1 ​ 14 Basket of currencies and bonds in US$ indexed to LIBOR 2.32 % 11 ​ 45 ​ — ​ 11 Debt contracts in the international market in: ​ ​ ​ ​ ​ ​ ​ ​ ​ US$, with variable and fixed interest 2.24 % 479 ​ 182 ​ 3,136 ​ 3,044 Other currencies, with variable interest 4.10 % 77 ​ — ​ 10 ​ — Other currencies, with fixed interest 3.36 % 12 ​ 12 ​ 95 ​ 107 Accrued charges ​ ​ 158 ​ 201 ​ — ​ — Total ​ ​ 1,030 ​ 887 ​ 11,150 ​ 12,473 (i) (ii) (iii)
Schedule of future flows of debt payments, principal and interest	​ ​ ​ ​ ​ ​ ​ ​ Estimated future ​ ​ Principal ​ interest payments (i) 2022 872 ​ 600 2023 289 ​ 564 2024 2,004 ​ 539 2025 145 ​ 510 Between 2026 and 2030 2,455 ​ 2,049 2031 onwards 6,257 ​ 2,128 Total 12,022 ​ 6,390 (i)
Schedule of 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, 2020 ​ 9,046 ​ 959 ​ 3,355 ​ 13,360 Additions ​ — ​ — ​ 930 ​ 930 Repayments (i) (922) ​ (373) ​ (632) ​ (1,927) Interest paid (ii) (501) ​ (117) ​ (75) ​ (693) Cash flow from financing activities (1,423) ​ (490) ​ 223 ​ (1,690) ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of exchange rate (118) ​ (199) ​ 177 ​ (140) Interest accretion 469 ​ 110 ​ 71 ​ 650 Non-cash changes 351 ​ (89) ​ 248 ​ 510 December 31, 2021 7,974 ​ 380 ​ 3,826 ​ 12,180 (i) (ii) ​
Schedule of lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additions and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ contract ​ ​ ​ ​ ​ Transfer to ​ ​ ​ ​ ​ December 31, modifications ​ ​ liabilities held ​ Translation December 31, ​ 2020 (i) Payments (ii) Interest (iii) for sale ​ adjustment 2021 Ports 743 30 (75) 28 — ​ (13) 713 Vessels 533 — (65) 21 — ​ — 489 Pelletizing plants 137 130 (40) 7 — ​ (9) 225 Properties 142 8 (28) 5 (2) ​ (22) 103 Energy plants 62 — (8) 5 — ​ — 59 Mining equipment and locomotives 50 70 (12) 2 (89) ​ (8) 13 Total 1,667 238 (228) 68 (91) ​ (52) 1,602 (i) Additions and contract modifications includes the effect of US$53 due to Nacala Logistic Corridor acquisition (note 16). (ii) 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, 2021, 2020 and 2019 was US$395, US$63 and US$560, respectively. (iii) The interest accretion recognized in the income statement is disclosed in note 6. Includes the amount of US$5 related to coal operations, whose impact is recorded in the financial results of discontinued operations (note 16).
Schedule of discount rates	​ ​ ​ ​ ​ ​ Discount rate Ports 3% to 6 % Vessels 3% to 4 % Pelletizing plants 3% to 5 % Properties 3% to 7 % Energy plants 4% to 5 % Mining equipment 3% to 7 %
Summary of annual minimum payments related	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ remaining term ​ 2022 2023 2024 2025 ​ 2026 onwards Total (years) Ports 66 63 63 62 ​ 741 995 ​ 4 21 Vessels 64 62 60 59 ​ 345 590 ​ 3 11 Pelletizing plants 48 41 39 39 ​ 110 277 ​ 2 11 Properties 35 20 18 9 ​ 30 112 ​ 2 9 Energy plants 7 6 6 6 ​ 55 80 ​ 8 Mining equipment 3 2 1 1 ​ 7 14 ​ 2 6 Total 223 194 187 176 ​ 1,288 2,068 ​ ​

Brumadinho dam failure (Tables)

Brumadinho dam failure (Tables)	12 Months Ended
	Dec. 31, 2021
Brumadinho dam failure
Summary of changes in provisions to meet its assumed obligations, including de-characterization of the dams	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Monetary ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and present ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ value ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Operating ​ adjustments ​ Disbursements ​ Translation ​ December 31, ​ 2020 expense (i) (ii) adjustment 2021 Global Settlement for Brumadinho ​ 3,989 ​ — ​ 340 ​ (1,056) ​ (289) 2,984 Individual indemnification and other commitments ​ 586 ​ 201 ​ (11) ​ (192) ​ (31) 553 Incurred expenses (iii) ​ — ​ 650 ​ — ​ (650) ​ — — ​ ​ 4,575 ​ 851 ​ 329 ​ (1,898) ​ (320) 3,537 (i) In 2021, the effect of the present value adjustment on Global Settlement provision resulted in a reduction of US$170 due to the increase in the discount rate from 5.92% to 8.08% (2020: US$5). (ii) Disbursement is presented net of the judicial deposits utilization. (iii) 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 2020, the Company incurred expenses in the amount of US$510.
Summary of provisions related to dam failure	​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Payment obligations 1,427 ​ 2,343 Provision for socio-economic reparation and others 852 ​ 860 Provision for social and environmental reparation 705 ​ 786 ​ ​ 2,984 ​ 3,989 ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Current liabilities 883 ​ 1,561 Non-current liabilities 2,101 ​ 2,428 Liabilities 2,984 ​ 3,989 ​

Liabilities related to associ_2

Liabilities related to associates and joint ventures (Tables)	12 Months Ended
	Dec. 31, 2021
Samarco
Liabilities related to associates and joint ventures
Summarized financial information of Samarco	​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Current assets 561 ​ 87 Non-current assets 2,921 ​ 4,582 Total assets 3,482 ​ 4,669 ​ ​ ​ ​ ​ Current liabilities 10,902 ​ 8,370 Non-current liabilities 7,040 ​ 6,385 Total liabilities 17,942 ​ 14,755 Negative reserves (14,460) ​ (10,086) ​ ​ ​ ​ ​ Loss for the year ended (3,208) ​ (1,160)
Dam failure of Samarco
Liabilities related to associates and joint ventures
Schedule of changes on the provisions related to the Fundo dam rupture and to the de-characterization of Germano dam	​ ​ ​ ​ ​ ​ ​ 2021 2020 Balance at January 1, 2,074 1,700 Additional provision 1,700 1,095 Disbursements (392) (394) Present value valuation (91) 64 Translation adjustment (179) (391) Balance at December 31, 3,112 2,074 ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 Current liabilities ​ 1,785 ​ 876 Non-current liabilities ​ 1,327 ​ 1,198 Liabilities ​ 3,112 ​ 2,074

Provision for de-characteriza_2

Provision for de-characterization of dam structures and asset retirement obligations (Tables)	12 Months Ended
	Dec. 31, 2021
Provision for de-characterization of dam structures and asset retirement obligations
Schedule of changes in the provisions, de-characterization of dam structures located in Brazil	​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Balance at January 1, 2,289 2,489 Additional provision 1,725 617 Disbursements (338) (293) Present value valuation (36) 36 Translation adjustment (117) (560) Balance at December 31, 3,523 2,289 ​ ​ ​ ​ ​ Current liabilities 451 381 Non-current liabilities 3,072 1,908 Liabilities 3,523 2,289
Schedule of changes in the provision of asset retirement obligations and environmental obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Discount rate Flow duration Liability by geographical area Brazil 1,398 1,530 5.48 % 2,119 Canada 2,727 2,491 0.00 % 2,151 Oman 123 105 3.03 % 2,035 Indonesia 77 60 4.20 % 2,061 Other regions 255 336 0.00 - 7.79 % ​ 4,580 4,522 ​ ​ ​ ​ ​ Provision changes during the year ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Asset retirement obligations ​ ​ ​ ​ Balance at beginning of the year ​ 4,220 ​ 3,960 Adjustment to present value 110 27 Disbursements ​ (88) ​ (45) Revisions on projected cash flows (i) 178 509 Transfer to assets held for sale (note 16) (50) — Translation adjustment ​ (87) ​ (231) Balance at end of the year 4,283 4,220 ​ ​ ​ ​ ​ Environmental obligations ​ ​ ​ ​ Balance at beginning of the year ​ 302 ​ 389 Adjustment to present value ​ 19 ​ 6 Disbursements ​ (57) ​ (61) Revisions on projected cash flows ​ 49 ​ 48 Translation adjustment ​ (16) ​ (80) Balance at end of the year ​ 297 ​ 302 Liability ​ 4,580 ​ 4,522 ​ ​ ​ ​ ​ Current 170 201 Non-current 4,410 4,321 Liability 4,580 4,522 (i)

Provisions (Tables)

Provisions (Tables)	12 Months Ended
	Dec. 31, 2021
Provisions
Schedule of provisions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities Non-current liabilities ​ ​ December 31, 2021 ​ December 31, 2020 ​ December 31, 2021 December 31, 2020 Provisions for litigation (note 28) 93 87 1,012 1,004 Employee postretirement obligations (note 29) 99 103 1,533 2,271 Payroll, related charges and other remunerations 816 877 — — Onerous contracts (note 19) 37 58 874 838 Provision related to VNC sale (note 15) — 500 — — Others — 39 — — Provisions 1,045 1,664 3,419 4,113
Schedule of changes in the provision of asset retirement obligations and long-term interest rates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Discount rate Flow duration Liability by geographical area Brazil 1,398 1,530 5.48 % 2,119 Canada 2,727 2,491 0.00 % 2,151 Oman 123 105 3.03 % 2,035 Indonesia 77 60 4.20 % 2,061 Other regions 255 336 0.00 - 7.79 % ​ 4,580 4,522 ​ ​ ​ ​ ​ Provision changes during the year ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Asset retirement obligations ​ ​ ​ ​ Balance at beginning of the year ​ 4,220 ​ 3,960 Adjustment to present value 110 27 Disbursements ​ (88) ​ (45) Revisions on projected cash flows (i) 178 509 Transfer to assets held for sale (note 16) (50) — Translation adjustment ​ (87) ​ (231) Balance at end of the year 4,283 4,220 ​ ​ ​ ​ ​ Environmental obligations ​ ​ ​ ​ Balance at beginning of the year ​ 302 ​ 389 Adjustment to present value ​ 19 ​ 6 Disbursements ​ (57) ​ (61) Revisions on projected cash flows ​ 49 ​ 48 Translation adjustment ​ (16) ​ (80) Balance at end of the year ​ 297 ​ 302 Liability ​ 4,580 ​ 4,522 ​ ​ ​ ​ ​ Current 170 201 Non-current 4,410 4,321 Liability 4,580 4,522 (i)

Litigations (Tables)

Litigations (Tables)	12 Months Ended
	Dec. 31, 2021
Litigations
Schedule of changes in provision for litigations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Environmental Total of ​ Tax litigation Civil litigation Labor litigation litigation litigation provision 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 Additions and reversals, net ​ 4 ​ 19 ​ 74 ​ 1 ​ 98 Payments ​ (10) ​ (22) ​ (57) ​ (5) ​ (94) Indexation and interest ​ 10 ​ 45 ​ 32 ​ — ​ 87 Acquisition of NLC (note 16) ​ — ​ 2 ​ 8 ​ — ​ 10 Discontinued operations - Coal (note 16) ​ — ​ (2) ​ (8) ​ — ​ (10) Translation adjustment ​ (33) ​ (18) ​ (26) ​ — ​ (77) Balance at December 31, 2021 ​ 456 ​ 284 ​ 358 ​ 7 ​ 1,105 Current liabilities ​ 14 ​ 22 ​ 56 ​ 1 ​ 93 Non-current liabilities ​ 442 ​ 262 ​ 302 ​ 6 ​ 1,012 ​ ​ 456 ​ 284 ​ 358 ​ 7 ​ 1,105 (i) Includes amounts regarding to social security claims that were classified as labor claims.
Schedule of contingent liabilities	​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Tax litigations ​ 5,177 ​ 5,746 Civil litigations ​ 1,503 ​ 1,185 Labor litigations ​ 516 ​ 563 Environmental litigations ​ 954 ​ 907 Total ​ 8,150 ​ 8,401
Schedule of judicial deposits	​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Tax litigations ​ 957 ​ 988 Civil litigations ​ 100 ​ 85 Labor litigations ​ 141 ​ 177 Environmental litigations ​ 22 ​ 18 Total ​ 1,220 ​ 1,268

Employee benefits (Tables)

Employee benefits (Tables)	12 Months Ended
	Dec. 31, 2021
Employee benefits
Schedule of changes in benefit obligation	​ ​ ​ ​ ​ ​ ​ ​ Overfunded pension plans Underfunded pension plans Other benefits 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 Service costs ​ 10 ​ 68 ​ 1 Interest costs ​ 196 ​ 122 ​ 33 Benefits paid ​ (235) ​ (257) ​ (56) Participant contributions ​ — ​ (31) ​ — Effect of changes in the actuarial assumptions ​ (330) ​ (246) ​ (261) Translation adjustment ​ (208) ​ (10) ​ (23) Transfer ​ 295 ​ (295) ​ — Benefit obligation as at December 31, 2021 ​ 2,833 ​ 3,983 ​ 1,427 ​
Schedule of evolution of assets fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ Overfunded pension plans Underfunded pension plans Other benefits Fair value of plan assets as at December 31, 2019 ​ 5,304 ​ 3,726 ​ — Interest income 298 ​ 109 ​ — Employer contributions (39) ​ 54 ​ 53 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 ​ — Interest income 253 ​ 102 ​ — Employer contributions 29 ​ 40 ​ 56 Benefits paid (235) ​ (257) ​ (56) Return on plan assets (excluding interest income) (269) ​ 181 ​ — Translation adjustment (276) ​ 2 ​ — Transfer ​ 281 ​ (281) ​ — Fair value of plan assets as at December 31, 2021 3,752 ​ 3,779 ​ — ​
Summary of reconciliation of net liabilities recognized in the statement of financial position	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plans in Brazil ​ ​ December 31, 2021 ​ December 31, 2020 ​ Overfunded Underfunded Other Overfunded Underfunded Other ​ ​ pension plans ​ pension plans ​ benefits ​ pension plans ​ pension plans ​ benefits Balance at beginning of the year ​ 864 ​ — ​ — ​ 1,298 ​ — ​ — Interest income ​ 58 ​ — ​ — ​ 74 ​ — ​ — Changes on asset ceiling ​ 16 ​ — ​ — ​ (278) ​ — ​ — Translation adjustment ​ (62) ​ — ​ — ​ (230) ​ — ​ — Balance at end of the year ​ 876 ​ — ​ — ​ 864 ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in the statement of financial position ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Present value of actuarial liabilities ​ (2,572) ​ (237) ​ (301) ​ (3,105) ​ (317) ​ (465) Fair value of assets ​ 3,448 ​ 94 ​ — ​ 3,969 ​ 109 ​ — Effect of the asset ceiling ​ (876) ​ — ​ — ​ (864) ​ — ​ — Liabilities ​ — ​ (143) ​ (301) ​ — ​ (208) ​ (465) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ — ​ (40) ​ (5) ​ — ​ (32) ​ (49) Non-current liabilities ​ — ​ (103) ​ (296) ​ — ​ (176) ​ (416) Liabilities ​ — ​ (143) ​ (301) ​ — ​ (208) ​ (465) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign plan ​ ​ December 31, 2021 ​ December 31, 2020 ​ Overfunded ​ ​ ​ ​ ​ ​ pension ​ Underfunded ​ ​ ​ Underfunded ​ ​ ​ ​ plans ​ pension plans ​ Other benefits ​ pension plans ​ Other benefits Movements of assets ceiling ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes on asset ceiling and onerous liability ​ 44 ​ — ​ — ​ — ​ — Balance at December 31, ​ 44 ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in the statement of financial position ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Present value of actuarial liabilities ​ (261) ​ (3,746) ​ (1,127) ​ (4,315) ​ (1,268) Fair value of assets ​ 305 ​ 3,685 ​ — ​ 3,883 ​ — Effect of the asset ceiling ​ (44) ​ — ​ — ​ — ​ — Liabilities ​ — ​ (61) ​ (1,127) ​ (432) ​ (1,268) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ — ​ (7) ​ (47) ​ (7) ​ (47) Non-current liabilities ​ — ​ (54) ​ (1,080) ​ (425) ​ (1,221) Liabilities ​ — ​ (61) ​ (1,127) ​ (432) ​ (1,268) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ December 31, 2021 ​ December 31, 2020 ​ Overfunded Underfunded Other Overfunded Underfunded Other ​ ​ pension plans ​ pension plans ​ benefits ​ pension plans ​ pension plans ​ benefits Balance at beginning of the year ​ 864 ​ — ​ — ​ 1,298 ​ — ​ — Interest income ​ 58 ​ — ​ — ​ 74 ​ — ​ — Changes on asset ceiling ​ 60 ​ — ​ — ​ (278) ​ — ​ — Translation adjustment ​ (63) ​ — ​ — ​ (230) ​ — ​ — Balance at end of the year ​ 919 ​ — ​ — ​ 864 ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in the statement of financial position ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Present value of actuarial liabilities ​ (2,833) ​ (3,983) ​ (1,428) ​ (3,105) ​ (4,632) ​ (1,733) Fair value of assets ​ 3,752 ​ 3,779 ​ — ​ 3,969 ​ 3,991 ​ — Effect of the asset ceiling ​ (919) ​ — ​ — ​ (864) ​ — ​ — Liabilities ​ — ​ (204) ​ (1,428) ​ — ​ (641) ​ (1,733) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ — ​ (47) ​ (52) ​ — ​ (47) ​ (96) Non-current liabilities ​ — ​ (157) ​ (1,376) ​ — ​ (594) ​ (1,637) Liabilities ​ — ​ (204) ​ (1,428) ​ — ​ (641) ​ (1,733)
Summary of assumptions used in the Monte Carlo simulation to estimate the fair value of the TSR indicator	​ ​ ​ ​ ​ PSU 2021 Granted shares 1,474,723 ​ Date shares were granted 04/30/2021 ​ VALE (BRL) 109.02 ​ VALE ON (USD) 20.12 ​ Expected volatility 39.00%p.y. ​ Expected dividend yield 3.18%p.y. ​ Expected term (in years) 3 ​ Expected shareholder return indicator 51.20 % Expected performance factor 60.96 %
Summary of costs recognized in the income statement	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2021 ​ 2020 2019 ​ 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 10 ​ 68 ​ 1 ​ 7 ​ 52 ​ 18 ​ 7 ​ 55 ​ 10 Interest expense 196 ​ 122 ​ 33 ​ 222 ​ 134 ​ 64 ​ 317 ​ 153 ​ 57 Interest income (253) ​ (102) ​ — ​ (297) ​ (107) ​ — ​ (432) ​ (123) ​ — Interest expense on effect of (asset ceiling)/ onerous liability 58 ​ — ​ — ​ 74 ​ — ​ — ​ 114 ​ — ​ — Total of cost, net 11 ​ 88 ​ 34 ​ 6 ​ 79 ​ 82 ​ 6 ​ 85 ​ 67 ​
Summary of costs recognized in the statement of comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2021 ​ 2020 2019 ​ 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 ​ (101) ​ (400) ​ (363) ​ (173) ​ (459) ​ (238) ​ (166) ​ (468) ​ (128) Effect of changes actuarial assumptions ​ 330 ​ 246 ​ 261 ​ (118) ​ (271) ​ (243) ​ (718) ​ (373) ​ (182) Return on plan assets (excluding interest income) ​ (269) ​ 181 ​ — ​ (114) ​ 305 ​ — ​ 757 ​ 385 ​ — Change of asset ceiling ​ (60) ​ — ​ — ​ 278 ​ — ​ — ​ (60) ​ — ​ — Others ​ (5) ​ 3 ​ (4) ​ — ​ 9 ​ 11 ​ — ​ — ​ — ​ ​ (4) ​ 430 ​ 257 ​ 46 ​ 43 ​ (232) ​ (21) ​ 12 ​ (182) Deferred income tax ​ 5 ​ (130) ​ (83) ​ (15) ​ (12) ​ 82 ​ 7 ​ (5) ​ 63 Others comprehensive income ​ 1 ​ 300 ​ 174 ​ 31 ​ 31 ​ (150) ​ (14) ​ 7 ​ (119) Translation adjustments ​ 7 ​ 8 ​ 17 ​ 41 ​ 28 ​ 25 ​ 7 ​ 2 ​ 9 Accumulated other comprehensive income ​ (93) ​ (92) ​ (172) ​ (101) ​ (400) ​ (363) ​ (173) ​ (459) ​ (238) ​
Schedule of actuarial and economic assumptions and sensitivity analysis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brazil ​ ​ December 31, 2021 ​ December 31, 2020 ​ Overfunded Underfunded ​ ​ Overfunded Underfunded ​ ​ ​ pension plans ​ pension plans ​ Other benefits ​ pension plans ​ pension plans ​ Other benefits Discount rate to determine benefit obligation 8.62% - 8.82 % 10.25 % 8.68% - 8.86 % 6.62% - 7.32 % 6.50 % 6.16% - 7.17% ​ Nominal average rate to determine expense/ income 8.62% - 8.82 % 10.25 % N/A ​ 6.62% - 7.32 % 6.50 % N/A Nominal average rate of salary increase 3.25% - 5.32 % 7.50 % N/A ​ 3.80 % 6.00 % N/A Nominal average rate of benefit increase 3.25 % 7.50 % N/A ​ 3.80 % 6.00 % N/A Immediate health care cost trend rate N/A ​ N/A ​ 6.35 % N/A ​ N/A ​ 6.35% - 6.91% ​ Ultimate health care cost trend rate N/A ​ N/A ​ 6.35 % N/A ​ N/A ​ 6.35% - 6.91% ​ Nominal average rate of price inflation 3.25 % 5.00 % 3.25 % 3.31% - 3.80 % 3.50 % 3.25% - 3.80% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ December 31, 2021 ​ December 31, 2020 ​ Underfunded ​ Underfunded ​ ​ ​ pension plans ​ Other benefits ​ pension plans ​ Other benefits Discount rate to determine benefit obligation 2.84 % 3.03 % 2.43 % 2.62 % Nominal average rate to determine expense/ income 2.62 % 2.62 % 3.04 % 3.04 % Nominal average rate of salary increase 3.28 % N/A ​ 3.21 % N/A ​ Nominal average rate of benefit increase 3.00 % N/A ​ 3.00 % N/A ​ Immediate health care cost trend rate N/A ​ 5.11 % N/A ​ 5.35 % Ultimate health care cost trend rate N/A ​ 4.57 % N/A ​ 4.56 % Nominal average rate of price inflation 2.10 % N/A ​ 2.08 % N/A ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brazil ​ ​ December 31, 2021 ​ Overfunded pension plans Underfunded pension plans Other benefits Nominal discount rate - 1% increase ​ ​ ​ ​ ​ ​ ​ Actuarial liability adjusted for the sensitivity test ​ 2,434 ​ 276 ​ 386 ​ Assumptions made ​ 9.72 % 7.50 % 9.68 % Nominal discount rate - 1% reduction ​ ​ ​ ​ ​ ​ ​ Actuarial liability adjusted for the sensitivity test ​ 2,723 ​ 317 ​ 299 ​ Assumptions made ​ 7.72 % 5.50 % 7.68 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ December 31, 2021 ​ Overfunded pension plans Underfunded pension plans Other benefits Nominal discount rate - 1% increase ​ Actuarial liability adjusted for the sensitivity test 221 3,291 971 ​ Assumptions made 2.85 % 3.84 % 4.03 % ​ ​ ​ ​ ​ ​ ​ ​ Nominal discount rate - 1% reduction ​ Actuarial liability adjusted for the sensitivity test 324 4,260 1,313 ​ Assumptions made 0.85 % 1.84 % 2.03 %
Schedule of expected benefit payments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Overfunded pension plans ​ Underfunded pension plans ​ Other benefits 2022 ​ 230 ​ 229 ​ 69 2023 ​ 232 ​ 228 ​ 70 2024 ​ 235 ​ 227 ​ 72 2025 ​ 237 ​ 226 ​ 70 2026 ​ 237 ​ 223 ​ 72 2027 and thereafter ​ 1,196 ​ 1,085 ​ 388 ​
Summary of assumptions used for the Monte Carlo simulation	​ ​ ​ ​ ​ PSU 2021 Granted shares 1,474,723 ​ Date shares were granted 04/30/2021 ​ VALE (BRL) 109.02 ​ VALE ON (USD) 20.12 ​ Expected volatility 39.00%p.y. ​ Expected dividend yield 3.18%p.y. ​ Expected term (in years) 3 ​ Expected shareholder return indicator 51.20 % Expected performance factor 60.96 %
Summary of reclassification from cash-settled to equity-settled	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Matching April 30, 2021 Remeasurement Reclassification May 1, 2021 Expense December 31, 2021 Liability 33 5 (38) — — — Stockholders' equity — — 38 38 19 57 Net income — (5) — (5) (19) (24) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PSU April 30, 2021 Remeasurement Reclassification May 1, 2021 Expense December 31, 2021 Liability 3 (1) (2) ​ — — ​ — Stockholders' equity — — 2 ​ 2 4 ​ 6 Net income — 1 — ​ 1 (4) ​ (3)
Overfunded pension plans
Employee benefits
Schedule of evolution of assets fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents ​ — ​ 1 ​ — ​ 1 ​ — ​ — ​ — ​ — Debt securities - Corporate ​ 1 ​ 74 ​ — ​ 75 ​ — ​ 42 ​ — ​ 42 Debt securities - Government ​ 2,042 ​ — ​ — ​ 2,042 ​ 1,840 ​ — ​ — ​ 1,840 Investments funds - Fixed Income ​ 1,910 ​ 175 ​ — ​ 2,085 ​ 2,242 ​ — ​ — ​ 2,242 Investments funds - Equity ​ 452 ​ — ​ — ​ 452 ​ 396 ​ — ​ — ​ 396 International investments ​ 91 ​ — ​ — ​ 91 ​ 32 ​ — ​ — ​ 32 Structured investments - Private Equity funds ​ — ​ 129 ​ 103 ​ 232 ​ — ​ — ​ 126 ​ 126 Structured investments - Real estate funds ​ — ​ — ​ 5 ​ 5 ​ 124 ​ — ​ 5 ​ 129 Real estate ​ — ​ — ​ 212 ​ 212 ​ — ​ — ​ 255 ​ 255 Loans to participants ​ — ​ — ​ 106 ​ 106 ​ — ​ — ​ 105 ​ 105 Total ​ 4,496 ​ 379 ​ 426 ​ 5,301 ​ 4,633 ​ 42 ​ 491 ​ 5,166 Funds not related to risk plans (i) ​ ​ ​ ​ ​ ​ ​ (1,549) ​ ​ ​ ​ ​ ​ ​ (1,197) Fair value of plan assets at end of year ​ ​ ​ ​ ​ ​ ​ 3,752 ​ ​ ​ ​ ​ ​ ​ 3,969 (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, 2021 ​ Private equity funds Real estate funds Real estate Loans to participants Total Balance as at December 31, 2019 ​ 157 ​ 17 ​ 323 ​ 140 ​ 637 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) ​ (5) ​ (73) ​ (30) ​ (143) Balance as at December 31, 2020 ​ 126 ​ 5 ​ 255 ​ 105 ​ 491 Return on plan assets ​ 10 ​ — ​ (15) ​ 16 ​ 11 Assets purchases ​ — ​ — ​ 4 ​ 67 ​ 71 Assets sold during the year ​ (25) ​ — ​ (14) ​ (74) ​ (113) Translation adjustment ​ (8) ​ — ​ (18) ​ (8) ​ (34) Balance as at December 31, 2021 ​ 103 ​ 5 ​ 212 ​ 106 ​ 426
Underfunded pension plans
Employee benefits
Schedule of evolution of assets fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents ​ 5 ​ 70 ​ — ​ 75 ​ — ​ 102 ​ — ​ 102 Equity securities ​ 1,708 ​ 3 ​ — ​ 1,711 ​ 1,565 ​ — ​ — ​ 1,565 Debt securities - Corporate ​ — ​ 556 ​ — ​ 556 ​ — ​ 519 ​ — ​ 519 Debt securities - Government ​ 133 ​ 683 ​ — ​ 816 ​ 132 ​ 690 ​ — ​ 822 Investments funds - Fixed Income ​ 38 ​ — ​ — ​ 38 ​ 36 ​ 158 ​ — ​ 194 Investments funds - Equity ​ 3 ​ 173 ​ 53 ​ 229 ​ 1 ​ 350 ​ — ​ 351 Structured investments - Private Equity funds ​ — ​ — ​ 181 ​ 181 ​ — ​ — ​ 250 ​ 250 Real estate ​ — ​ — ​ 3 ​ 3 ​ — ​ — ​ 5 ​ 5 Loans to participants ​ — ​ — ​ 1 ​ 1 ​ — ​ — ​ 2 ​ 2 Others ​ — ​ — ​ 168 ​ 168 ​ — ​ — ​ 179 ​ 179 Total ​ 1,887 ​ 1,485 ​ 406 ​ 3,778 ​ 1,735 ​ 1,819 ​ 437 ​ 3,991 ​
Schedule of measurement of plan assets at fair value with no observable market variables (Level 3)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Private equity funds Equity pool ​ Real estate Loans to participants Others Total 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 Return on plan assets ​ 11 ​ 14 ​ — ​ — ​ (14) ​ 11 Assets purchases ​ 28 ​ 39 ​ — ​ — ​ — ​ 67 Assets sold during the year ​ (108) ​ — ​ (1) ​ — ​ — ​ (109) Translation adjustment ​ — ​ — ​ (1) ​ (1) ​ 2 ​ — Balance as at December 31, 2021 181 ​ 53 ​ 3 ​ 1 ​ 168 ​ 406 ​

Stockholders' equity (Tables)

Stockholders' equity (Tables)	12 Months Ended
	Dec. 31, 2021
Stockholders' equity
Schedule of share capital	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Common shares Golden shares Total Stockholders ​ ​ ​ ​ ​ ​ Shareholders with more than 5% of total capital ​ 1,910,844,005 ​ — ​ 1,910,844,005 Previ ​ 415,794,956 ​ — ​ 415,794,956 Capital World Investors ​ 335,249,101 ​ — ​ 335,249,101 Capital Research Global Investors ​ 326,001,911 ​ — ​ 326,001,911 Mitsui&co ​ 286,347,055 ​ — ​ 286,347,055 Blackrock, Inc ​ 279,562,772 ​ — ​ 279,562,772 Capital International Investors ​ 267,888,210 ​ — ​ 267,888,210 Others ​ 2,928,772,919 ​ — ​ 2,928,772,919 Golden shares ​ — ​ 12 ​ 12 Total outstanding (without shares in treasury) ​ 4,839,616,924 ​ 12 ​ 4,839,616,936 Shares in treasury ​ 292,841,474 ​ — ​ 292,841,474 Total capital ​ 5,132,458,398 ​ 12 ​ 5,132,458,410
Schedule of stockholders' remuneration	​ ​ ​ ​ ​ 2021 Net income of the year 22,445 Appropriation to legal reserve (1,123) Appropriation to tax incentive reserve ​ (2,581) Net income after appropriations to legal reserve and tax incentive reserve 18,741 Reclassification of the fair value adjustment reserve (nota 14a) ​ 522 ​ ​ ​ Approved remuneration (i) 8,368 Additional Stockholders’ remuneration 3,500 Appropriation to investments reserve 7,395 ​ (i) Of the total remuneration to shareholders for fiscal year 2021, US$4,542 (R$25,346 million) totals the minimum mandatory remuneration for fiscal year 2021, which, according to the Company's Bylaws, must represent 25% of net income, after the allocations of the legal reserve and tax incentive reserve. This amount was paid in full in 2021.
Schedule of profit reserves	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ ​ Tax incentive ​ Investment's ​ remuneration ​ Total of profit ​ ​ Legal reserve ​ reserve ​ reserve ​ reserve ​ reserves Balance as at December 31, 2019 ​ 1,656 ​ 848 ​ 4,586 ​ — ​ 7,090 Allocation of income ​ 251 ​ 2 ​ 656 ​ 2,820 ​ 3,729 Deliberated 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 Allocation of income ​ 1,123 ​ 2,581 ​ 7,395 ​ 3,500 ​ 14,599 Deliberated dividends and interest on capital of Vale's stockholders ​ — ​ — ​ (1,476) ​ (2,820) ​ (4,296) Treasury shares cancellation ​ — ​ — ​ (2,401) ​ — ​ (2,401) Translation adjustment ​ (142) ​ (157) ​ 1,526 ​ (469) ​ 758 Balance as at December 31, 2021 ​ 2,523 ​ 3,083 ​ 6,898 ​ 3,198 ​ 15,702 ​

Related parties (Tables)

Related parties (Tables)	12 Months Ended
	Dec. 31, 2021
Related parties
Schedule of transactions with related parties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ Net ​ Cost and ​ ​ ​ Net ​ Cost and ​ ​ ​ Net ​ Cost and ​ ​ ​ ​ operating ​ operating ​ Financial ​ operating ​ operating ​ Financial ​ operating ​ operating ​ Financial ​ revenue expenses result revenue expenses result revenue expenses result Joint Ventures 645 (857) (13) 372 (546) 4 374 (1,059) (18) Companhia Siderúrgica do Pecém 640 — 3 353 — 8 358 — 2 Aliança Geração de Energia S.A. 5 (105) — 19 (105) — 16 (128) — Pelletizing companies (i) — (349) (15) — (100) (17) — (574) (39) MRS Logística S.A. — (279) — — (227) — — (203) — Norte Energia S.A. — (114) — — (101) — — (142) — Others — (10) (1) — (13) 13 — (12) 19 Associates 256 (21) (2) 240 (25) 2 294 (32) (1) VLI 255 (21) (2) 235 (25) (1) 280 (32) (1) Others 1 — — 5 — 3 14 — — Major stockholders (ii) 261 — (515) 185 — (32) 204 — (9) Bradesco — — (528) — — (49) — — (29) Mitsui 261 — — 185 — — 204 — — Banco do Brasil — — 13 — — 17 — — 20 Total of continuing operations 1,162 (878) (530) 797 (571) (26) 872 (1,091) (28) Discontinued operation - Coal (note 16) — (95) 15 — (405) 23 — (690) 67 Total 1,162 (973) (515) 797 (976) (3) 872 (1,781) 39
Schedule of outstanding balances with related parties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 ​ ​ Assets ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ Dividends ​ ​ ​ ​ ​ ​ ​ Dividends ​ ​ Cash and ​ ​ ​ ​ ​ receivable ​ Cash and ​ ​ ​ ​ ​ receivable ​ ​ cash ​ Accounts ​ ​ ​ and other ​ cash ​ Accounts ​ ​ ​ and other ​ equivalents receivable Loans (iii) assets equivalents receivable Loans (iii) assets Joint Ventures — 75 — 96 — 109 — 55 Companhia Siderúrgica do Pecém — 74 — 39 — 109 — 36 Pelletizing companies (i) — — — 37 — — — 14 MRS Logística S.A. — — — 19 — — — 5 Others — 1 — 1 — — — Associates — 18 — 3 — 45 — 2 VLI — 16 — — — 15 — — Others — 2 — 3 — 30 — 2 Major stockholders (ii) 1,825 4 — 5 2,082 2 — 2 Bradesco 1,746 — — 5 1,518 — — 2 Mitsui — 4 — — — 2 — — Banco do Brasil 79 — — — 564 — — — Pension plan — 12 — — — 12 — — Total 1,825 109 — 104 2,082 168 — 59 Discontinued operation - Coal (note 16) — — — — — — 1,118 32 Total 1,825 109 — 104 2,082 168 1,118 91 (i) Aggregated entities: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização, and Companhia Nipo-Brasileira de Pelotização. (ii) Refers to the stockholders that were part of the controlling "shareholders' agreement", which has expired on November 10, 2020. (iii) Refers to the loan with Nacala Logistics Corridor, presented in note 16. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Liabilities ​ Liabilities ​ ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ ​ instruments ​ ​ ​ ​ ​ instruments ​ ​ Supplier and ​ ​ ​ and other ​ Supplier and ​ ​ ​ and other ​ contractors Loans liabilities contractors Loans liabilities Joint Ventures ​ 70 ​ — ​ 393 ​ 121 ​ — ​ 235 Pelletizing companies (i) ​ 13 ​ — ​ 393 ​ 37 ​ — ​ 235 MRS Logística S.A. ​ 41 ​ — ​ — ​ 48 ​ — ​ — Others ​ 16 ​ — ​ — ​ 36 ​ — ​ — Associates ​ 46 ​ — ​ 47 ​ 40 ​ — ​ 48 VLI ​ 6 ​ — ​ 47 ​ 7 ​ — ​ 48 Others ​ 40 ​ — ​ — ​ 33 ​ — ​ ​ Major stockholders (ii) ​ 1 ​ — ​ 267 ​ — ​ 944 ​ 248 Bradesco ​ — ​ — ​ 265 ​ — ​ — ​ 248 Mitsui ​ — ​ — ​ 2 ​ — ​ — ​ — BNDES (iii) ​ — ​ — ​ — ​ — ​ 944 ​ — Others ​ 1 ​ — ​ — ​ — ​ — ​ — Pension plan ​ 10 ​ — ​ — ​ 11 ​ — ​ — Total ​ 127 ​ — ​ 707 ​ 172 ​ 944 ​ 531 Discontinued operation - Coal (note 16) ​ — ​ — ​ — ​ — ​ 1,385 ​ — Total ​ 127 ​ — ​ 707 ​ 172 ​ 2,329 ​ 531 (i) Aggregated entities: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização, and Companhia Nipo-Brasileira de Pelotização. (ii) Refers to regular financial instruments with the stockholders were part of the controlling “shareholders’ agreement”, which has expired on November 10, 2020. (iii) Banco Nacional de Desenvolvimento
Schedule of remuneration of key management personnel	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 2019 Short ‐ term benefits ​ ​ ​ ​ ​ ​ Wages ​ 9 ​ 9 ​ 12 Direct and indirect benefits ​ 1 ​ 1 ​ 2 Profit sharing program (“PLR”) ​ 10 ​ 8 ​ 9 ​ ​ 20 ​ 18 ​ 23 Long ‐ term benefits ​ ​ ​ ​ ​ ​ Shares based ​ 12 ​ 12 ​ 8 ​ ​ ​ ​ ​ ​ ​ Severance ​ 1 ​ 7 ​ 3 ​ ​ 33 ​ 37 ​ 34 ​

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments
Schedule of annual minimum required and non-cancelable future payments related to the contractual obligations	​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Purchase obligations ​ 5,015 ​ 6,991 Purchase of energy ​ 2,746 ​ 2,945 Total minimum payments required ​ 7,761 ​ 9,936

Basis of preparation of finan_4

Basis of preparation of financial statements - Presentation currency (Details)	12 Months Ended
	Dec. 31, 2021R$ / $	Dec. 31, 2021R$ / $R$ / $	Dec. 31, 2021R$ / $R$ / €	Dec. 31, 2020R$ / $	Dec. 31, 2020R$ / $R$ / $	Dec. 31, 2020R$ / €R$ / $	Dec. 31, 2019R$ / $	Dec. 31, 2019R$ / $R$ / $	Dec. 31, 2019R$ / €R$ / $	Dec. 31, 2021R$ / $	Dec. 31, 2021R$ / €	Dec. 31, 2020R$ / $	Dec. 31, 2020R$ / €	Dec. 31, 2019R$ / $	Dec. 31, 2019R$ / €
Exchange rates used to translate operations
Closing rate	5.5805	5.5805	5.5805	5.1967	5.1967	5.1967	4.0307	4.0307	4.0307	4.3882	6.3210	4.0771	6.3779	3.1034	4.5305
Average rate	5.3956	4.3042	6.3784	5.1578	3.8480	5.8989	3.9461	2.9746	4.4159

Basis of preparation of finan_5

Basis of preparation of financial statements - Covid-19 and Climate changes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule disclosing information related to basis of preparation of financial statements [line items]
Amount pledged and expensed to support COVID-19 relief efforts	$ 44	$ 109
Percentage of expected reduction in emissions released into atmosphere as a direct result of its operations by 2030	33.00%
Percentage of expected electricity consumption from a renewable matrix by 2030	100.00%
Percentage of expected reduction by 2035 of indirect emissions	15.00%
Minimum
Schedule disclosing information related to basis of preparation of financial statements [line items]
Investments announced for implementation of low carbon technologies	$ 4,000
Maximum
Schedule disclosing information related to basis of preparation of financial statements [line items]
Investments announced for implementation of low carbon technologies	$ 6,000

Basis of preparation of finan_6

Basis of preparation of financial statements - IAS 21 - Effects of changes in exchange rates and conversion of financial statements (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of subsidiaries [line items]
Capital reduction in foreign subsidiary approved		$ 3,000
Gain (Loss) arising from the accumulated exchange differences reclassified from the stockholders' equity to the income statement	$ 1,132	2,413
Investment in subsidiary		1,751	$ 2,031	$ 2,798
Vale International S.A.
Disclosure of subsidiaries [line items]
Capital reduction in foreign subsidiary approved		3,000
Gain (Loss) arising from the accumulated exchange differences reclassified from the stockholders' equity to the income statement		2,413
Investment in subsidiary		$ 6,243

Significant events in the cur_2

Significant events in the current year (Details) € in Millions, R$ in Millions, $ in Millions	Apr. 01, 2021USD ($)	Apr. 01, 2021BRL (R$)	Feb. 28, 2022shares	Mar. 31, 2021USD ($)	Mar. 31, 2021EUR (€)	Dec. 31, 2021USD ($)shares	Dec. 31, 2021EUR (€)shares	Dec. 31, 2021BRL (R$)shares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Significant events in the current year
Gains due to reclassification of cumulative exchange variation in equity						$ 3,184
Provision related to De-characterization of dams						1,725
Dividends and interest paid on capital to its stockholders						$ 13,483			$ 3,350
Share buyback program, number of shares authorized to be repurchased | shares						470,000,000	470,000,000	470,000,000
Number of shares repurchased | shares						291,184,500	291,184,500	291,184,500
Value of shares acquired	$ 5,281	R$ 27642				$ 5,546		R$ 29121
Number of shares held in treasury cancelled | shares						152,016,372	152,016,372	152,016,372
Value of shares held in treasury cancelled						$ 2,401
Premium paid on early redemption of debt security						63				$ 265
Proceeds from disposal of Mosaic shares						1,259
VNC
Significant events in the current year
Gain on sale of subsidiary						1,132
Mosaic
Significant events in the current year
Proceeds from disposal of Mosaic shares						$ 1,259
3.75% bonds
Significant events in the current year
Interest rate on bonds				3.75%	3.75%	3.75%	3.75%	3.75%
Amount of bond redeemed				$ 886	€ 750	$ 884	€ 750
Premium paid on early redemption of debt security				$ 63		$ 63
Cancellation of treasury shares.
Significant events in the current year
Number of shares held in treasury cancelled | shares			133,418,347			152,016,372	152,016,372	152,016,372
Fundacao Renova
Significant events in the current year
Provision						$ 1,699
Discontinued operations
Significant events in the current year
Impairment and disposals of non-current assets						$ 3,282

Information by business segme_3

Information by business segment and by geographic area - Adjusted EBITDA (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Information by business segment and by geographic area
Net operating revenue	$ 54,502	$ 39,545	$ 36,549
Cost of goods sold and services rendered	(18,872)	(14,603)	(16,150)
Sales, administrative and other operating expenses	(3,415)	(6,499)	(8,339)
Research and evaluation	(548)	(415)	(413)
Pre operating and operational stoppage	(514)	(682)	(882)
Dividends received and interest from associates and joint ventures	190	173	353
Adjusted EBITDA	31,343	17,519	11,118
VNC
Information by business segment and by geographic area
Adjusted EBITDA	65	150	237
Discontinued operations
Information by business segment and by geographic area
Net operating revenue	1,083	473	1,021
Adjusted EBITDA	(189)	(931)	(533)
Total
Information by business segment and by geographic area
Net operating revenue	55,585	40,018	37,570
Cost of goods sold and services rendered	(20,189)	(16,059)	(17,788)
Sales, administrative and other operating expenses	(3,441)	(6,514)	(8,338)
Research and evaluation expenses	(555)	(443)	(443)
Pre operating and operational stoppage	(514)	(682)	(882)
Dividends received and interest from associates and joint ventures	268	268	466
Adjusted EBITDA	31,154	16,588	10,585
Brumadinho event.
Information by business segment and by geographic area
Sales, administrative and other operating expenses	(2,576)	(5,257)	(7,402)
Adjusted EBITDA	(2,576)	(5,257)	(7,402)
COVID-19
Information by business segment and by geographic area
Sales, administrative and other operating expenses	(44)	(109)
Adjusted EBITDA	(44)	(109)
Ferrous minerals
Information by business segment and by geographic area
Net operating revenue	46,302	32,078	30,005
Cost of goods sold and services rendered	(14,099)	(10,265)	(11,988)
Sales, administrative and other operating expenses	(96)	(173)	(351)
Research and evaluation	(205)	(136)	(142)
Pre operating and operational stoppage	(394)	(640)	(823)
Dividends received and interest from associates and joint ventures	81	141	296
Adjusted EBITDA	31,589	21,005	16,997
Ferrous minerals | Iron ore
Information by business segment and by geographic area
Net operating revenue	38,701	27,285	23,343
Cost of goods sold and services rendered	(11,468)	(8,171)	(8,778)
Sales, administrative and other operating expenses	(135)	(187)	(323)
Research and evaluation	(198)	(127)	(123)
Pre operating and operational stoppage	(330)	(534)	(750)
Dividends received and interest from associates and joint ventures	10	23	29
Adjusted EBITDA	26,580	18,289	13,398
Ferrous minerals | Iron ore Pellets
Information by business segment and by geographic area
Net operating revenue	7,053	4,242	5,948
Cost of goods sold and services rendered	(2,231)	(1,661)	(2,666)
Sales, administrative and other operating expenses	30	11	(20)
Research and evaluation	(3)	(5)	(16)
Pre operating and operational stoppage	(47)	(77)	(72)
Dividends received and interest from associates and joint ventures	71	116	258
Adjusted EBITDA	4,873	2,626	3,432
Ferrous minerals | Ferroalloys and manganese
Information by business segment and by geographic area
Net operating revenue	175	225	282
Cost of goods sold and services rendered	(119)	(179)	(220)
Sales, administrative and other operating expenses			(8)
Research and evaluation	(2)	(2)	(2)
Pre operating and operational stoppage	(15)	(29)	(1)
Adjusted EBITDA	39	15	51
Ferrous minerals | Other ferrous products and services
Information by business segment and by geographic area
Net operating revenue	373	326	432
Cost of goods sold and services rendered	(281)	(254)	(324)
Sales, administrative and other operating expenses	9	3
Research and evaluation	(2)	(2)	(1)
Pre operating and operational stoppage	(2)
Dividends received and interest from associates and joint ventures		2	9
Adjusted EBITDA	97	75	116
Base metals
Information by business segment and by geographic area
Net operating revenue	7,966	6,827	5,858
Cost of goods sold and services rendered	(4,484)	(3,528)	(3,239)
Sales, administrative and other operating expenses	(14)	(28)	(79)
Research and evaluation	(158)	(110)	(81)
Pre operating and operational stoppage	(117)	(30)	(48)
Adjusted EBITDA	3,193	3,131	2,411
Base metals | Nickel and other products
Information by business segment and by geographic area
Net operating revenue	5,377	4,652	3,954
Cost of goods sold and services rendered	(3,606)	(2,734)	(2,334)
Sales, administrative and other operating expenses	(5)	(21)	(74)
Research and evaluation	(77)	(42)	(38)
Pre operating and operational stoppage	(113)	(29)	(28)
Adjusted EBITDA	1,576	1,826	1,480
Base metals | Copper
Information by business segment and by geographic area
Net operating revenue	2,589	2,175	1,904
Cost of goods sold and services rendered	(878)	(794)	(905)
Sales, administrative and other operating expenses	(9)	(7)	(5)
Research and evaluation	(81)	(68)	(43)
Pre operating and operational stoppage	(4)	(1)	(20)
Adjusted EBITDA	1,617	1,305	931
Coal | Discontinued operations
Information by business segment and by geographic area
Net operating revenue	1,083	473	1,021
Cost of goods sold and services rendered	(1,317)	(1,456)	(1,638)
Sales, administrative and other operating expenses	(26)	(15)	1
Research and evaluation	(7)	(28)	(30)
Dividends received and interest from associates and joint ventures	78	95	113
Adjusted EBITDA	(189)	(931)	(533)
Other
Information by business segment and by geographic area
Net operating revenue	234	640	686
Cost of goods sold and services rendered	(289)	(810)	(923)
Sales, administrative and other operating expenses	(685)	(932)	(507)
Research and evaluation	(185)	(169)	(190)
Pre operating and operational stoppage	(3)	(12)	(11)
Dividends received and interest from associates and joint ventures	109	32	57
Adjusted EBITDA	$ (819)	$ (1,251)	$ (888)

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Information by business segment and by geographic area
Net income (loss) attributable to Vale's stockholders	$ 24,736	$ 6,258	$ 324
Loss attributable to noncontrolling interests	108	(3)	115
Net income from continuing operations	24,844	6,255	439
Loss from discontinued operations attributable to Vale's stockholders	(2,291)	(1,377)	(2,007)
Loss attributable to noncontrolling interests	(85)	(347)	(612)
Loss from discontinued operations	(2,376)	(1,724)	(2,619)
Depreciation, depletion and amortization	3,034	3,215	3,489
Income taxes	4,697	735	(595)
Financial results, net	(3,119)	4,813	3,393
Equity results and other results in associates and joint ventures	1,271	1,020	656
Dividends received and interest from associates and joint ventures	190	173	353
Impairment and disposal of non-current assets	426	1,308	3,383
Adjusted EBITDA	31,343	17,519	11,118
Discontinued operations
Information by business segment and by geographic area
Loss from discontinued operations attributable to Vale's stockholders	(2,291)	(1,377)	(2,007)
Loss attributable to noncontrolling interests	(85)	(347)	(612)
Loss from discontinued operations	(2,376)	(1,724)	(2,619)
Depreciation, depletion and amortization	69	19	237
Income taxes	(821)	(297)
Financial results, net	(447)	(2)	20
Equity results and other results in associates and joint ventures	26	43	25
Dividends received and interest from associates and joint ventures	78	95	113
Impairment of non-current assets	3,282	935	1,691
Adjusted EBITDA	$ (189)	$ (931)	$ (533)

Information by business segme_5

Information by business segment and by geographic area - Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Information by business segment and by geographic area
Product inventory	$ 3,591	$ 3,273
Investments in associates and joint ventures	1,751	2,031
Investments in equity securities - Non-Current	1,751	2,031	$ 2,798
Property, plant and equipment and intangible	50,942	50,444
Capital expenditures - Sustaining capital	4,034	3,705	2,920
Capital expenditures - Project execution	999	522	544
Depreciation, depletion and amortization	3,034	3,215	3,489
Goodwill.	3,208
VNC
Information by business segment and by geographic area
Capital expenditures - Sustaining capital		151	136
Depreciation, depletion and amortization		46	160
Discontinued operations
Information by business segment and by geographic area
Depreciation, depletion and amortization	69	19	237
Ferrous minerals
Information by business segment and by geographic area
Product inventory	2,186	2,017
Investments in associates and joint ventures	1,113	1,154
Property, plant and equipment and intangible	28,988	29,436
Capital expenditures - Sustaining capital	2,496	2,134	1,685
Capital expenditures - Project execution	531	258	385
Depreciation, depletion and amortization	1,771	1,768	2,063
Base metals
Information by business segment and by geographic area
Product inventory	1,384	1,231
Investments in associates and joint ventures	17	18
Property, plant and equipment and intangible	20,127	19,549
Capital expenditures - Sustaining capital	1,518	1,415	1,089
Capital expenditures - Project execution	344	239	151
Depreciation, depletion and amortization	1,213	1,351	1,191
Coal
Information by business segment and by geographic area
Product inventory		25
Others
Information by business segment and by geographic area
Product inventory	21
Investments in associates and joint ventures	621	859
Property, plant and equipment and intangible	1,827	1,459
Capital expenditures - Sustaining capital	20	156	146
Capital expenditures - Project execution	124	25	8
Depreciation, depletion and amortization	$ 50	$ 96	$ 235

Information by business segme_6

Information by business segment and by geographic area - Assets by geographic area (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Information by business segment and by geographic area
Investments in equity securities - Non-Current	$ 1,751	$ 2,031	$ 2,798
Investments in associates and joint ventures	1,751	2,031
Intangible	9,011	9,296	8,499
Property, plant and equipment	41,931	41,148	$ 46,576
Total	52,693	52,475
Brazil
Information by business segment and by geographic area
Investments in associates and joint ventures	1,730	1,760
Intangible	7,050	7,341
Property, plant and equipment	23,793	23,364
Total	32,573	32,465
Canada
Information by business segment and by geographic area
Intangible	1,958	1,951
Property, plant and equipment	12,441	11,798
Total	14,399	13,749
Americas, except Brazil and Canada
Information by business segment and by geographic area
Investments in associates and joint ventures		234
Property, plant and equipment	3	5
Total	3	239
Europe
Information by business segment and by geographic area
Property, plant and equipment	739	894
Total	739	894
Indonesia
Information by business segment and by geographic area
Intangible	1	2
Property, plant and equipment	2,723	2,729
Total	2,724	2,731
China
Information by business segment and by geographic area
Investments in associates and joint ventures		17
Intangible	2	2
Property, plant and equipment	21	19
Total	23	38
Asia, except Indonesia and China
Information by business segment and by geographic area
Investments in associates and joint ventures	21	20
Property, plant and equipment	874	951
Total	895	971
Oman
Information by business segment and by geographic area
Property, plant and equipment	1,337	1,388
Total	$ 1,337	$ 1,388

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Information by business segment and by geographic area
Net operating revenue	$ 54,502	$ 39,545	$ 36,549
Americas, except United States and Brazil
Information by business segment and by geographic area
Net operating revenue	1,283	760	1,358
United States of America
Information by business segment and by geographic area
Net operating revenue	1,543	1,041	1,335
Germany
Information by business segment and by geographic area
Net operating revenue	2,034	1,526	1,683
Europe, except Germany
Information by business segment and by geographic area
Net operating revenue	4,696	3,570	3,229
Middle East/Africa/Oceania
Information by business segment and by geographic area
Net operating revenue	2,155	1,435	2,103
Japan
Information by business segment and by geographic area
Net operating revenue	4,523	2,193	2,483
China
Information by business segment and by geographic area
Net operating revenue	28,603	23,124	18,242
Asia, except Japan and China
Information by business segment and by geographic area
Net operating revenue	4,501	2,999	2,848
Brazil
Information by business segment and by geographic area
Net operating revenue	5,164	2,897	3,268
Ferrous minerals
Information by business segment and by geographic area
Net operating revenue	46,302	32,078	30,005
Ferrous minerals | Americas, except United States and Brazil
Information by business segment and by geographic area
Net operating revenue	877	334	523
Ferrous minerals | United States of America
Information by business segment and by geographic area
Net operating revenue	392	244	404
Ferrous minerals | Germany
Information by business segment and by geographic area
Net operating revenue	618	357	1,161
Ferrous minerals | Europe, except Germany
Information by business segment and by geographic area
Net operating revenue	2,373	1,214	1,514
Ferrous minerals | Middle East/Africa/Oceania
Information by business segment and by geographic area
Net operating revenue	2,140	1,418	2,083
Ferrous minerals | Japan
Information by business segment and by geographic area
Net operating revenue	3,977	1,793	2,057
Ferrous minerals | China
Information by business segment and by geographic area
Net operating revenue	27,510	22,202	17,572
Ferrous minerals | Asia, except Japan and China
Information by business segment and by geographic area
Net operating revenue	3,536	2,068	2,032
Ferrous minerals | Brazil
Information by business segment and by geographic area
Net operating revenue	4,879	2,448	2,659
Base metals
Information by business segment and by geographic area
Net operating revenue	7,966	6,827	5,858
Base metals | Americas, except United States and Brazil
Information by business segment and by geographic area
Net operating revenue	402	83	532
Base metals | United States of America
Information by business segment and by geographic area
Net operating revenue	1,151	797	931
Base metals | Germany
Information by business segment and by geographic area
Net operating revenue	1,416	1,169	522
Base metals | Europe, except Germany
Information by business segment and by geographic area
Net operating revenue	2,323	2,356	1,715
Base metals | Middle East/Africa/Oceania
Information by business segment and by geographic area
Net operating revenue	15	17	20
Base metals | Japan
Information by business segment and by geographic area
Net operating revenue	546	400	426
Base metals | China
Information by business segment and by geographic area
Net operating revenue	1,093	922	670
Base metals | Asia, except Japan and China
Information by business segment and by geographic area
Net operating revenue	965	931	816
Base metals | Brazil
Information by business segment and by geographic area
Net operating revenue	55	152	226
Others
Information by business segment and by geographic area
Net operating revenue	234	640	686
Others | Americas, except United States and Brazil
Information by business segment and by geographic area
Net operating revenue	4	343	303
Others | Brazil
Information by business segment and by geographic area
Net operating revenue	230	297	383
Discontinued operations
Information by business segment and by geographic area
Net operating revenue	1,083	473	1,021
Discontinued operations | Coal
Information by business segment and by geographic area
Net operating revenue	$ 1,083	$ 473	$ 1,021

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Costs and expenses by nature
Personnel	$ 1,703	$ 1,624	$ 1,923
Materials and services	2,907	2,782	2,814
Fuel oil and gas	1,011	848	1,240
Maintenance	2,812	2,529	2,554
Royalties	1,370	845	791
Energy	639	673	824
Acquisition of products	2,277	946	608
Depreciation, depletion and amortization	2,857	2,961	3,162
Freight	4,575	3,439	4,023
Others	1,578	917	1,373
Total	21,729	17,564	19,312
Cost of goods sold	21,142	16,982	18,623
Cost of services rendered	587	582	689
Total	$ 21,729	$ 17,564	$ 19,312

Costs and expenses by nature _2

Costs and expenses by nature - Selling and administrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Costs and expenses by nature
Selling	$ 80	$ 81	$ 79
Personnel	170	168	181
Services	107	114	85
Depreciation and amortization	42	49	56
Advertisement	27	17	7
Others	55	62	66
Selling and administrative expenses	$ 481	$ 491	$ 474

Costs and expenses by nature _3

Costs and expenses by nature - Other (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Costs and expenses by nature
Profit sharing program	$ 126	$ 169	$ 88
COVID-19 expenses	44	109
Disposals of materials and inventories	5	19	47
Others	6	118	1
Total	400	800	519
Provisions for litigation (note 28)
Costs and expenses by nature
Provision	98	73	291
Asset Retirement Obligation
Costs and expenses by nature
Provision	$ 121	$ 312	$ 92

Financial results (Details)

Financial results (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial income
Short-term investments	$ 226	$ 129	$ 247
Others	111	178	206
Total financial income	337	307	453
Financial expenses
Loans and borrowings gross interest	(671)	(742)	(943)
Capitalized loans and borrowing costs	59	70	140
Participative stockholders' debentures	(716)	(1,565)	(1,475)
Interest on REFIS	(54)	(55)	(154)
Interest on lease liabilities	(63)	(65)	(71)
Financial guarantees	312	(468)	(353)
Expenses with cash tender offer repurchased	(63)		(265)
Others	(457)	(366)	(563)
Total financial expenses	(1,653)	(3,191)	(3,684)
Other financial items, net
Net foreign exchange gains (losses)	408	(549)	71
Derivative financial instruments	(23)	(1,210)	244
Reclassification of cumulative translation adjustments to the income statement	4,326
Indexation losses, net	(276)	(170)	(477)
Other financial items	4,435	(1,929)	(162)
Financial results	$ 3,119	(4,813)	$ (3,393)
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 ($)agreement	Aug. 31, 2016USD ($)installment	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Deferred revenue-Streaming transactions
Number of agreements entered into | agreement		2
Proceeds from streaming transactions			$ 3,600
Upfront payment allocated to property, plant and equipment		$ 130
Upfront payment allocated to contract liability		$ 560
Additional payment to be received on each pound of finished cobalt delivered (as a percent)	20.00%	20.00%
Outstanding contract liability balance				$ 1,274	$ 1,315
Additional rights to gold extracted (as a percent)	25.00%	25.00%
Number of identifiable components in gold transaction | installment			2
Voisey's Bay mine
Deferred revenue-Streaming transactions
Right to cobalt extracted (as a percent)	75.00%
Proceeds from streaming transactions		$ 690
Wheaton
Deferred revenue-Streaming transactions
Percentage of right on production of cobalt		42.40%
Wheaton | Salobo copper mine
Deferred revenue-Streaming transactions
Rights to gold extracts held by WPM (as a percent)			75.00%
Wheaton | Sudbury nickel mine
Deferred revenue-Streaming transactions
Rights to gold extracts held by WPM (as a percent)			70.00%
APG
Deferred revenue-Streaming transactions
Percentage of right on production of cobalt		32.60%
Outstanding contract liability balance				$ 505	$ 690

Income taxes - Deferred tax ass

Income taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred income tax assets and liabilities
Deferred tax asset (liability)	$ 9,560	$ 8,565	$ 7,335
Tax lossses carryforward
Deferred income tax assets and liabilities
Deferred tax asset (liability)	5,757	4,328
Employee post retirement obligations
Deferred income tax assets and liabilities
Deferred tax asset (liability)	504	744
Provision For litigation
Deferred income tax assets and liabilities
Deferred tax asset (liability)	346	356
Timing differences arising from assets and liabilities
Deferred income tax assets and liabilities
Deferred tax asset (liability)	4,384	4,331
Fair value of financial instruments
Deferred income tax assets and liabilities
Deferred tax asset (liability)	1,373	1,355
Allocated goodwill
Deferred income tax assets and liabilities
Deferred tax asset (liability)	(2,857)	(2,623)
Other Temporary Differences
Deferred income tax assets and liabilities
Deferred tax asset (liability)	53	74
Temporary differences
Deferred income tax assets and liabilities
Deferred tax asset (liability)	$ 3,803	$ 4,237

Income taxes - Assets and liabi

Income taxes - Assets and liabilities (Details) R$ in Millions, $ in Millions	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2017BRL (R$)	Dec. 31, 2016USD ($)	Dec. 31, 2016BRL (R$)	Dec. 31, 2015USD ($)	Dec. 31, 2015BRL (R$)
Deferred income tax assets and liabilities
Assets	$ 11,441	$ 10,335
Liabilities	(1,881)	(1,770)	$ (1,882)	$ (337)	R$ 1883	$ (337)	R$ 1883	$ (337)	R$ 1883
Deferred tax asset	$ 9,560	$ 8,565	$ 7,335

Income taxes - Changes in defer

Income taxes - Changes in deferred tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Total
Balance at beginning of period	$ 8,565	$ 7,335
Effect in income statement	966	2,663	$ 2,117
Translation adjustment	(636)	(1,774)
Other comprehensive income	(156)	44
Tax loss carryforward from coal operations	821	297
Balance at end of period	9,560	8,565	7,335
Assets
Balance at beginning of period	10,335	9,217
Effect in income statement	1,104	2,555
Transfers between asset and liabilities	(155)	38
Translation adjustment	(649)	(1,811)
Other comprehensive income	(15)	39
Tax loss carryforward from coal operations	821	297
Balance at end of period	11,441	10,335	9,217
Liabilities
Balance at beginning of period	1,770	1,882
Effect in income statement	138	(108)
Transfers between asset and liabilities	(155)	38
Translation adjustment	(13)	(37)
Other comprehensive income	141	(5)
Balance at end of period	$ 1,881	1,770	$ 1,882
Limitation of tax loss carryforward in Brazil, as percent of taxable income	30.00%
Tax lossses carryforward
Total
Balance at beginning of period	$ 4,328
Effect in income statement	830	77
Balance at end of period	5,757	4,328
Assets
Effect in income statement	830	77
Employee post retirement obligations
Total
Balance at beginning of period	744
Balance at end of period	504	744
Provision For litigation
Total
Balance at beginning of period	356
Balance at end of period	346	356
Timing differences arising from assets and liabilities
Total
Balance at beginning of period	4,331
Effect in income statement	226	1,690
Balance at end of period	4,384	4,331
Assets
Effect in income statement	226	1,690
Fair value of financial instruments
Total
Balance at beginning of period	1,355
Effect in income statement	75	756
Balance at end of period	1,373	1,355
Assets
Effect in income statement	75	756
Allocated goodwill
Total
Balance at beginning of period	(2,623)
Effect in income statement	(138)	108
Balance at end of period	(2,857)	(2,623)
Liabilities
Effect in income statement	138	(108)
Other Temporary Differences
Total
Balance at beginning of period	74
Effect in income statement	(27)	32
Balance at end of period	53	74
Assets
Effect in income statement	(27)	32
Temporary differences
Total
Balance at beginning of period	4,237
Balance at end of period	$ 3,803	$ 4,237

Income taxes - Income tax recon

Income taxes - Income tax reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income taxes
Income before income taxes	$ 29,541	$ 6,990	$ (156)
Income taxes at statutory rate (as a percent)	34.00%
Income taxes at statutory rate	$ (10,044)	(2,377)	53
Adjustments that affect the basis of taxes:
Income tax benefit from interest on stockholders' equity	260	316	601
Tax incentives	2,826	211	189
Equity results	167	(27)	85
Addition (reversal) of tax loss carryforward	251	769	25
Unrecognized tax losses of the year	(115)	(215)	(551)
Others	1,958	588	193
Income taxes	$ (4,697)	$ (735)	$ 595

Income taxes - Tax incentives (

Income taxes - Tax incentives (Details)	12 Months Ended
	Dec. 31, 2021
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, 2021USD ($)installment	Dec. 31, 2020USD ($)installment
Income taxes
Current liabilities	$ 324	$ 340
Non-current liabilities	1,964	2,404
REFIS liabilities	$ 2,288	$ 2,744
SELIC rate (in percentage)	9.25%	2.00%
Remaining monthly installments of settlement liability | installment	82	94

Income taxes - Additional infor

Income taxes - Additional information (Details) R$ in Millions, $ in Millions	1 Months Ended		12 Months Ended					48 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2021BRL (R$)	Dec. 31, 2021USD ($)	Dec. 31, 2021BRL (R$)	Dec. 31, 2020USD ($)	Dec. 31, 2020BRL (R$)	Dec. 31, 2019USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2021BRL (R$)	Dec. 31, 2021BRL (R$)	Dec. 31, 2020BRL (R$)	Dec. 31, 2017USD ($)	Dec. 31, 2017BRL (R$)	Dec. 31, 2016USD ($)	Dec. 31, 2016BRL (R$)	Dec. 31, 2015USD ($)	Dec. 31, 2015BRL (R$)
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Reduction of tax losses if the tax authority does not accept the tax treatment			$ 115		$ 215		$ 551
Total subsidiary assessments of deferred tax			669	R$ 3732	695	R$ 3614
Deferred tax liabilities	$ 1,881		1,881		1,770		$ 1,882	$ 1,881				$ 337	R$ 1883	$ 337	R$ 1883	$ 337	R$ 1883
Gain from leading case judgment			145	808	60	313
Transfer pricing over the exportation of ores to a foreign subsidiary
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assessed amount under discussion with tax authorities	3,544		3,544		2,296			3,544		R$ 19780	R$ 11930
Reduction of tax losses if the tax authority does not accept the tax treatment			552	3,080	450	2,340
Amount under discussion for foreign subsidiary								1,885	R$ 10519
Expenses of interest on capital
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Reduction of tax losses if the tax authority does not accept the tax treatment			125	699
Amount under discussion			981	5,477	659	3,423
Deduction of CSLL in Brazil
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assessed amount under discussion with tax authorities	422		422		435			$ 422		R$ 2357	R$ 2259
Goodwill amortization
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Amount under discussion			287	1,603	$ 300	R$ 1558
Incidence of IRPJ and CSLL on SELIC rate in the repetition of undue payment
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Gain from leading case judgment			34
Expenses with payments to Fundacao Renova
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Amount under discussion	$ 21	R$ 115	426	2,376
Proceeding related to income tax paid abroad
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Amount under discussion			$ 399	R$ 2225

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Net income attributable to Vale's stockholders:
Net income from continuing operations attributable to Vale's stockholders	$ 24,736	$ 6,258	$ 324
Loss from discontinued operations attributable to Vale's stockholders	(2,291)	(1,377)	(2,007)
Net income (loss) attributable to Vale's stockholders	$ 22,445	$ 4,881	$ (1,683)
Thousands of shares
Weighted average number of shares outstanding - common shares	5,012,424	5,129,585	5,127,950
Common share
Basic and diluted earnings (loss) per share from continuing operations:
Basic earnings (loss) per share from continuing operations	$ 4.93	$ 1.22	$ 0.06
Diluted earnings (loss) per share from continuing operations	4.93	1.22	0.06
Basic and diluted loss per share from discontinued operations:
Basic earnings (loss) per share from discontinued operations	(0.46)	(0.27)	(0.39)
Diluted earnings (loss) per share from discontinued operations	(0.46)	(0.27)	(0.39)
Basic and diluted earnings (loss) per share:
Common share, Basic	4.47	0.95	(0.33)
Common share, Diluted	$ 4.47	$ 0.95	$ (0.33)

Accounts receivable (Details)

Accounts receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019	Dec. 31, 2020
Accounts receivable
Related parties (note 31)	$ 109		$ 168
Accounts receivable	3,914		4,993
Ferrous minerals
Accounts receivable
Third parties	3,023		4,093
Base metals
Accounts receivable
Third parties	668		716
Other
Accounts receivable
Third parties	$ 162		66
One Customer | Ferrous minerals
Accounts receivable
Percentage of revenue	10.10%
Accounts receivable
Accounts receivable
Expected credit loss	$ (48)		(50)
Percentage of revenue	10.00%	10.00%
Gross carrying amount
Accounts receivable
Accounts receivable	$ 3,962		$ 5,043

Accounts receivable - Sensitivi

Accounts receivable - Sensitivity of the Company's risk on final settlement (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)T$ / T
Iron ore
Disclosure of financial assets [line items]
Thousand metric tons | T	22,228
Provisional price | $ / T	120.3
Change +	10.00%
Change -	10.00%
Effect on Revenue from increase in risk assumption	$ 267
Effect on Revenue from decrease in risk assumption	$ (267)
Iron ore Pellets
Disclosure of financial assets [line items]
Thousand metric tons | T	704
Provisional price | $ / T	187.1
Change +	10.00%
Change -	10.00%
Effect on Revenue from increase in risk assumption	$ 13
Effect on Revenue from decrease in risk assumption	$ (13)
Copper
Disclosure of financial assets [line items]
Thousand metric tons | T	104
Provisional price | $ / T	11,730.7
Change +	10.00%
Change -	10.00%
Effect on Revenue from increase in risk assumption	$ 122
Effect on Revenue from decrease in risk assumption	$ (122)

Suppliers and contractors (Deta

Suppliers and contractors (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Trade and Other Current Payables [Line Items]
Related parties	$ 127	$ 172
Total trade and other current payables	3,475	3,367
Plans in Brazil
Trade and Other Current Payables [Line Items]
Third parties	1,728	1,782
Foreign plan
Trade and Other Current Payables [Line Items]
Third parties	$ 1,620	$ 1,413

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of impairment loss and reversal of impairment loss [line items]
Effect of provision (reversal) for net realizable value	$ 1	$ (20)
Total	4,377	4,061
Gross carrying amount
Disclosure of impairment loss and reversal of impairment loss [line items]
Finished products	2,795	2,712
Work in progress	820	647
Consumable inventory	857	882
Allowance to net realizable value
Disclosure of impairment loss and reversal of impairment loss [line items]
Effect of provision (reversal) for net realizable value	$ (95)	$ (180)

Recoverable and payable taxes_2

Recoverable and payable taxes (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Tax disclosure [Line Items]
Current assets	$ 862	$ 509
Non-current assets	935	1,091
Current liabilities	2,177	952
Value-added tax
Tax disclosure [Line Items]
Current assets	217	254
Non-current assets	11	179
Current liabilities	162	17
Brazilian federal contributions
Tax disclosure [Line Items]
Current assets	520	136
Non-current assets	511	458
Current liabilities	12	14
Income taxes.
Tax disclosure [Line Items]
Current assets	113	107
Non-current assets	413	454
Current liabilities	1,861	773
Financial compensation for the exploration of mineral resources - CFEM
Tax disclosure [Line Items]
Current liabilities	59	80
Others.
Tax disclosure [Line Items]
Current assets	12	12
Current liabilities	$ 83	$ 68

Recoverable and payable taxes -

Recoverable and payable taxes - Additional Information (Details) R$ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)lawsuit	Dec. 31, 2021BRL (R$)lawsuit	Dec. 31, 2020USD ($)	Dec. 31, 2020BRL (R$)
Recoverable and payable taxes
Number of lawsuits filed	2	2
Gain recognized in lawsuit	$ 145	R$ 808	$ 60	R$ 313
Additional gain recognized in lawsuit that covers the triggering events	$ 26	R$ 146

Other financial assets and li_3

Other financial assets and liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Other financial assets
Derivative financial instruments- current	$ 111	$ 134
Loans - Related parties - Current		195
Total other financial assets - Current	111	329
Restricted cash-noncurrent	117	38
Derivative financial instruments - Non-Current	20	66
Investments in equity securities -Non- Current	6	757
Loans - Related parties - Non Current		923
Total other financial assets - Non-Current	143	1,784
Other financial liabilities
Derivative financial instruments - Current	243	328
Loans - Related parties Current		490
Other financial liabilities - Related parties - Current	393	235
Liabilities related to the concession grant-Current	760	209
Contract liability - Current	566	644
Total other financial liabilities - Current	1,962	1,906
Derivative financial instruments - Non-Current	592	689
Loans - Related parties - Non-Current		895
Financial guarantees provided -Non current	542	877
Liabilities related to the concession grant-Non current	1,437	2,103
Total other financial liabilities - Non-Current	2,571	$ 4,564
Boston Electrometallurgical Company
Other financial assets
Investments in equity securities -Non- Current	$ 6
Other financial liabilities
% Noncontrolling interest	3.24%

Other financial assets and li_4

Other financial assets and liabilities - Investment in equity securities (Details) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)shares
Ifrs Statement [Line Items]
Proceeds from sale of investment	$ 1,259
Reclassification of the fair value adjustment reserve (nota 14a)	$ 522
Mosaic
Ifrs Statement [Line Items]
Number of shares held | shares	34.2
Proceeds from sale of investment	$ 1,259
Reclassification of the fair value adjustment reserve (nota 14a)	$ 522

Other financial assets and li_5

Other financial assets and liabilities - Liabilities related to the concession grant (Details) $ in Millions	Oct. 28, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)itemprojectkm
Ifrs Statement [Line Items]
Extension term for concessions		30 years
Liabilities related to the concession grant		$ 2,312	$ 2,196
Prepayment of part of concession agreements	$ 367
Financial guarantee coverage			$ 180
Concessions grants
Ifrs Statement [Line Items]
Extension term for concessions			30 years
Liabilities related to the concession grant		$ 542	$ 586
Discount rate		11.04%	11.04%
Midwest Integration Railway ("FICO")
Ifrs Statement [Line Items]
Liabilities related to the concession grant		$ 1,306	$ 1,206
Discount rate		2.59%	5.11%
Area to Be Constructed | km			383
Construction Period			6 years
Infrastructure program
Ifrs Statement [Line Items]
Liabilities related to the concession grant		$ 264	$ 342
Discount rate		3.08%	5.22%
Number of separate projects designed to improve safety and reduce trespass | project			450
Infrastructure program | Maximum
Ifrs Statement [Line Items]
Number of municipalities that will be benefited by program | item			33
Infrastructure program | Minimum
Ifrs Statement [Line Items]
Number of municipalities that will be benefited by program | item			25
West-East Integration Railway ("FIOL")
Ifrs Statement [Line Items]
Liabilities related to the concession grant		$ 200	$ 62
Discount rate		2.67%	5.75%

Investments in subsidiaries, _3

Investments in subsidiaries, associates and joint ventures - Guarantees provided (Details) $ in Millions	1 Months Ended					12 Months Ended
	Oct. 31, 2020USD ($)	Jun. 30, 2020	Dec. 31, 2019USD ($)segment	Aug. 31, 2019USD ($)	Jan. 31, 2019USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Investments in associates and joint ventures
Ownership interest in associate (as a percent)		14.90%
% Voting capital		44.30%
Investments in associates and joint ventures						$ 1,751	$ 2,031
Investments in equity securities - Non-Current			$ 2,798			1,751	2,031	$ 2,798
Equity results in income statement						494	(76)	253
Dividends received						190	173	353
Financial liabilities						4,796	5,307
Investment classified as held for sale and impairment						(377)
Non-controlling interests						$ 834	$ (923)
Sumitomo Metal Mining Co., Ltd
Investments in associates and joint ventures
Ownership interest in associate (as a percent)		20.00%
% Voting capital		15.00%
PT Indonesia Asahan Aluminium
Investments in associates and joint ventures
% Voting capital		59.30%
Cash consideration	$ 278
Non-controlling interests	$ 179
Divestment agreement PTVI
Investments in associates and joint ventures
Ownership interest in associate (as a percent)		5.10%
Minimum
Investments in associates and joint ventures
% Voting capital						20.00%
Maximum
Investments in associates and joint ventures
% Voting capital						50.00%
VLI
Investments in associates and joint ventures
Ownership interest in associate (as a percent)							8.00%
Gain from sale of interest in associate							$ 172
Associates
Investments in associates and joint ventures
Notional amount						$ 1,513	1,557
Joint ventures
Investments in associates and joint ventures
% Voting capital	50.00%
Financial liabilities						542	877
Joint ventures | Minimum
Investments in associates and joint ventures
Capital contribution	$ 110
Joint ventures | Maximum
Investments in associates and joint ventures
Capital contribution	$ 160
Ferrous Resources Limited
Investments in associates and joint ventures
% Voting capital				100.00%
Cash consideration				$ 525
New Steel Global N.v
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)					100.00%
Cash consideration					$ 496
Henan Longyu Energy Resources Co., Ltd.
Investments in associates and joint ventures
Gain from sale of interest in associate			$ 116
Henan Longyu Energy Resources Co., Ltd. | Henan Longyu Energy Resources Co., Ltd.
Investments in associates and joint ventures
% Voting capital			25.00%
Cash consideration			$ 156					156
Number of Coal Mines the Entity Operates | segment			2
Investment classified as held for sale and impairment			$ 163
Ferrous minerals
Investments in associates and joint ventures
Investments in associates and joint ventures						1,113	1,154
Equity results in income statement						166	50	254
Dividends received						$ 81	140	296
Ferrous minerals | VLI
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						$ 408	480
Equity results in income statement						$ (40)	(22)	1
Dividends received							2	9
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						$ 21	20
Equity results in income statement						4	1	4
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						$ 51	48
Equity results in income statement						46	8	48
Dividends received						$ 33	34	62
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						$ 38	43
Equity results in income statement						1	11	37
Dividends received						$ 7	27	50
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						$ 48	44
Equity results in income statement						40	10	30
Dividends received						$ 23	23	54
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						$ 129	121
Equity results in income statement						40	8	84
Dividends received						$ 8	32	92
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						$ 418	398
Equity results in income statement						75	34	50
Dividends received						$ 9	22	29
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%
Base metals
Investments in associates and joint ventures
Investments in associates and joint ventures						$ 17	18
Equity results in income statement						$ 1
Base metals | Korea Nickel Corp
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)						25.00%
% Voting capital						25.00%
Investments in associates and joint ventures						$ 17	18
Equity results in income statement						1
Others
Investments in associates and joint ventures
Investments in associates and joint ventures						621	859
Equity results in income statement						327	(126)	(1)
Dividends received						$ 109	33	57
Others | Mineracao Rio Grande do Norte S.A.
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)						40.00%
% Voting capital						40.00%
Investments in associates and joint ventures							71
Equity results in income statement						$ (5)	(3)	15
Dividends received							9
Others | Others
Investments in associates and joint ventures
Investments in associates and joint ventures						50	70
Equity results in income statement						$ (1)	(5)	(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
Equity results in income statement						53	28	31
Dividends received						$ 25	24	28
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						$ 105	117
Equity results in income statement						$ (4)	(8)	4
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
Equity results in income statement						$ 228	(7)	23
Dividends received						$ 84		29
Others | Companhia Siderurgica do Pecem
Investments in associates and joint ventures
Ownership interest in associate (as a percent)						50.00%
% Voting capital						50.00%
Investments in associates and joint ventures						$ 99
Equity results in income statement						$ 56	$ (131)	$ (69)

Investments in subsidiaries, _4

Investments in subsidiaries, associates and joint ventures - Changes in the year (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments in associates and joint ventures
Balance at the beginning	$ 2,031	$ 2,798
Additions and capitalizations (i)	42	131	$ 76
Equity results in income statement	494	(76)	253
Dividends declared	(228)	(128)
Translation adjustment	(128)	(542)
Reduction of investment in VLI		(131)
Transfer the equity results to discontinued operations (note 16a)	(26)	(43)
Transfer of CSI to assets held for sale (nota 16c)	(377)
Others	(57)	22
Balance at the end	1,751	2,031	$ 2,798
Associates
Investments in associates and joint ventures
Notional amount	$ 1,513	$ 1,557

Investments in subsidiaries, _5

Investments in subsidiaries, associates and joint ventures - Capital reduction (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Mar. 31, 2021	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Disclosure of associates [line items]
Capital reduction in foreign subsidiary approved			$ 3,000
Gain related to reclassification of cumulative translation adjustments of investment	$ 1,132		$ 2,413
Ownership interest held (as a percent)		14.90%
VLI
Disclosure of associates [line items]
Proceeds from sale of interest in associate				$ 241
Ownership interest sold (as a percent)				29.60%
Ownership interest held (as a percent)				8.00%
Gain from sale of interest in associate				$ 172
BNDESPar | VLI
Disclosure of associates [line items]
Ownership interest held (as a percent)				8.00%

Investments in subsidiaries, _6

Investments in subsidiaries, associates and joint ventures - Acquisitions and divestitures (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Disclosure of associates [line items]
Reclassification of cumulative translation adjustment to income statement		$ 4,749	$ 135
Gain related to reclassification of cumulative translation adjustments of investment	$ 1,132	2,413
Vale Shipping Holding Pte. Ltd.
Disclosure of associates [line items]
Reclassification of cumulative translation adjustment to income statement		771
VNC
Disclosure of associates [line items]
Assumed obligation to pay to buyers			$ 500
Amount disbursed		555
Additional loss		$ 98
Agreement term		13 years

Investments in subsidiaries, _7

Investments in subsidiaries, associates and joint ventures - Financial information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Investments in associates and joint ventures
Current assets	$ 22,360	$ 24,403
Non-current assets.	67,082	67,604
Total assets	89,442	92,007
Current liabilities	15,198	14,594
Non-current liabilities	38,938	42,592
Total liabilities	54,136	57,186
Stockholders' equity	35,306	34,821	$ 38,993	$ 44,832
Net revenue	54,502	39,545	36,549
Net income (loss)	$ 24,844	6,255	$ 439
Number of joint ventures in which Vale holds the majority of the voting capital | item	5
VLI
Investments in associates and joint ventures
Current assets	$ 494	614
Non-current assets.	3,550	3,737
Total assets	4,044	4,351
Current liabilities	580	607
Non-current liabilities	2,085	2,123
Total liabilities	2,665	2,729
Stockholders' equity	1,379	1,622
Net revenue	1,109	1,011
Net income (loss)	(136)	(59)
Alianca Geracao de Energia S.A.
Investments in associates and joint ventures
Current assets	112	138
Non-current assets.	824	711
Total assets	936	849
Current liabilities	46	48
Non-current liabilities	223	134
Total liabilities	269	182
Stockholders' equity	667	668
Net revenue	185	186
Net income (loss)	96	51
Alianca Norte Energia Participacoes S.A.
Investments in associates and joint ventures
Non-current assets.	206	229
Total assets	206	229
Stockholders' equity	206	229
Net income (loss)	(7)	(15)
California Steel Industries, Inc
Investments in associates and joint ventures
Current assets		336
Non-current assets.		344
Total assets		680
Current liabilities		63
Non-current liabilities		148
Total liabilities		211
Stockholders' equity		469
Net revenue		665
Net income (loss)		(14)
Companhia Siderurgica do Pecem
Investments in associates and joint ventures
Current assets	566	346
Non-current assets.	2,615	2,234
Total assets	3,181	2,581
Current liabilities	438	737
Non-current liabilities	2,545	2,623
Total liabilities	2,983	3,360
Stockholders' equity	198	(779)
Net revenue	2,242	1,176
Net income (loss)	891	(835)
Pelletizing
Investments in associates and joint ventures
Current assets	425	300
Non-current assets.	267	258
Total assets	692	558
Current liabilities	166	53
Non-current liabilities	1
Total liabilities	167	53
Stockholders' equity	525	504
Net revenue	396	104
Net income (loss)	250	73
MRS Logistica S.A.
Investments in associates and joint ventures
Current assets	497	412
Non-current assets.	1,910	1,701
Total assets	2,407	2,113
Current liabilities	447	389
Non-current liabilities	1,092	898
Total liabilities	1,539	1,286
Stockholders' equity	868	827
Net revenue	820	640
Net income (loss)	$ 155	70
Nacala Corridor Holding Netherlands B.V.
Investments in associates and joint ventures
Current assets		524
Non-current assets.		4,349
Total assets		4,874
Current liabilities		573
Non-current liabilities		4,684
Total liabilities		5,257
Stockholders' equity		(383)
Net revenue		611
Net income (loss)		$ (87)

Investments in subsidiaries, _8

Investments in subsidiaries, associates and joint ventures - Noncontrolling interest (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Summarized financial information
Non-current assets.	$ 67,082	$ 67,604
Total assets	89,442	92,007
Non-current liabilities	38,938	42,592
Total liabilities	54,136	57,186
Stockholders' equity	35,306	34,821	$ 38,993	$ 44,832
Equity attributable to non-controlling interests	834	(923)
Net income (loss)	22,468	4,531	(2,180)
Net income (loss) attributable to noncontrolling interests	23	(350)	(497)
Dividends paid to noncontrolling interests	$ 30	14	$ 184
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%
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%
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	$ 771	595
Non-current assets.	1,875	1,881
Related parties - Stockholders	82	61
Total assets	2,728	2,537
Current liabilities	174	162
Non-current liabilities	70	53
Total liabilities	244	215
Stockholders' equity	2,484	2,322
Equity attributable to non-controlling interests	1,383	1,292
Net income (loss)	198	84
Net income (loss) attributable to noncontrolling interests	110	35
Dividends paid to noncontrolling interests	$ 18
Vale International Holdings GmbH
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 Oman Distribution Center LLC
Summarized financial information
Ownership interest in subsidiary (as a percent)	100.00%
% Noncontrolling interest	0.00%
% Voting capital	100.00%
VNC
Summarized financial information
Current assets		2
Related parties - Stockholders		49
Total assets		51
Related parties - Stockholders		281
Total liabilities		281
Stockholders' equity		(230)
Equity attributable to non-controlling interests		(12)
Net income (loss)		(669)
Net income (loss) attributable to noncontrolling interests		(33)
Vale Mocambique S.A.
Summarized financial information
Current assets	$ 420	352
Non-current assets.	195	168
Related parties - Stockholders	6	29
Total assets	621	549
Current liabilities	224	341
Non-current liabilities	74	98
Related parties - Stockholders	12,072	12,185
Total liabilities	12,370	12,624
Stockholders' equity	(11,749)	(12,075)
Equity attributable to non-controlling interests	(587)	(2,330)
Net income (loss)	326	(1,804)
Net income (loss) attributable to noncontrolling interests	(85)	(348)
Other Subsidiaries With Material Non-controlling Interest Member
Summarized financial information
Equity attributable to non-controlling interests	(21)	68
Net income (loss) attributable to noncontrolling interests	$ (10)	(9)
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%
Current assets	$ 92	58
Non-current assets.	633	650
Related parties - Stockholders	25	47
Total assets	750	755
Current liabilities	97	37
Non-current liabilities	157	198
Related parties - Stockholders	296	325
Total liabilities	550	560
Stockholders' equity	200	195
Equity attributable to non-controlling interests	60	59
Net income (loss)	27	20
Net income (loss) attributable to noncontrolling interests	8	6
Dividends paid to noncontrolling interests	$ 12	$ 14

Non-current assets and liabil_3

Non-current assets and liabilities held for sales and discontinued operations (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets
Total assets	$ 89,442	$ 92,007
Liabilities
Total liabilities	54,136	$ 57,186
Held for sale and discontinued operations
Assets
Accounts receivable	11
Inventories	179
Taxes	381
Investments	377
Other assets	28
Total assets	976
Liabilities
Suppliers and contractors	120
Other liabilities	235
Total liabilities	355
Net non-current assets held for sale	621
Coal. | Discontinued operations
Assets
Inventories	167
Taxes	364
Other assets	21
Total assets	552
Liabilities
Suppliers and contractors	110
Other liabilities	232
Total liabilities	342
Net non-current assets held for sale	210
Manganese Held for sale
Assets
Accounts receivable	11
Inventories	12
Taxes	17
Other assets	1
Total assets	41
Liabilities
Suppliers and contractors	10
Other liabilities	3
Total liabilities	13
Net non-current assets held for sale	28
Other Assets Disposal Group Held For Sale
Assets
Investments	377
Other assets	6
Total assets	383
Liabilities
Net non-current assets held for sale	$ 383

Non-current assets and liabil_4

Non-current assets and liabilities held for sales and discontinued operations - Acquisition of non-controlling interest in Vale Mocambique (Details) - Jun. 22, 2021 - Discontinued operations - Vale Mocambique R$ in Millions, $ in Millions	USD ($)	BRL (R$)
Disclosures
Percentage of voting interest acquired	15.00%	15.00%
Loss due to negative reserves	$ 331	R$ 1666
Ownership interest in subsidiary (as a percent)	95.00%	95.00%

Non-current assets and liabil_5

Non-current assets and liabilities held for sales and discontinued operations - Business combinations - NLC (Details) - Discontinued operations - Nacala Logistics Corridor - USD ($) $ in Millions	Jun. 22, 2021	Dec. 31, 2021
Disclosures
Settlement of loans with third parties	$ 2,517
Percentage of voting interest acquired	50.00%
Loss on pre-existing relationship	$ (771)
Cash flow discount rate		11.60%

Non-current assets and liabil_6

Non-current assets and liabilities held for sales and discontinued operations - Fair values of identifiable assets acquired and liabilities assumed as a result of the acquisition (Details) - USD ($) $ in Millions	Jun. 22, 2021	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018
Disclosures
Cash and cash equivalents		$ (7,350)	$ (11,721)	$ (13,487)	$ (5,784)
Net cash outflow		$ 926
Discontinued operations | Nacala Logistics Corridor
Disclosures
Cash and cash equivalents	$ 172
Inventory, recoverable tax, and other assets	423
Intangible	2,219
Property, plant and equipment	1,363
Assumed liabilities	(158)
Net identifiable assets acquired	4,019
Fair value adjustments (i)	(1,590)
Total identifiable net assets at fair value	2,429
Pre-existing relationship (Loans receivable from NLC)	859
Loss on pre-existing relationship	(771)
Total identifiable net assets at fair value	2,517
Cash consideration	2,517
Cash and cash equivalents	(172)
Net cash outflow	2,345
Property, plant and equipment, fair value adjustments	441
Intangible assets, fair value adjustments	$ 791

Non-current assets and liabil_7

Non-current assets and liabilities held for sales and discontinued operations - Fair value adjustments and Binding agreement with Vulcan Minerals ("Vulcan") (Details) - USD ($) $ in Millions	Dec. 21, 2021	Dec. 31, 2021	Dec. 31, 2020
Disclosures
Reclassification of cumulative translation adjustment to income statement		$ 4,749	$ 135
Discontinued operations
Disclosures
Gain from disposals of non-current assets		$ 2,511
Discontinued operations | Vulcan Minerals
Disclosures
Receivable from coal net assets	$ 270
Royalty consideration, term	10 years
Reclassification of cumulative translation adjustment to income statement	$ 2,150

Non-current assets and liabil_8

Non-current assets and liabilities held for sales and discontinued operations - Net income and cash flows from discontinued operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net income from discontinued operations
Net operating revenue	$ 54,502	$ 39,545	$ 36,549
Cost of goods sold and services rendered	(21,729)	(17,564)	(19,312)
Operating expenses	(4,654)	(7,850)	(9,961)
Operating income	27,693	12,823	3,893
Financial Results, net	3,119	(4,813)	(3,393)
Equity results in associates and joint ventures	494	(76)	253
Income (loss) before income taxes	29,541	6,990	(156)
Loss from discontinued operations	(2,376)	(1,724)	(2,619)
Loss attributable to noncontrolling interests	(85)	(347)	(612)
Loss attributable to Vale's stockholders	(2,291)	(1,377)	(2,007)
Discontinued operations
Net income from discontinued operations
Net operating revenue	1,083	473	1,021
Cost of goods sold and services rendered	(1,386)	(1,475)	(1,875)
Operating expenses	(33)	(43)	(29)
Impairment and disposals of non-current assets	(3,282)	(935)	(1,691)
Operating income	(3,618)	(1,980)	(2,574)
Financial Results, net	447	2	(20)
Equity results in associates and joint ventures	(26)	(43)	(25)
Income (loss) before income taxes	(3,197)	(2,021)	(2,619)
Income taxes	821	297
Loss from discontinued operations	(2,376)	(1,724)	(2,619)
Loss attributable to noncontrolling interests	(85)	(347)	(612)
Loss attributable to Vale's stockholders	$ (2,291)	$ (1,377)	$ (2,007)

Non-current assets and liabil_9

Non-current assets and liabilities held for sales and discontinued operations - Reclassification of cumulative translation adjustments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosures
Reclassification of cumulative translation adjustment to income statement	$ 4,749	$ 135
Discontinued operations | Australia
Disclosures
Reclassification of cumulative translation adjustment to income statement	$ 424

Non-current assets and liabi_10

Non-current assets and liabilities held for sales and discontinued operations - Reclassification of cumulative translation adjustments - Cash flows of discontinued operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Loss before income taxes	$ 29,541	$ 6,990	$ (156)
Adjustments:
Net cash provided by (used in) operating activities	(316)	(1,055)	(637)
Investing activities
Net cash used in investing activities	(2,469)	(129)	(113)
Financing activities
Net cash used in financing activities	(13)	(15)	(14)
Discontinued operations
Operating activities
Loss before income taxes	(3,197)	(2,021)	(2,619)
Discontinued operations | Australia
Operating activities
Loss before income taxes	(3,197)	(2,021)	(2,619)
Adjustments:
Equity results in associates and joint ventures	26	43	25
Depreciation, amortization and depletion	69	19	237
Impairment and disposals of non-current assets	3,282	935	1,691
Financial Results, net	(447)	(2)	20
Increase (decrease) in assets and liabilities	(49)	(29)	9
Net cash provided by (used in) operating activities	(316)	(1,055)	(637)
Investing activities
Additions to property, plant, and equipment	(194)	(203)	(240)
Acquisition of NLC, net of cash	(2,345)
Others	70	74	127
Net cash used in investing activities	(2,469)	(129)	(113)
Financing activities
Payments	(13)	(15)	(14)
Net cash used in financing activities	(13)	(15)	(14)
Net cash used in discontinued operations	$ (2,798)	$ (1,199)	$ (764)

Non-current assets and liabi_11

Non-current assets and liabilities held for sales and discontinued operations - Manganese ferroalloys operations in Minas Gerais (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2021
Disclosures
Non-current assets held for sale	$ 976
Impairment and disposal of non-current assets	426	$ 1,308	$ 3,383
Vale Manganes S.A. | Discontinued operations
Disclosures
Non-current assets held for sale				$ 40
Impairment and disposal of non-current assets	$ 25

Non-current assets and liabi_12

Non-current assets and liabilities held for sales and discontinued operations - Other assets (Details) - Nucor Corporation - Discontinued operations - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Feb. 28, 2022	Dec. 31, 2021	Dec. 31, 2022
Disposal of California Steel Industries, Inc
Disclosures
Interest for sale in joint venture transferred	50.00%
Consideration received from the sale of interest in subsidiary	$ 437
Gain on sale of investment in joint venture including translation adjustment			$ 218
Gains on disposals of investments			57
Reclassification of cumulative translation adjustment to income statement			$ 161
California Steel Industries, Inc
Disclosures
Interest for sale in joint venture		50.00%

Intangibles - (Details)

Intangibles - (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Changes in intangibles
Balance at beginning of year	$ 9,296	$ 8,499
Additions	478	2,542
Disposals	(7)	(141)
Amortization	(275)	(201)
Acquisition of NLC	1,428
Impairment of discontinued operations	(1,422)
Translation adjustment	(487)	(1,403)
Balance at end of year	9,011	9,296
Goodwill
Changes in intangibles
Balance at beginning of year	3,298	3,629
Translation adjustment	(90)	(331)
Balance at end of year	3,208	3,298
Concessions
Changes in intangibles
Balance at beginning of year	5,391	3,970
Additions	431	2,513
Disposals	(7)	(7)
Amortization	(240)	(177)
Acquisition of NLC	1,428
Impairment of discontinued operations	(1,422)
Translation adjustment	(358)	(908)
Balance at end of year	5,223	5,391
Right of use
Changes in intangibles
Balance at beginning of year		140
Disposals		(134)
Amortization		(1)
Translation adjustment		(5)
Software
Changes in intangibles
Balance at beginning of year	76	76
Additions	47	29
Amortization	(35)	(23)
Translation adjustment	(2)	(6)
Balance at end of year	86	76
Research and development project and patents
Changes in intangibles
Balance at beginning of year	531	684
Translation adjustment	(37)	(153)
Balance at end of year	494	531
Gross carrying amount
Changes in intangibles
Balance at beginning of year	11,067
Balance at end of year	10,550	11,067
Gross carrying amount | Goodwill
Changes in intangibles
Balance at beginning of year	3,298
Balance at end of year	3,208	3,298
Gross carrying amount | Concessions
Changes in intangibles
Balance at beginning of year	6,393
Balance at end of year	6,332	6,393
Gross carrying amount | Right of use
Changes in intangibles
Balance at beginning of year	102
Balance at end of year		102
Gross carrying amount | Software
Changes in intangibles
Balance at beginning of year	743
Balance at end of year	516	743
Gross carrying amount | Research and development project and patents
Changes in intangibles
Balance at beginning of year	531
Balance at end of year	494	531
Accumulated amortization
Changes in intangibles
Balance at beginning of year	(1,771)
Balance at end of year	(1,539)	(1,771)
Accumulated amortization | Concessions
Changes in intangibles
Balance at beginning of year	(1,002)
Balance at end of year	(1,109)	(1,002)
Accumulated amortization | Right of use
Changes in intangibles
Balance at beginning of year	(102)
Balance at end of year		(102)
Accumulated amortization | Software
Changes in intangibles
Balance at beginning of year	(667)
Balance at end of year	$ (430)	$ (667)

Intangibles - Estimated useful

Intangibles - Estimated useful lives (Details)	12 Months Ended
	Dec. 31, 2021
Software
Estimated useful lives of intangibles
Useful life	5 years
Minimum | Concessions
Estimated useful lives of intangibles
Useful life	5 years
Minimum | Right of use
Estimated useful lives of intangibles
Useful life	22 years
Maximum | Concessions
Estimated useful lives of intangibles
Useful life	37 years
Maximum | Right of use
Estimated useful lives of intangibles
Useful life	31 years

Property, plant and equipment -

Property, plant and equipment - Movements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, plant and equipment
Balance at beginning of year	$ 41,148	$ 46,576
Additions (i)	5,501	4,295
Disposals	(192)	(228)
Assets retirement obligation	(57)	(568)
Depreciation, depletion and amortization	(2,626)	(2,746)
Acquisition of NLC	922
Impairment of discontinued operations	(130)	(642)
Transfers to non-current assets held for sale	(6)	(304)
Translation adjustment	(1,654)	(6,371)
Balance at end of year	41,931	41,148
Discontinued operations
Property, plant and equipment
Impairment of discontinued operations	(1,089)
Building and land
Property, plant and equipment
Balance at beginning of year	8,591	10,702
Disposals	(13)	(14)
Depreciation, depletion and amortization	(436)	(439)
Acquisition of NLC	235
Impairment of discontinued operations	(11)	(130)
Transfers to non-current assets held for sale	(2)	(66)
Translation adjustment	(412)	(1,664)
Transfers	416	202
Balance at end of year	8,137	8,591
Building and land | Discontinued operations
Property, plant and equipment
Impairment of discontinued operations	(231)
Facilities
Property, plant and equipment
Balance at beginning of year	7,591	9,604
Disposals	(32)	(92)
Depreciation, depletion and amortization	(475)	(469)
Acquisition of NLC	140
Impairment of discontinued operations	(7)	(162)
Transfers to non-current assets held for sale		(80)
Translation adjustment	(432)	(1,756)
Transfers	561	546
Balance at end of year	7,232	7,591
Facilities | Discontinued operations
Property, plant and equipment
Impairment of discontinued operations	(114)
Equipment
Property, plant and equipment
Balance at beginning of year	4,933	5,686
Disposals	(69)	(8)
Depreciation, depletion and amortization	(664)	(730)
Acquisition of NLC	102
Impairment of discontinued operations	(11)	(22)
Transfers to non-current assets held for sale	(1)	(3)
Translation adjustment	(130)	(644)
Transfers	669	654
Balance at end of year	4,743	4,933
Equipment | Discontinued operations
Property, plant and equipment
Impairment of discontinued operations	(86)
Mineral properties
Property, plant and equipment
Balance at beginning of year	8,054	8,261
Disposals	(2)	(13)
Assets retirement obligation	(57)	(568)
Depreciation, depletion and amortization	(450)	(459)
Impairment of discontinued operations	(21)	(81)
Transfers to non-current assets held for sale		(58)
Translation adjustment	(132)	(523)
Transfers	236	359
Balance at end of year	7,742	8,054
Railway equipment
Property, plant and equipment
Balance at beginning of year	2,523	3,241
Disposals	(9)	(5)
Depreciation, depletion and amortization	(166)	(186)
Acquisition of NLC	318
Translation adjustment	(167)	(759)
Transfers	152	232
Balance at end of year	2,334	2,523
Railway equipment | Discontinued operations
Property, plant and equipment
Impairment of discontinued operations	(317)
Right of use assets
Property, plant and equipment
Balance at beginning of year	1,563	1,692
Additions (i)	185	125
Depreciation, depletion and amortization	(171)	(173)
Acquisition of NLC	33
Impairment of discontinued operations	(13)
Translation adjustment	(27)	(81)
Balance at end of year	1,537	1,563
Right of use assets | Discontinued operations
Property, plant and equipment
Impairment of discontinued operations	(33)
Others
Property, plant and equipment
Balance at beginning of year	2,495	3,012
Disposals	(4)	(8)
Depreciation, depletion and amortization	(264)	(290)
Acquisition of NLC	2
Impairment of discontinued operations	(7)	(79)
Transfers to non-current assets held for sale		(1)
Translation adjustment	(99)	(392)
Transfers	365	253
Balance at end of year	2,484	2,495
Others | Discontinued operations
Property, plant and equipment
Impairment of discontinued operations	(4)
Constructions in progress
Property, plant and equipment
Balance at beginning of year	5,398	4,378
Additions (i)	5,316	4,170
Disposals	(63)	(88)
Acquisition of NLC	92
Impairment of discontinued operations	(60)	(168)
Transfers to non-current assets held for sale	(3)	(96)
Translation adjustment	(255)	(552)
Transfers	(2,399)	(2,246)
Balance at end of year	7,722	5,398
Constructions in progress | Discontinued operations
Property, plant and equipment
Impairment of discontinued operations	(304)
Gross carrying amount
Property, plant and equipment
Balance at beginning of year	71,687
Balance at end of year	73,226	71,687
Gross carrying amount | Building and land
Property, plant and equipment
Balance at beginning of year	15,135
Balance at end of year	14,937	15,135
Gross carrying amount | Facilities
Property, plant and equipment
Balance at beginning of year	11,690
Balance at end of year	11,560	11,690
Gross carrying amount | Equipment
Property, plant and equipment
Balance at beginning of year	10,680
Balance at end of year	10,770	10,680
Gross carrying amount | Mineral properties
Property, plant and equipment
Balance at beginning of year	17,072
Balance at end of year	17,036	17,072
Gross carrying amount | Railway equipment
Property, plant and equipment
Balance at beginning of year	3,853
Balance at end of year	3,717	3,853
Gross carrying amount | Right of use assets
Property, plant and equipment
Balance at beginning of year	1,966
Balance at end of year	2,014	1,966
Gross carrying amount | Others
Property, plant and equipment
Balance at beginning of year	5,893
Balance at end of year	5,470	5,893
Gross carrying amount | Constructions in progress
Property, plant and equipment
Balance at beginning of year	5,398
Balance at end of year	7,722	5,398
Accumulated amortization
Property, plant and equipment
Balance at beginning of year	(30,539)
Balance at end of year	(31,295)	(30,539)
Accumulated amortization | Building and land
Property, plant and equipment
Balance at beginning of year	(6,544)
Balance at end of year	(6,800)	(6,544)
Accumulated amortization | Facilities
Property, plant and equipment
Balance at beginning of year	(4,099)
Balance at end of year	(4,328)	(4,099)
Accumulated amortization | Equipment
Property, plant and equipment
Balance at beginning of year	(5,747)
Balance at end of year	(6,027)	(5,747)
Accumulated amortization | Mineral properties
Property, plant and equipment
Balance at beginning of year	(9,018)
Balance at end of year	(9,294)	(9,018)
Accumulated amortization | Railway equipment
Property, plant and equipment
Balance at beginning of year	(1,330)
Balance at end of year	(1,383)	(1,330)
Accumulated amortization | Right of use assets
Property, plant and equipment
Balance at beginning of year	(403)
Balance at end of year	(477)	(403)
Accumulated amortization | Others
Property, plant and equipment
Balance at beginning of year	(3,398)
Balance at end of year	$ (2,986)	$ (3,398)

Property, plant and equipment_2

Property, plant and equipment - Right-of-use assets (Leases) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Property, plant and equipment [member]
Right-of-use assets
Beginning balance	$ 1,563
Additions and contract modifications	218
Impairment	(13)
Impairment of discontinued operations (note 16a)	(33)
Depreciation	(171)
Translation adjustment	(27)
Ending balance	1,537
Ports
Right-of-use assets
Beginning balance	718
Additions and contract modifications	30
Impairment	(13)
Depreciation	(48)
Translation adjustment	(7)
Ending balance	680
Vessels
Right-of-use assets
Beginning balance	534
Depreciation	(42)
Ending balance	492
Pellets plants
Right-of-use assets
Beginning balance	131
Additions and contract modifications	130
Depreciation	(37)
Translation adjustment	(9)
Ending balance	215
Properties
Right-of-use assets
Beginning balance	112
Additions and contract modifications	8
Depreciation	(25)
Translation adjustment	(11)
Ending balance	84
Energy plants
Right-of-use assets
Beginning balance	56
Depreciation	(7)
Ending balance	49
Mining equipment and locomotives
Right-of-use assets
Beginning balance	12
Additions and contract modifications	50
Impairment of discontinued operations (note 16a)	(33)
Depreciation	(12)
Ending balance	$ 17

Property, plant and equipment_3

Property, plant and equipment - Estimated useful lives (Details)	12 Months Ended
	Dec. 31, 2021
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 | Vessels
Property, plant and equipment
Useful life	20 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	45 years
Maximum | Railway equipment
Property, plant and equipment
Useful life	37 years
Maximum | Vessels
Property, plant and equipment
Useful life	25 years
Maximum | Others
Property, plant and equipment
Useful life	50 years

Impairment and onerous contra_3

Impairment and onerous contracts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Impairment and onerous contracts
Goodwill.	$ 3,208
Base metals - nickel
Impairment and onerous contracts
Impairment loss	98	$ 882	$ 2,511
Non-current assets [Member]
Impairment and onerous contracts
Impairment loss	228	1,083	2,630
Onerous contracts.
Impairment and onerous contracts
Impairment loss	18		240
Disposals of non-current assets
Impairment and onerous contracts
Impairment loss	180	225	513
Impairment and disposals of non-current assets
Impairment and onerous contracts
Impairment loss	426	1,308	3,383
Base metals | VNC
Impairment and onerous contracts
Obligation to pay to the buyers		500
Several segments | Other assets.
Impairment and onerous contracts
Impairment loss	95	125	$ 119
Ferrous minerals
Impairment and onerous contracts
Impairment loss	25
Manganese
Impairment and onerous contracts
Impairment loss	$ 35	$ 76

Impairment and onerous contra_4

Impairment and onerous contracts - Ferrous Minerals (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2021
Impairment and onerous contracts
Goodwill.	$ 3,208
Impairment and disposal of non-current assets	426	$ 1,308	$ 3,383
Simoes Filho plant
Impairment and onerous contracts
Impairment and disposal of non-current assets		$ 76
Ferrous minerals
Impairment and onerous contracts
Consideration transferred				$ 40
Ferrous minerals | Simoes Filho plant
Impairment and onerous contracts
Impairment and disposal of non-current assets	$ 10

Impairment and onerous contra_5

Impairment and onerous contracts - Other assets (Details) R$ in Millions, $ in Millions	Dec. 31, 2021USD ($)	Dec. 31, 2021BRL (R$)	Dec. 31, 2019USD ($)
Midwest system
Disclosure of financial assets [line items]
Onerous contracts provision	$ 18	R$ 100	$ 240

Impairment and onerous contra_6

Impairment and onerous contracts - Impairment test for the goodwill (Details) $ in Millions	Dec. 31, 2021USD ($)
Disclosure of financial assets [line items]
Carrying Amount	$ 3,208
Ferrous minerals
Disclosure of financial assets [line items]
Carrying Amount	$ 1,278
Discount rate applied to cash flow projections	4.40%
Nickel CGU
Disclosure of financial assets [line items]
Carrying Amount	$ 1,930
Nickel CGU | Minimum
Disclosure of financial assets [line items]
Discount rate applied to cash flow projections	3.20%
Nickel CGU | Maximum
Disclosure of financial assets [line items]
Discount rate applied to cash flow projections	3.80%

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, 2021	Dec. 31, 2020
Financial instruments classification
Current assets	$ 111	$ 134
Non-current assets	20	66
Current liabilities	243	328
Non-current liabilities	592	689
Derivative financial assets (liabilities)	$ (704)	(817)
Percentage of risk estimate	95.00%
Derivatives not designated as hedge
Financial instruments classification
Current assets	$ 111	134
Non-current assets	20	66
Current liabilities	243	328
Non-current liabilities	592	689
Derivatives not designated as hedge | Others
Financial instruments classification
Current assets	13
Non-current assets		16
Derivative financial assets (liabilities)	13	(2)
Derivatives not designated as hedge | Foreign exchange and interest rate risk
Financial instruments classification
Current assets	62	7
Non-current assets	20	50
Current liabilities	214	251
Non-current liabilities	592	689
Derivative financial assets (liabilities)	(724)	(883)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | CDI & TJLP vs. USD fixed and floating rate swap
Financial instruments classification
Current liabilities	151	111
Non-current liabilities	440	525
Derivative financial assets (liabilities)	(591)	(636)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | IPCA swap
Financial instruments classification
Current assets	41	7
Non-current assets		38
Current liabilities	6	72
Non-current liabilities	113	100
Derivative financial assets (liabilities)	(78)	(127)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Eurobonds Swap
Financial instruments classification
Non-current assets		3
Current liabilities		4
Derivative financial assets (liabilities)		(1)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Pre dollar swap
Financial instruments classification
Current assets	20
Non-current assets	9	9
Current liabilities	57	63
Non-current liabilities	38	58
Derivative financial assets (liabilities)	(66)	(112)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Libor swap
Financial instruments classification
Current assets	1
Non-current assets	11
Current liabilities		1
Non-current liabilities	1	6
Derivative financial assets (liabilities)	11	(7)
Derivatives not designated as hedge | Commodities price risk
Financial instruments classification
Current assets	36	127
Current liabilities	29	59
Derivative financial assets (liabilities)	7	68
Derivatives not designated as hedge | Commodities price risk | Base metals products
Financial instruments classification
Derivative financial assets (liabilities)	1	(16)
Derivatives not designated as hedge | Commodities price risk | Gasoil Brent and Freight
Financial instruments classification
Derivative financial assets (liabilities)	6	84
Derivatives not designated as hedge | Commodities price risk | Nickel
Financial instruments classification
Current assets	28	30
Current liabilities	27	46
Derivatives not designated as hedge | Commodities price risk | Bunker oil, Gasoil and Brent
Financial instruments classification
Current assets	8	97
Current liabilities	2	13
Derivatives not designated as hedge | Others
Financial instruments classification
Current assets	13
Non-current assets		16
Current liabilities		18
Derivative financial assets (liabilities)	$ 13	(2)
Derivatives not designated as hedge | Others | Others
Financial instruments classification
Current liabilities		$ 18

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) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial instruments classification
Financial settlement inflows (outflows)	$ (197)	$ (34)	$ (324)
Net investments hedge
Financial instruments classification
Gain recognized in other comprehensive income	(118)	(578)	(74)
Cash flow hedge (Nickel and Palladium)
Financial instruments classification
Financial settlement inflows (outflows)	(67)
Gain recognized in other comprehensive income	3	(105)	102
Derivatives not designated as hedge
Financial instruments classification
Gain (loss) recognized in the income statement	(23)	(1,210)	244
Derivatives not designated as hedge | Other Options [Member]
Financial instruments classification
Gain (loss) recognized in the income statement	11	61	102
Financial settlement inflows (outflows)		68	21
Derivatives not designated as hedge | Foreign exchange and interest rate risk
Financial instruments classification
Gain (loss) recognized in the income statement	(159)	(1,147)	42
Financial settlement inflows (outflows)	(270)	(196)	(406)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | CDI & TJLP vs. USD fixed and floating rate swap
Financial instruments classification
Gain (loss) recognized in the income statement	(155)	(746)	(39)
Financial settlement inflows (outflows)	(142)	(141)	(381)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | IPCA swap
Financial instruments classification
Gain (loss) recognized in the income statement	28	(262)	118
Financial settlement inflows (outflows)	(18)		(28)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Eurobonds Swap
Financial instruments classification
Gain (loss) recognized in the income statement	(28)	28	(39)
Financial settlement inflows (outflows)	(29)	(6)	(5)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Pre dollar swap
Financial instruments classification
Gain (loss) recognized in the income statement	16	(7)
Financial settlement inflows (outflows)	(79)	(49)	8
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Libor swap
Financial instruments classification
Financial settlement inflows (outflows)	(2)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Euro forward
Financial instruments classification
Gain (loss) recognized in the income statement	(20)	(160)	2
Derivatives not designated as hedge | Commodities price risk
Financial instruments classification
Gain (loss) recognized in the income statement	125	(124)	100
Financial settlement inflows (outflows)	205	(198)	50
Derivatives not designated as hedge | Commodities price risk | Base metals products
Financial instruments classification
Financial settlement inflows (outflows)		8	48
Derivatives not designated as hedge | Commodities price risk | Gasoil Brent and Freight
Financial instruments classification
Gain (loss) recognized in the income statement	127	(134)	42
Financial settlement inflows (outflows)	205	(206)	2
Derivatives not designated as hedge | Commodities price risk | Nickel
Financial instruments classification
Gain (loss) recognized in the income statement	(2)	10	58
Derivatives designated as hedge
Financial instruments classification
Financial settlement inflows (outflows)	(132)	292	11
Derivatives designated as hedge | Nickel
Financial instruments classification
Financial settlement inflows (outflows)	(67)	292	11
Derivatives designated as hedge | Palladium
Financial instruments classification
Financial settlement inflows (outflows)	5
Derivatives designated as hedge | Coal
Financial instruments classification
Financial settlement inflows (outflows)	(70)
Derivatives designated as hedge | Other Derivative Risk [Member]
Financial instruments classification
Gain (loss) recognized in the income statement	11	$ 61	$ 102
Vale S.A. International
Financial instruments classification
Financial instruments designated as hedging instruments, at fair value	$ 2,097

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, € in Millions, R$ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2021BRL (R$)	Dec. 31, 2020BRL (R$)	Dec. 31, 2020EUR (€)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (197,000)	$ (34,000)	$ (324,000)
CDI vs US$ fixed rate swap
Derivative financial instruments.
Notional amount | R$					R$ 9445
Receivable | R$				R$ 8142
Payable	$ 1,906,000	2,213,000
Average receivable rate	100.40%			100.40%
Average payable rate	2.54%			2.54%
Fair value of liabilities	$ (461,000)	(473,000)
Financial settlement inflows (outflows)	(65,000)
Value at risk	40,000
CDI vs US$ fixed rate swap | 2022.
Derivative financial instruments.
Fair value of liabilities	(105,000)
CDI vs US$ fixed rate swap | 2023.
Derivative financial instruments.
Fair value of liabilities	(64,000)
CDI vs US$ fixed rate swap | 2022+
Derivative financial instruments.
Fair value of liabilities	(292,000)
TJLP vs. US$ fixed rate swap
Derivative financial instruments.
Notional amount | R$					1,651
Receivable | R$				R$ 1192
Payable	$ 320,000	460,000
Average receivable rate	1.10%			1.10%
Average payable rate	3.19%			3.19%
Fair value of liabilities	$ (130,000)	(163,000)
Financial settlement inflows (outflows)	(52,000)
Value at risk	6,000
TJLP vs. US$ fixed rate swap | 2022.
Derivative financial instruments.
Fair value of liabilities	(46,000)
TJLP vs. US$ fixed rate swap | 2023.
Derivative financial instruments.
Fair value of liabilities	(13,000)
TJLP vs. US$ fixed rate swap | 2022+
Derivative financial instruments.
Fair value of liabilities	(71,000)
RD fixed rate vs. USD fixed rate swap
Derivative financial instruments.
Notional amount | R$					2,512
Receivable | R$				R$ 5730
Payable	$ 1,084,000	621,000
Average receivable rate	3.82%			3.82%
Average payable rate	1.58%			1.58%
Fair value of liabilities	$ 62,000	(111,000)
Financial settlement inflows (outflows)	(87,000)
Value at risk	22,000
RD fixed rate vs. USD fixed rate swap | 2022.
Derivative financial instruments.
Fair value of liabilities	(51,000)
RD fixed rate vs. USD fixed rate swap | 2023.
Derivative financial instruments.
Fair value of liabilities	(6,000)
RD fixed rate vs. USD fixed rate swap | 2022+
Derivative financial instruments.
Fair value of liabilities	(5,000)
IPCA vs. USD fixed rate swap
Derivative financial instruments.
Notional amount | R$					2,363
Receivable | R$				R$ 1508
Payable	$ 373,000	622,000
Average receivable rate	4.54%			4.54%
Average payable rate	3.88%			3.88%
Fair value of liabilities	$ (118,000)	(173,000)
Financial settlement inflows (outflows)	(57,000)
Value at risk	8,000
IPCA vs. USD fixed rate swap | 2022.
Derivative financial instruments.
Fair value of liabilities	(5,000)
IPCA vs. USD fixed rate swap | 2023.
Derivative financial instruments.
Fair value of liabilities	(13,000)
IPCA vs. USD fixed rate swap | 2022+
Derivative financial instruments.
Fair value of liabilities	$ (100,000)
IPCA vs. CDI swap
Derivative financial instruments.
Notional amount | R$					694
Receivable | R$				R$ 769
Payable | R$				R$ 1350	550
Average receivable rate	6.63%			6.63%
Average payable rate	98.76%			98.76%
Fair value of liabilities	$ 40,000	45,000
Financial settlement inflows (outflows)	7,000
IPCA vs. CDI swap | 2022.
Derivative financial instruments.
Fair value of liabilities	$ 40,000
EUR fixed rate vs. US$ fixed rate swap
Derivative financial instruments.
Notional amount | €						€ 500
Payable		613,000
Average receivable rate	0.00%			0.00%
Average payable rate	0.00%			0.00%
Fair value of liabilities		(1,000)
Financial settlement inflows (outflows)	$ (29,000)
Forward
Derivative financial instruments.
Payable | R$				R$ 6013	R$ 916
Average payable rate	5.57%			5.57%
Fair value of liabilities	$ (4,000)	$ (1,000)
Financial settlement inflows (outflows)	15,000
Value at risk	20,000
Forward | 2022.
Derivative financial instruments.
Fair value of liabilities	15,000
Forward | 2023.
Derivative financial instruments.
Fair value of liabilities	(9,000)
Forward | 2022+
Derivative financial instruments.
Fair value of liabilities	$ (10,000)

Financial and capital risk ma_6

Financial and capital risk management - Protection program for Libor floating interest rate US denominated debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (197)	$ (34)	$ (324)
Cash flow hedge (Nickel and Palladium)
Derivative financial instruments.
Financial settlement inflows (outflows)	(67)
Value at risk	23
Cash flow hedge (Nickel and Palladium) | 2022.
Derivative financial instruments.
Fair value of liabilities	(26)
EUR fixed rate vs. USD fixed rate swap
Derivative financial instruments.
Receivable	950	950
Payable	$ 950	950
Average receivable rate	0.13%
Average payable rate	0.48%
Fair value of liabilities	$ 11	$ (7)
Financial settlement inflows (outflows)	(1)
Value at risk	2
EUR fixed rate vs. USD fixed rate swap | 2022.
Derivative financial instruments.
Fair value of liabilities	1
EUR fixed rate vs. USD fixed rate swap | 2023.
Derivative financial instruments.
Fair value of liabilities	8
EUR fixed rate vs. USD fixed rate swap | 2022+
Derivative financial instruments.
Fair value of liabilities	$ 2

Financial and capital risk ma_7

Financial and capital risk management - Cash flow hedge and Protection program for product prices and input costs (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)oz$ / R$$ / T$ / ozTbbl	Dec. 31, 2020USD ($)ozTbbl	Dec. 31, 2019USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (197)	$ (34)	$ (324)
Cash flow hedge (Nickel and Palladium)
Derivative financial instruments.
Fair value of assets	(26)	$ (18)
Financial settlement inflows (outflows)	(67)
Value at risk	23
Cash flow hedge (Nickel and Palladium) | 2022.
Derivative financial instruments.
Fair value of liabilities	$ (26)
Forwards contract - Bunker Oil - bought
Derivative financial instruments.
Notional amount (bbl) | bbl	(330)	1,625
Average strike per ton | $ / R$	23,650
Fair value of liabilities	$ 1	$ 4
Financial settlement inflows (outflows)	30
Forwards contract - Bunker Oil - bought | 2022.
Derivative financial instruments.
Fair value of liabilities	$ 1
Call options - Bunker Oil -bought
Derivative financial instruments.
Notional amount (bbl) | bbl	(762,000)	13,746,945
Average strike per ton | $ / R$	81
Fair value of liabilities	$ 7	$ 92
Financial settlement inflows (outflows)	175
Value at risk	1
Call options - Bunker Oil -bought | 2022.
Derivative financial instruments.
Fair value of liabilities	$ 7
Put options - Bunker Oil - sold
Derivative financial instruments.
Notional amount (bbl) | bbl	(762,000)	13,746,945
Average strike per ton | $ / R$	55
Fair value of liabilities	$ (2)	$ (12)
Put options - Bunker Oil - sold | 2022.
Derivative financial instruments.
Fair value of liabilities	(2)
Brent crude oil purchase cash flows protection program
Derivative financial instruments.
Fair value of assets	25	$ (1)
Financial settlement inflows (outflows)	5
Value at risk	17
Brent crude oil purchase cash flows protection program | 2022.
Derivative financial instruments.
Fair value of liabilities	$ 25
Call options - Brent Crude Oil -bought
Derivative financial instruments.
Notional amount (t oz) | oz	44,228	7,200
Average strike per barrel | $ / oz	3,370
Fair value of assets	$ (1)	$ (1)
Value at risk	2
Call options - Brent Crude Oil -bought | 2022.
Derivative financial instruments.
Fair value of liabilities	$ (1)
Put options - Brent Crude Oil - sold
Derivative financial instruments.
Notional amount (t oz) | oz	44,228	7,200
Average strike per barrel | $ / oz	2,436
Fair value of assets	$ 26
Financial settlement inflows (outflows)	5
Value at risk	15
Put options - Brent Crude Oil - sold | 2022.
Derivative financial instruments.
Fair value of liabilities	26
Call Option -SPE - Brought
Derivative financial instruments.
Fair value of liabilities	13	$ 18
Value at risk	2
Call Option -SPE - Brought | 2022+.
Derivative financial instruments.
Fair value of liabilities	13
EUR fixed rate vs. USD fixed rate swap
Derivative financial instruments.
Fair value of liabilities	11	$ (7)
Financial settlement inflows (outflows)	(1)
Value at risk	2
EUR fixed rate vs. USD fixed rate swap | 2022.
Derivative financial instruments.
Fair value of liabilities	1
Call options - Nickel Revenue Hedging - Sold
Derivative financial instruments.
Notional amount (ton) | T		58,620
Fair value of assets		$ (46)
Financial settlement inflows (outflows)	$ (67)
Put options - Nickel Revenue Hedging - Bought
Derivative financial instruments.
Notional amount (ton) | T		58,620
Fair value of assets		$ 28
Forward - Nickel Revenue Hedging - Sold
Derivative financial instruments.
Notional amount (ton) | T	39,575
Average strike per ton | $ / T	20,008
Fair value of assets	$ (26)
Value at risk	23
Forward - Nickel Revenue Hedging - Sold | 2022.
Derivative financial instruments.
Fair value of liabilities	(26)
Forward
Derivative financial instruments.
Fair value of liabilities	(4)	(1)
Financial settlement inflows (outflows)	15
Value at risk	20
Forward | 2022.
Derivative financial instruments.
Fair value of liabilities	15
EUR fixed rate vs. US$ fixed rate swap
Derivative financial instruments.
Fair value of liabilities		$ (1)
Financial settlement inflows (outflows)	(29)
Metallurgical Coal Revenue Hedge Program
Derivative financial instruments.
Financial settlement inflows (outflows)	(8)
Thermal coal revenue Hedge Program
Derivative financial instruments.
Financial settlement inflows (outflows)	(61)
New Castle Thermal coal revenue Hedge Program
Derivative financial instruments.
Financial settlement inflows (outflows)	(43)
API4 Thermal coal revenue Hedge Program
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (18)

Financial and capital risk ma_8

Financial and capital risk management - Embedded derivatives in contracts (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)R$ / sharesEquityInstrumentsitemT	Dec. 31, 2020USD ($)EquityInstrumentsT	Dec. 31, 2019USD ($)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ (197)	$ (34)	$ (324)
Call Option -SPE - Brought
Derivative financial instruments.
Notional | EquityInstruments	137,751,623	137,751,623
Average strike rate per share | item	3.12
Fair value of liabilities	$ 13	$ 18
Value at risk	2
Call Option -SPE - Brought | 2022+.
Derivative financial instruments.
Fair value of liabilities	$ 13
Embedded derivatives - Nickel forwards
Derivative financial instruments.
Notional | T	4,269	1,497
Average strike rate per share | item	19,817
Fair value of liabilities	$ (1)	$ 2
Value at risk	2
Embedded derivatives - Nickel forwards | 2022+.
Derivative financial instruments.
Fair value of liabilities	$ (1)
Embedded derivatives - Copper forwards
Derivative financial instruments.
Notional | T	1,603	1,009
Average strike rate per share | item	9,571
Minimum return guarantee on part of the stake in an associate sold to investment fund - Put options - sold
Derivative financial instruments.
Fair value of liabilities		$ (19)
Fixed price sales protection (ton) - Nickel forwards - Bought
Derivative financial instruments.
Notional | T	342
Average strike rate per share | item	16,284
Fair value of liabilities	$ 1
Financial settlement inflows (outflows)	2
Fixed price sales protection (ton) - Nickel forwards - Bought | 2022+.
Derivative financial instruments.
Fair value of liabilities	$ 1
Hedge program for products acquisition for resale (tons) - Nickel forwards - sold
Derivative financial instruments.
Notional | EquityInstruments	1,206
Average strike rate per share | R$ / shares	20,055
Fair value of liabilities	$ (1)
Financial settlement inflows (outflows)	1
Value at risk	1
Hedge program for products acquisition for resale (tons) - Nickel forwards - sold | 2022+.
Derivative financial instruments.
Fair value of liabilities	$ (1)
Embedded - Call options - sold
Derivative financial instruments.
Notional | EquityInstruments	729,571	746,667
Average strike rate per share | item	233
Fair value of liabilities	$ (1)
Financial settlement inflows (outflows)	3
Value at risk	1
Embedded - Call options - sold | 2022+.
Derivative financial instruments.
Fair value of liabilities	(1)
EUR fixed rate vs. US$ fixed rate swap
Derivative financial instruments.
Fair value of liabilities		$ (1)
Financial settlement inflows (outflows)	$ (29)

Financial and capital risk ma_9

Financial and capital risk management - Sensitivity analysis of derivative financial instruments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Scenario II
Derivative financial instruments.
Percentage of deterioration of risk variables	25.00%
Scenario III
Derivative financial instruments.
Percentage of deterioration of risk variables	50.00%
CDI vs US$ fixed rate swap
Derivative financial instruments.
Fair value of liabilities	$ (461)	$ (473)
CDI vs US$ fixed rate swap | 2022.
Derivative financial instruments.
Fair value of liabilities	(105)
CDI vs US$ fixed rate swap | 2023.
Derivative financial instruments.
Fair value of liabilities	(64)
CDI vs US$ fixed rate swap | 2022+
Derivative financial instruments.
Fair value of liabilities	(292)
CDI vs US$ fixed rate swap | R$ depreciation
Derivative financial instruments.
Fair value of liabilities	(461)
CDI vs US$ fixed rate swap | R$ depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(945)
CDI vs US$ fixed rate swap | R$ depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(1,429)
CDI vs US$ fixed rate swap | US$ interest rate inside Brazil decrease
Derivative financial instruments.
Fair value of liabilities	(461)
CDI vs US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(493)
CDI vs US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(526)
CDI vs US$ fixed rate swap | Brazilian interest rate increase
Derivative financial instruments.
Fair value of liabilities	(461)
CDI vs US$ fixed rate swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(497)
CDI vs US$ fixed rate swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(534)
TJLP vs. US$ fixed rate swap
Derivative financial instruments.
Fair value of liabilities	(130)	(163)
TJLP vs. US$ fixed rate swap | 2022.
Derivative financial instruments.
Fair value of liabilities	(46)
TJLP vs. US$ fixed rate swap | 2023.
Derivative financial instruments.
Fair value of liabilities	(13)
TJLP vs. US$ fixed rate swap | 2022+
Derivative financial instruments.
Fair value of liabilities	(71)
TJLP vs. US$ fixed rate swap | R$ depreciation
Derivative financial instruments.
Fair value of liabilities	(129)
TJLP vs. US$ fixed rate swap | R$ depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(204)
TJLP vs. US$ fixed rate swap | R$ depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(279)
TJLP vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease
Derivative financial instruments.
Fair value of liabilities	(129)
TJLP vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(132)
TJLP vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(136)
TJLP vs. US$ fixed rate swap | Brazilian interest rate increase
Derivative financial instruments.
Fair value of liabilities	(129)
TJLP vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(139)
TJLP vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(147)
TJLP vs. US$ fixed rate swap | TJLP interest rate decrease
Derivative financial instruments.
Fair value of liabilities	(129)
TJLP vs. US$ fixed rate swap | TJLP interest rate decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(135)
TJLP vs. US$ fixed rate swap | TJLP interest rate decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(140)
RD fixed rate vs. USD fixed rate swap
Derivative financial instruments.
Fair value of liabilities	62	(111)
RD fixed rate vs. USD fixed rate swap | 2022.
Derivative financial instruments.
Fair value of liabilities	(51)
RD fixed rate vs. USD fixed rate swap | 2023.
Derivative financial instruments.
Fair value of liabilities	(6)
RD fixed rate vs. USD fixed rate swap | 2022+
Derivative financial instruments.
Fair value of liabilities	(5)
RD fixed rate vs. USD fixed rate swap | R$ depreciation
Derivative financial instruments.
Fair value of liabilities	(63)
RD fixed rate vs. USD fixed rate swap | R$ depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(324)
RD fixed rate vs. USD fixed rate swap | R$ depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(585)
RD fixed rate vs. USD fixed rate swap | US$ interest rate inside Brazil decrease
Derivative financial instruments.
Fair value of liabilities	(63)
RD fixed rate vs. USD fixed rate swap | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(73)
RD fixed rate vs. USD fixed rate swap | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(83)
RD fixed rate vs. USD fixed rate swap | Brazilian interest rate increase
Derivative financial instruments.
Fair value of liabilities	(63)
RD fixed rate vs. USD fixed rate swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(103)
RD fixed rate vs. USD fixed rate swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(139)
IPCA vs. USD fixed rate swap
Derivative financial instruments.
Fair value of liabilities	(118)	(173)
IPCA vs. USD fixed rate swap | 2022.
Derivative financial instruments.
Fair value of liabilities	(5)
IPCA vs. USD fixed rate swap | 2023.
Derivative financial instruments.
Fair value of liabilities	(13)
IPCA vs. USD fixed rate swap | 2022+
Derivative financial instruments.
Fair value of liabilities	(100)
IPCA vs. USD fixed rate swap | R$ depreciation
Derivative financial instruments.
Fair value of liabilities	(118)
IPCA vs. USD fixed rate swap | R$ depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(216)
IPCA vs. USD fixed rate swap | R$ depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(315)
IPCA vs. USD fixed rate swap | US$ interest rate inside Brazil decrease
Derivative financial instruments.
Fair value of liabilities	(118)
IPCA vs. USD fixed rate swap | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(124)
IPCA vs. USD fixed rate swap | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(132)
IPCA vs. USD fixed rate swap | Brazilian interest rate increase
Derivative financial instruments.
Fair value of liabilities	(118)
IPCA vs. USD fixed rate swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(135)
IPCA vs. USD fixed rate swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(153)
IPCA vs. USD fixed rate swap | IPCA index decrease
Derivative financial instruments.
Fair value of liabilities	(118)
IPCA vs. USD fixed rate swap | IPCA index decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(127)
IPCA vs. USD fixed rate swap | IPCA index decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(136)
IPCA vs CDI swap | Brazilian interest rate increase
Derivative financial instruments.
Fair value of assets	41
IPCA vs CDI swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of assets	39
IPCA vs CDI swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of assets	36
IPCA vs CDI swap | IPCA index decrease
Derivative financial instruments.
Fair value of assets	41
IPCA vs CDI swap | IPCA index decrease | Scenario I
Derivative financial instruments.
Fair value of assets	40
IPCA vs CDI swap | IPCA index decrease | Scenario II
Derivative financial instruments.
Fair value of assets	38
US$ floating rate vs. US$ fixed rate swap | USD Libor decrease
Derivative financial instruments.
Fair value of liabilities	11
US$ floating rate vs. US$ fixed rate swap | USD Libor decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	3
US$ floating rate vs. US$ fixed rate swap | USD Libor decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(5)
Protected item: Libor US$ indexed debt | USD Libor decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(3)
Protected item: Libor US$ indexed debt | USD Libor decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	5
NDF | R$ depreciation
Derivative financial instruments.
Fair value of liabilities	(4)
NDF | R$ depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(245)
NDF | R$ depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(487)
NDF | US$ interest rate inside Brazil decrease
Derivative financial instruments.
Fair value of liabilities	(4)
NDF | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(11)
NDF | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(17)
NDF | Brazilian interest rate increase
Derivative financial instruments.
Fair value of assets	(4)
NDF | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of assets	(29)
NDF | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of assets	(52)
IPCA vs CDI swap: R$ denominated debt linked to IPCA | IPCA index decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(40)
IPCA vs CDI swap: R$ denominated debt linked to IPCA | IPCA index decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(38)
EUR fixed rate vs. USD fixed rate swap
Derivative financial instruments.
Fair value of liabilities	11	$ (7)
EUR fixed rate vs. USD fixed rate swap | 2022.
Derivative financial instruments.
Fair value of liabilities	1
EUR fixed rate vs. USD fixed rate swap | 2023.
Derivative financial instruments.
Fair value of liabilities	8
EUR fixed rate vs. USD fixed rate swap | 2022+
Derivative financial instruments.
Fair value of liabilities	2
Bunker Oil protection - Forwards and options | Bunker Oil price decrease
Derivative financial instruments.
Fair value of liabilities	5
Bunker Oil protection - Forwards and options | Bunker Oil price decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(4)
Bunker Oil protection - Forwards and options | Bunker Oil price decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(14)
Protected item: Part of costs linked to bunker oil prices | Bunker Oil price decrease | Scenario I
Derivative financial instruments.
Fair value of assets	4
Protected item: Part of costs linked to bunker oil prices | Bunker Oil price decrease | Scenario II
Derivative financial instruments.
Fair value of assets	14
Maritime Freight protection - Forwards | Freight price decrease
Derivative financial instruments.
Fair value of assets	1
Maritime Freight protection - Forwards | Freight price decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(1)
Maritime Freight protection - Forwards | Freight price decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(3)
Protected item: Part of costs linked to maritime freight prices | Freight price decrease | Scenario I
Derivative financial instruments.
Fair value of assets	1
Protected item: Part of costs linked to maritime freight prices | Freight price decrease | Scenario II
Derivative financial instruments.
Fair value of assets	3
Nickel sales fixed price protection - Forwards | Nickel price decrease
Derivative financial instruments.
Fair value of liabilities	1
Nickel sales fixed price protection - Forwards | Nickel price decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(2)
Nickel Revenue Hedging Program - Option | Nickel price increase
Derivative financial instruments.
Fair value of liabilities	(26)
Nickel Revenue Hedging Program - Option | Nickel price increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(233)
Nickel Revenue Hedging Program - Option | Nickel price increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(440)
Protected item: Part of nickel revenues with fixed prices | Nickel price fluctuation | Scenario II
Derivative financial instruments.
Fair value of assets	2
Palladium Revenue Hedging Program - Options | Palladium price increase
Derivative financial instruments.
Fair value of assets	25
Palladium Revenue Hedging Program - Options | Palladium price increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	10
Palladium Revenue Hedging Program - Options | Palladium price increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(2)
Protected item: Part of palladium future revenues | Palladium price increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(10)
Protected item: Part of palladium future revenues | Palladium price increase | Scenario II
Derivative financial instruments.
Fair value of assets	2
Option - SPCs | Iron ore price decrease
Derivative financial instruments.
Fair value of assets	13
Option - SPCs | Iron ore price decrease | Scenario I
Derivative financial instruments.
Fair value of assets	3
Embedded derivatives-Raw material purchase (nickel) | Nickel price increase | Scenario I
Derivative financial instruments.
Fair value of assets	(1)
Embedded derivatives-Raw material purchase (nickel) | Nickel price increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(22)
Embedded derivatives-Raw material purchase (nickel) | Nickel price increase | Scenario III
Derivative financial instruments.
Fair value of liabilities	(44)
Embedded derivatives-Raw material purchase (copper) | Copper price increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(4)
Embedded derivatives-Raw material purchase (copper) | Copper price increase | Scenario III
Derivative financial instruments.
Fair value of liabilities	(8)
Embedded derivatives-Gas purchase | Pellet price increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(1)
Embedded derivatives-Gas purchase | Pellet price increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(2)
Embedded derivatives-Gas purchase | Pellet price increase | Scenario III
Derivative financial instruments.
Fair value of liabilities	(3)
Hedge Program for Products Acquisition for Resale Forwards [Member] | Nickel price increase
Derivative financial instruments.
Fair value of liabilities	(1)
Hedge Program for Products Acquisition for Resale Forwards [Member] | Nickel price increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(5)
Hedge Program for Products Acquisition for Resale Forwards [Member] | Nickel price increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(11)
Hedge Program for Products Acquisition for Resale Protected Item [Member] | Nickel price increase | Scenario I
Derivative financial instruments.
Fair value of assets	5
Hedge Program for Products Acquisition for Resale Protected Item [Member] | Nickel price increase | Scenario II
Derivative financial instruments.
Fair value of assets	11
Nickel Revenue Hedging Program Protected item Part of nickel revenues with fixed sales prices | Nickel price increase | Scenario I
Derivative financial instruments.
Fair value of assets	233
Nickel Revenue Hedging Program Protected item Part of nickel revenues with fixed sales prices | Nickel price increase | Scenario II
Derivative financial instruments.
Fair value of assets	$ 440

Financial and capital risk m_10

Financial and capital risk management - Financial instruments, except for accounts receivable (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of external credit grades [line items]
Financial assets	$ 17,293	$ 22,632
Revolving credit facilities
Disclosure of external credit grades [line items]
Notional amount	5,000
Revolving credit facilities due 2024
Disclosure of external credit grades [line items]
Notional amount	3,000
Revolving Credit facilities Due March 2026
Disclosure of external credit grades [line items]
Notional amount	2,000
Cash And Cash Equivalents Current [Member ]
Disclosure of external credit grades [line items]
Financial assets	11,721	13,487
Short-term investments
Disclosure of external credit grades [line items]
Financial assets	184	771
Restricted cash
Disclosure of external credit grades [line items]
Financial assets	117	38
Judicial deposits
Disclosure of external credit grades [line items]
Financial assets	1,220	1,268
Derivative financial instruments
Disclosure of external credit grades [line items]
Financial assets	131	200
Investments in equity securities
Disclosure of external credit grades [line items]
Financial assets	6	757
Related Parties Noncurrent [Member]
Disclosure of external credit grades [line items]
Financial assets		1,118
Financial instruments, except for accounts receivable
Disclosure of external credit grades [line items]
Financial assets	$ 13,379	$ 17,639

Financial and capital risk m_11

Financial and capital risk management - Financial counterparties' ratings (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Cash and cash equivalents
Disclosure of external credit grades [line items]
Credit exposure	$ 11,905	$ 14,258
Cash and cash equivalents | Aa1
Disclosure of external credit grades [line items]
Credit exposure	128	92
Cash and cash equivalents | Aa2
Disclosure of external credit grades [line items]
Credit exposure	285	363
Cash and cash equivalents | Aa3
Disclosure of external credit grades [line items]
Credit exposure	495	1,147
Cash and cash equivalents | A1
Disclosure of external credit grades [line items]
Credit exposure	1,145	2,574
Cash and cash equivalents | A2
Disclosure of external credit grades [line items]
Credit exposure	3,478	4,760
Cash and cash equivalents | A3
Disclosure of external credit grades [line items]
Credit exposure	1,518	540
Cash and cash equivalents | Baa1
Disclosure of external credit grades [line items]
Credit exposure	90	4
Cash and cash equivalents | Baa2
Disclosure of external credit grades [line items]
Credit exposure	10	2
Cash and cash equivalents | Ba2
Disclosure of external credit grades [line items]
Credit exposure	2,763	2,932
Cash and cash equivalents | Ba3
Disclosure of external credit grades [line items]
Credit exposure	1,988	1,842
Cash and cash equivalents | Others
Disclosure of external credit grades [line items]
Credit exposure	5	2
Derivative financial instruments
Disclosure of external credit grades [line items]
Credit exposure	131	200
Derivative financial instruments | Aa2
Disclosure of external credit grades [line items]
Credit exposure	15	14
Derivative financial instruments | Aa3
Disclosure of external credit grades [line items]
Credit exposure	34	37
Derivative financial instruments | A1
Disclosure of external credit grades [line items]
Credit exposure	3	21
Derivative financial instruments | A2
Disclosure of external credit grades [line items]
Credit exposure	39	55
Derivative financial instruments | A3
Disclosure of external credit grades [line items]
Credit exposure	20	40
Derivative financial instruments | Ba2
Disclosure of external credit grades [line items]
Credit exposure	5	2
Derivative financial instruments | Ba3
Disclosure of external credit grades [line items]
Credit exposure		4
Derivative financial instruments | Others
Disclosure of external credit grades [line items]
Credit exposure	$ 15	$ 27

Financial assets and liabilit_3

Financial assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Financial instruments classification
Total current financial assets	$ 15,930	$ 19,580
Total noncurrent financial assets	1,363	3,052
Total of financial assets	17,293	22,632
Total current financial liabilities	6,641	7,629
Total noncurrent financial liabilities	18,568	21,868
Total of financial liabilities	25,209	29,497
Amortized cost
Financial instruments classification
Total current financial liabilities	6,398	7,301
Total noncurrent financial liabilities	14,015	16,889
Total of financial liabilities	20,413	24,190
At fair value through net income
Financial instruments classification
Total current financial liabilities	243	328
Total noncurrent financial liabilities	4,553	4,979
Total of financial liabilities	4,796	5,307
Amortized cost
Financial instruments classification
Total current financial assets	12,424	18,181
Total noncurrent financial assets	1,337	2,229
Total of financial assets	13,761	20,410
At fair value through OCI
Financial instruments classification
Total noncurrent financial assets	6	757
Total of financial assets	6	757
At fair value through profit or loss
Financial instruments classification
Total current financial assets	3,506	1,399
Total noncurrent financial assets	20	66
Total of financial assets	3,526	1,465
Cash and cash equivalents
Financial instruments classification
Total current financial assets	11,721	13,487
Total of financial assets	11,721	13,487
Cash and cash equivalents | Amortized cost
Financial instruments classification
Total current financial assets	11,721	13,487
Short-term investments
Financial instruments classification
Total current financial assets	184	771
Total of financial assets	184	771
Short-term investments | At fair value through profit or loss
Financial instruments classification
Total current financial assets	184	771
Accounts receivable
Financial instruments classification
Total current financial assets	3,914	4,993
Accounts receivable | Amortized cost
Financial instruments classification
Total current financial assets	703	4,499
Accounts receivable | At fair value through profit or loss
Financial instruments classification
Total current financial assets	3,211	494
Related Parties Current [Member]
Financial instruments classification
Total current financial assets		195
Related Parties Current [Member] | Amortized cost
Financial instruments classification
Total current financial assets		195
Judicial deposits
Financial instruments classification
Total noncurrent financial assets	1,220	1,268
Total of financial assets	1,220	1,268
Derivative financial instruments
Financial instruments classification
Total current financial assets	111	134
Total noncurrent financial assets	20	66
Total of financial assets	131	200
Total current financial liabilities	243	328
Derivative financial instruments | At fair value through net income
Financial instruments classification
Total current financial liabilities	243	328
Derivative financial instruments | At fair value through profit or loss
Financial instruments classification
Total current financial assets	111	134
Total noncurrent financial assets	20	66
Restricted cash
Financial instruments classification
Total noncurrent financial assets	117	38
Total of financial assets	117	38
Dividends payable
Financial instruments classification
Total current financial liabilities		1,220
Investments in equity securities
Financial instruments classification
Total noncurrent financial assets	6	757
Total of financial assets	6	757
Investments in equity securities | At fair value through OCI
Financial instruments classification
Total noncurrent financial assets	6	757
Related parties
Financial instruments classification
Total noncurrent financial assets		923
Total of financial assets		1,118
Related parties | Amortized cost
Financial instruments classification
Total noncurrent financial assets		923
Suppliers and contractors
Financial instruments classification
Total current financial liabilities	3,475	3,367
Suppliers and contractors | Amortized cost
Financial instruments classification
Total current financial liabilities	3,475	3,367
Derivative financial instruments
Financial instruments classification
Total noncurrent financial liabilities	592	689
Liabilities related to the concession grant
Financial instruments classification
Total current financial liabilities	760	209
Total noncurrent financial liabilities	1,437	2,103
Liabilities related to the concession grant | Amortized cost
Financial instruments classification
Total noncurrent financial liabilities	1,437	2,103
Loans and borrowings
Financial instruments classification
Total current financial liabilities	1,204	1,136
Loans and borrowings | Amortized cost
Financial instruments classification
Total current financial liabilities	1,204	1,136
Related Parties Current [Member]
Financial instruments classification
Total current financial liabilities		490
Loans and borrowings
Financial instruments classification
Total noncurrent financial liabilities	12,578	13,891
Loans and borrowings | Amortized cost
Financial instruments classification
Total noncurrent financial liabilities	12,578	13,891
Related parties
Financial instruments classification
Total noncurrent financial liabilities		895
Related parties | Amortized cost
Financial instruments classification
Total noncurrent financial liabilities		895
Other financial liabilities
Financial instruments classification
Total current financial liabilities	393	235
Other financial liabilities | Amortized cost
Financial instruments classification
Total current financial liabilities	393	235
Participative stockholders' debentures
Financial instruments classification
Total noncurrent financial liabilities	3,419	3,413
Participative stockholders' debentures | At fair value through net income
Financial instruments classification
Total noncurrent financial liabilities	3,419	3,413
Financial guarantees
Financial instruments classification
Total noncurrent financial liabilities	542	877
Financial guarantees | At fair value through net income
Financial instruments classification
Total noncurrent financial liabilities	542	877
Contract Liability
Financial instruments classification
Total current financial liabilities	$ 566	$ 644

Financial assets and liabilit_4

Financial assets and liabilities - Hierarchy of fair value (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Financial instruments classification
Financial assets	$ 3,532	$ 2,222
Financial liabilities	4,796	5,307
Level 1
Financial instruments classification
Financial assets	190	1,528
Level 2
Financial instruments classification
Financial assets	3,329	676
Financial liabilities	4,796	5,288
Level 3
Financial instruments classification
Financial assets	13	18
Financial liabilities		19
Derivative financial instruments
Financial instruments classification
Financial liabilities	835	1,017
Derivative financial instruments | Level 2
Financial instruments classification
Financial liabilities	835	998
Derivative financial instruments | Level 3
Financial instruments classification
Financial liabilities		19
Participative stockholders' debentures
Financial instruments classification
Financial liabilities	3,419	3,413
Participative stockholders' debentures | Level 2
Financial instruments classification
Financial liabilities	3,419	3,413
Financial guarantees
Financial instruments classification
Financial liabilities	542	877
Financial guarantees | Level 2
Financial instruments classification
Financial liabilities	542	877
Short-term investments
Financial instruments classification
Financial assets	184	771
Short-term investments | Level 1
Financial instruments classification
Financial assets	184	771
Accounts receivable
Financial instruments classification
Financial assets	3,211	494
Accounts receivable | Level 2
Financial instruments classification
Financial assets	3,211	494
Derivative financial instruments
Financial instruments classification
Financial assets	131	200
Derivative financial instruments | Level 2
Financial instruments classification
Financial assets	118	182
Derivative financial instruments | Level 3
Financial instruments classification
Financial assets	13	18
Investments in equity securities
Financial instruments classification
Financial assets	6	757
Investments in equity securities | Level 1
Financial instruments classification
Financial assets	$ 6	$ 757

Financial assets and liabilit_5

Financial assets and liabilities - Changes in Level 3 assets and liabilities - (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Disclosure of detailed information about borrowings [line items]
Financial assets at beginning of period	$ 92,007
Financial assets at end of period	89,442
Financial liabilities at beginning of period	57,186
Financial liabilities at end of period	54,136
Level 3
Disclosure of detailed information about borrowings [line items]
Financial assets at beginning of period	18
Gain and losses recognized in income statement	(7)
Translation adjustments	2
Financial assets at end of period	13
Financial liabilities at beginning of period	19
Gain and losses recognized in income statement	(16)
Settlements, fair value measurement, liabilities	$ (3)
Financial liabilities at end of period

Financial assets and liabilit_6

Financial assets and liabilities - Loans and financing (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Loans and financing	$ 13,782	$ 15,027
Debt contracts in the international markets
Disclosure of detailed information about borrowings [line items]
Loans and financing	12,180	13,360
Gross carrying amount
Disclosure of detailed information about borrowings [line items]
Loans and financing	12,022	13,159
Gross carrying amount | US$
Disclosure of detailed information about borrowings [line items]
Loans and financing	3,615	3,225
Gross carrying amount | EUR
Disclosure of detailed information about borrowings [line items]
Loans and financing	87
Gross carrying amount | Other currencies
Disclosure of detailed information about borrowings [line items]
Loans and financing	107	120
Gross carrying amount | TJLP, TR, IPCA, IGP-M and CDI
Disclosure of detailed information about borrowings [line items]
Loans and financing	354	860
Gross carrying amount | Fixed rate
Disclosure of detailed information about borrowings [line items]
Loans and financing	13	34
Gross carrying amount | LIBOR | Basket of currencies and US$
Disclosure of detailed information about borrowings [line items]
Loans and financing	11	56
Gross carrying amount | Bonds
Disclosure of detailed information about borrowings [line items]
Loans and financing	7,448	7,448
Gross carrying amount | Eurobonds
Disclosure of detailed information about borrowings [line items]
Loans and financing		920
Gross carrying amount | Debentures
Disclosure of detailed information about borrowings [line items]
Loans and financing	387	496
Fair value
Disclosure of detailed information about borrowings [line items]
Loans and financing	13,400	15,866
Fair value | US$
Disclosure of detailed information about borrowings [line items]
Loans and financing	3,231	3,278
Fair value | EUR
Disclosure of detailed information about borrowings [line items]
Loans and financing	54
Fair value | Other currencies
Disclosure of detailed information about borrowings [line items]
Loans and financing	117	134
Fair value | TJLP, TR, IPCA, IGP-M and CDI
Disclosure of detailed information about borrowings [line items]
Loans and financing	449	857
Fair value | Fixed rate
Disclosure of detailed information about borrowings [line items]
Loans and financing		35
Fair value | LIBOR | Basket of currencies and US$
Disclosure of detailed information about borrowings [line items]
Loans and financing	11	56
Fair value | Bonds
Disclosure of detailed information about borrowings [line items]
Loans and financing	9,151	10,025
Fair value | Eurobonds
Disclosure of detailed information about borrowings [line items]
Loans and financing		985
Fair value | Debentures
Disclosure of detailed information about borrowings [line items]
Loans and financing	$ 387	$ 496

Participative stockholders' d_2

Participative stockholders' debentures (Details) R$ / shares in Units, R$ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)shares	Dec. 31, 2021BRL (R$)	Dec. 31, 2021BRL (R$)R$ / sharesshares	Dec. 31, 2020USD ($)	Dec. 31, 2020BRL (R$)R$ / shares
Participative stockholders' debentures
Number of debentures issued | shares	388,559,056		388,559,056
Remuneration paid to the participative stockholders debentures	$ 225	R$ 1244
Average Price Per Debenture | R$ / shares			R$ 49.10		R$ 45.65
Expense Related To Debenture	716	R$ 3691
Liability Related To Debenture	3,419		R$ 19078	$ 3,413	R$ 17737
Participative Stockholders Debentures | $	$ 3,419			$ 3,413

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, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Loans and borrowings
Leases	$ 1,602	$ 1,667
Total of loans, borrowings and leases	13,782	15,027
Cash and cash equivalents	11,721	13,487	$ 7,350	$ 5,784
Short-term investments	184	771
Net debt (cash)	1,877	769
Debt contracts in the international markets
Loans and borrowings
Total of loans, borrowings and leases	$ 12,180	$ 13,360

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, 2021	Dec. 31, 2020
R$
Cash and cash equivalents
Cash and cash equivalents	$ 6,714	$ 2,849
US$
Cash and cash equivalents
Cash and cash equivalents	4,769	10,195
Other currencies
Cash and cash equivalents
Cash and cash equivalents	$ 238	$ 443

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, 2021	Dec. 31, 2020
Loans and borrowings
Current debt, accrued charges	$ 158	$ 201
Current debt	1,030	887
Non-current	$ 11,150	12,473
US$
Loans and borrowings
Average cost (as a percent)	2.93%
Quoted in the secondary market | Bonds
Loans and borrowings
Borrowings, interest rate	6.01%
Non-current debt, before accrued charges	$ 7,448	7,448
Quoted in the secondary market | Eurobonds
Loans and borrowings
Borrowings, interest rate	4.29%
Non-current debt, before accrued charges		920
Quoted in the secondary market | Debentures
Loans and borrowings
Borrowings, interest rate	10.48%
Current debt, before accrued charges	$ 186	107
Non-current debt, before accrued charges	$ 201	389
Debt contract in Brazil | TJLP, TR, IPCA, IGP-M and CDI | R$
Loans and borrowings
Borrowings, interest rate	9.29%
Current debt, before accrued charges	$ 95	320
Non-current debt, before accrued charges	$ 259	540
Debt contract in Brazil | LIBOR
Loans and borrowings
Borrowings, interest rate	2.32%
Current debt, before accrued charges	$ 11	45
Non-current debt, before accrued charges		11
Debt contract in Brazil | Fixed rate | R$
Loans and borrowings
Borrowings, interest rate	2.86%
Current debt, before accrued charges	$ 12	20
Non-current debt, before accrued charges	$ 1	14
Debt contracts in the international markets | US$
Loans and borrowings
Borrowings, interest rate	2.24%
Current debt, before accrued charges	$ 479	182
Non-current debt, before accrued charges	$ 3,136	3,044
Debt contracts in the international markets | Other currencies
Loans and borrowings
Borrowings, interest rate	4.10%
Current debt, before accrued charges	$ 77
Non-current debt, before accrued charges	$ 10
Debt contracts in the international markets | Fixed rate | Other currencies
Loans and borrowings
Borrowings, interest rate	3.36%
Current debt, before accrued charges	$ 12	12
Non-current debt, before accrued charges	$ 95	$ 107

Loans, borrowings, leases, ca_6

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Debt payments (Details) $ in Millions	Dec. 31, 2021USD ($)
Loans and borrowings
Principal	$ 12,022
Estimated future interest payments	6,390
2022
Loans and borrowings
Principal	872
Estimated future interest payments	600
2023
Loans and borrowings
Principal	289
Estimated future interest payments	564
2024.
Loans and borrowings
Principal	2,004
Estimated future interest payments	539
2025.
Loans and borrowings
Principal	145
Estimated future interest payments	510
Between 2026 and 2029
Loans and borrowings
Principal	2,455
Estimated future interest payments	2,049
2031 onwards
Loans and borrowings
Principal	6,257
Estimated future interest payments	$ 2,128

Loans, borrowings, leases, ca_7

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Funding (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Premium paid on early redemption of debt security	$ 63	$ 265
Borrowings	$ 13,782		$ 15,027

Loans, borrowings, leases, ca_8

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Loans and borrowings
Loans and borrowings at beginning of the period	$ 13,360
Additions	930
Repayments	(1,927)	$ (6,064)	$ (5,417)
Interest paid	693
Cash flow from financing activities	(1,690)
Effect of exchange rate	(140)
Interest accretion	650
Non-cash changes	510
Loans and borrowings at end of the period	12,180	13,360
Expenses with the redemption	63		$ 265
Expenses with redemption of bonds	63
Quoted in the secondary market
Loans and borrowings
Loans and borrowings at beginning of the period	9,046
Additions	0
Repayments	(922)
Interest paid	501
Cash flow from financing activities	(1,423)
Effect of exchange rate	(118)
Interest accretion	469
Non-cash changes	351
Loans and borrowings at end of the period	7,974	9,046
Debt contract in Brazil
Loans and borrowings
Loans and borrowings at beginning of the period	959
Repayments	(373)
Interest paid	117
Cash flow from financing activities	(490)
Effect of exchange rate	(199)
Interest accretion	110
Non-cash changes	(89)
Loans and borrowings at end of the period	380	959
Debt contracts in the international markets
Loans and borrowings
Loans and borrowings at beginning of the period	3,355
Additions	930
Repayments	(632)
Interest paid	75
Cash flow from financing activities	223
Effect of exchange rate	177
Interest accretion	71
Non-cash changes	248
Loans and borrowings at end of the period	$ 3,826	$ 3,355

Loans, borrowings, leases, ca_9

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Funding and repayments (Details) € in Millions, $ in Millions	1 Months Ended					12 Months Ended
	Dec. 31, 2021USD ($)	Oct. 31, 2021USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2021EUR (€)	Jan. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2021EUR (€)	Dec. 31, 2019USD ($)
Disclosure of detailed information about borrowings [line items]
Loans and borrowings from third-parties						$ 930
Premium paid on early redemption of debt security						$ 63		$ 265
3.75% bonds
Disclosure of detailed information about borrowings [line items]
Interest rate on bonds	3.75%		3.75%	3.75%		3.75%	3.75%
Amount of bond redeemed			$ 886	€ 750		$ 884	€ 750
Premium paid on early redemption of debt security			$ 63			$ 63
New Development Bank
Disclosure of detailed information about borrowings [line items]
Loans and borrowings from third-parties					$ 300
Commercial bank and Japanese development bank
Disclosure of detailed information about borrowings [line items]
Loans and borrowings from third-parties	$ 280	$ 350

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Lease Liabilities Rollforward Abstract
Beginning balance	$ 1,667
Additions and contact modifications	238
Payment	(228)
Interest	68
Transfer to held for sale	(91)
Translation adjustment	(52)
Ending balance	1,602	$ 1,667
Variable lease payments not included in the measurement of lease liabilities	395	63	$ 560
Ports
Disclosure Of Lease Liabilities Rollforward Abstract
Beginning balance	743
Additions and contact modifications	30
Payment	(75)
Interest	28
Translation adjustment	(13)
Ending balance	713	743
Vessels
Disclosure Of Lease Liabilities Rollforward Abstract
Beginning balance	533
Payment	(65)
Interest	21
Ending balance	489	533
Pellets plants
Disclosure Of Lease Liabilities Rollforward Abstract
Beginning balance	137
Additions and contact modifications	130
Payment	(40)
Interest	7
Translation adjustment	(9)
Ending balance	225	137
Properties
Disclosure Of Lease Liabilities Rollforward Abstract
Beginning balance	142
Additions and contact modifications	8
Payment	(28)
Interest	5
Transfer to held for sale	(2)
Translation adjustment	(22)
Ending balance	103	142
Energy plants
Disclosure Of Lease Liabilities Rollforward Abstract
Beginning balance	62
Payment	(8)
Interest	5
Ending balance	59	62
Mining equipment and locomotives
Disclosure Of Lease Liabilities Rollforward Abstract
Beginning balance	50
Additions and contact modifications	70
Payment	(12)
Interest	2
Transfer to held for sale	(89)
Translation adjustment	(8)
Ending balance	13	$ 50
Coal
Disclosure Of Lease Liabilities Rollforward Abstract
Interest	5
Nacala Logistics Corridor
Disclosure Of Lease Liabilities Rollforward Abstract
Additions and contact modifications	$ 53

Loans, borrowings, leases, c_11

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Annual minimum payments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	$ 2,068
2022.
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	223
2023.
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	194
2024
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	187
2025
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	176
2026 onwards
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	1,288
Ports
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	$ 995
Ports | Minimum
Disclosure of maturity analysis of operating lease payments [line items]
Average Remaining Term	4 years
Ports | Maximum
Disclosure of maturity analysis of operating lease payments [line items]
Average Remaining Term	21 years
Ports | 2022.
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	$ 66
Ports | 2023.
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	63
Ports | 2024
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	63
Ports | 2025
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	62
Ports | 2026 onwards
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	741
Vessels
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	$ 590
Vessels | Minimum
Disclosure of maturity analysis of operating lease payments [line items]
Average Remaining Term	3 years
Vessels | Maximum
Disclosure of maturity analysis of operating lease payments [line items]
Average Remaining Term	11 years
Vessels | 2022.
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	$ 64
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
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	59
Vessels | 2026 onwards
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	345
Pellets plants
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	$ 277
Pellets plants | Minimum
Disclosure of maturity analysis of operating lease payments [line items]
Average Remaining Term	2 years
Pellets plants | Maximum
Disclosure of maturity analysis of operating lease payments [line items]
Average Remaining Term	11 years
Pellets plants | 2022.
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	$ 48
Pellets plants | 2023.
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	41
Pellets plants | 2024
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	39
Pellets plants | 2025
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	39
Pellets plants | 2026 onwards
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	110
Properties
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	$ 112
Properties | Minimum
Disclosure of maturity analysis of operating lease payments [line items]
Average Remaining Term	2 years
Properties | Maximum
Disclosure of maturity analysis of operating lease payments [line items]
Average Remaining Term	9 years
Properties | 2022.
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	$ 35
Properties | 2023.
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	20
Properties | 2024
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	18
Properties | 2025
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	9
Properties | 2026 onwards
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	30
Energy plants
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	$ 80
Average Remaining Term	8 years
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
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	6
Energy plants | 2026 onwards
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	55
Mining equipment and locomotives
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	$ 14
Mining equipment and locomotives | Minimum
Disclosure of maturity analysis of operating lease payments [line items]
Average Remaining Term	2 years
Mining equipment and locomotives | Maximum
Disclosure of maturity analysis of operating lease payments [line items]
Average Remaining Term	6 years
Mining equipment and locomotives | 2022.
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	$ 3
Mining equipment and locomotives | 2023.
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	2
Mining equipment and locomotives | 2024
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	1
Mining equipment and locomotives | 2025
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	1
Mining equipment and locomotives | 2026 onwards
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	$ 7

Loans, borrowings, leases, c_12

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Discount rates (Details)	Dec. 31, 2021
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	4.00%
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	5.00%
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	7.00%

Loans, borrowings, leases, c_13

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Guarantees (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Vale Overseas Limited
Disclosure of detailed information about borrowings [line items]
Loans and borrowings, secured by property, plant and equipment	$ 82	$ 176

Loans, borrowings, leases, c_14

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Policy (Details)	12 Months Ended
	Dec. 31, 2021
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. 25, 2019kmindividual
Brumadinho dam failure
Tailings released extension (in km)	315
Number of fatalities or presumed fatalities	270
Number of victims missing | individual	6

Brumadinho dam failure - De-cha

Brumadinho dam failure - De-characterization of the upstream dams (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Provisions.
Balance at the beginning	$ 4,522
Balance at the end	4,580	$ 4,522
Expense incurred in relation to Brumadinho event		510
Brumadinho event.
Provisions.
Balance at the beginning	4,575
Operating expense	851
Disbursements	(1,898)
Translation adjustment	(320)
Balance at the end	3,537	4,575
Present value adjustment	329
Global Settlement for Brumadinho
Provisions.
Operating expense	340
Global Settlement for Brumadinho | Brumadinho event.
Provisions.
Balance at the beginning	3,989
Monetary and present value adjustments	340
Disbursements	(1,056)
Translation adjustment	(289)
Balance at the end	2,984	3,989
Present value adjustment	$ 170	$ 5
Discount rate	8.08%	5.92%
Provision for individual indemnification and other commitments | Brumadinho event.
Provisions.
Balance at the beginning	$ 586
Operating expense	201
Monetary and present value adjustments	(11)
Disbursements	(192)
Translation adjustment	(31)
Balance at the end	553	$ 586
Incurred expenses | Brumadinho event.
Provisions.
Operating expense	650
Disbursements	$ (650)

Brumadinho dam failure - Global

Brumadinho dam failure - Global Settlement for Brumadinho (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Provisions.
Liabilities	$ 2,984	$ 3,989
Current liabilities	883	1,561
Non-current liabilities	2,101	2,428
Global Settlement for Brumadinho
Provisions.
Impact on the income statement	340
Provision for socio-economic reparation and others
Provisions.
Liabilities	852	860
Provision for social and environmental reparation
Provisions.
Liabilities	705	786
Payment obligations
Provisions.
Liabilities	$ 1,427	$ 2,343

Brumadinho dam failure - Cash s

Brumadinho dam failure - Cash settlement obligation (Details) R$ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2021BRL (R$)	Oct. 31, 2021USD ($)	Oct. 31, 2021BRL (R$)
Global Settlement for Brumadinho
Provisions.
Income transfer program, amount paid			$ 777	R$ 4383
Payment obligations
Provisions.
Present value of the semiannual fixed payments obligation	$ 1,427	R$ 7964
Period for payments of semiannual fixed payments obligation	5 years

Brumadinho dam failure - Provis

Brumadinho dam failure - Provision for socio-economic reparation and others and provision for social and environmental reparation (Details)	12 Months Ended
	Dec. 31, 2021
Provision for socio-economic reparation and others
Provisions.
Project average term	5 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) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Provisions.
Provision	$ 4,580	$ 4,522
Geotechnical safety of the remaining structures
Provisions.
Provision	317	267
Individual indemnification
Provisions.
Provision	$ 115	$ 179

Brumadinho dam failure - Contin

Brumadinho dam failure - Contingencies and other legal matters (Details) $ in Thousands, R$ in Millions	Nov. 14, 2021plaintiff	Dec. 31, 2021USD ($)	Dec. 31, 2021BRL (R$)
Collective Labor Civil Action
Contingencies
Initial sentence condemning to pay per fatal victim		$ 180	R$ 1
U.S. Securities putative class action suit
Contingencies
Number of Plaintiffs filed new complaint	8

Brumadinho dam failure - Arbitr

Brumadinho dam failure - Arbitration proceedings in Brazil filed by minority stockholders and a class association (Details) - 12 months ended Dec. 31, 2021 R$ in Millions, $ in Millions	USD ($)stockholderitem	BRL (R$)stockholderitem
Arbitration proceedings in Brazil filed by minority stockholders and a class association
Contingencies
Number of arbitration filed by minority stockholders	1	1
Number of minority stockholders who filled one arbitration | stockholder	385	385
Number of arbitration filed by class association allegedly representing all minority stockholders	2	2
Number of arbitration filed by foreign investment funds	3	3
Total number of proceedings	6	6
Arbitration proceedings in Brazil filed by minority stockholders and a class association, proceeding one
Contingencies
Estimated losses on legal proceedings	$ 323	R$ 1800
Arbitration proceedings in Brazil filed by minority stockholders and a class association, proceeding two
Contingencies
Estimated losses on legal proceedings	$ 700	R$ 3900

Brumadinho dam failure - Crimin

Brumadinho dam failure - Criminal proceedings and investigations (Details)	Dec. 31, 2021individual
Criminal lawsuit
Disclosure of contingent liabilities [line items]
Number of individuals charged	16

Brumadinho dam failure - Insura

Brumadinho dam failure - Insurance (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Brumadinho event.
Disclosure of contingent liabilities [line items]
Compensation received	$ 19

Liabilities related to associ_3

Liabilities related to associates and joint ventures - Changes on the provisions (Details) R$ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2021BRL (R$)	Dec. 31, 2020USD ($)
Events with significant effect on the income statement
Balance at the beginning	$ 4,522
Balance at the end	4,580		$ 4,522
Current liabilities	15,198		14,594
Non-current liabilities	38,938		42,592
Total liabilities	54,136		57,186
Fundao dam rupture and de-characterization of germano dam
Events with significant effect on the income statement
Balance at the beginning	2,074		1,700
Additional provision	1,700		1,095
Disbursements	(392)		(394)
Present value valuation	(91)		64
Translation adjustment	(179)		(391)
Balance at the end	3,112		2,074
Current liabilities	1,785		876
Non-current liabilities	1,327		1,198
Total liabilities	3,112		2,074
Samarco
Events with significant effect on the income statement
Additional provision	1,519	R$ 8476
Current liabilities	10,902		8,370
Non-current liabilities	7,040		6,385
Total liabilities	$ 17,942		$ 14,755

Liabilities related to associ_4

Liabilities related to associates and joint ventures - Summarized financial information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments in associates and joint ventures
Current assets	$ 22,360	$ 24,403
Non-current assets.	67,082	67,604
Total assets	89,442	92,007
Current liabilities	15,198	14,594
Non-current liabilities	38,938	42,592
Total liabilities	54,136	57,186
Negative reserves	35,306	34,821	$ 38,993	$ 44,832
Loss for the year ended	24,844	6,255	$ 439
Samarco
Investments in associates and joint ventures
Current assets	561	87
Non-current assets.	2,921	4,582
Total assets	3,482	4,669
Current liabilities	10,902	8,370
Non-current liabilities	7,040	6,385
Total liabilities	17,942	14,755
Negative reserves	(14,460)	(10,086)
Loss for the year ended	$ (3,208)	$ (1,160)

Liabilities related to associ_5

Liabilities related to associates and joint ventures - Additional Information (Details) R$ in Millions, $ in Millions	1 Months Ended			12 Months Ended
	Oct. 31, 2020USD ($)	Oct. 31, 2020BRL (R$)	Sep. 30, 2019employee	Dec. 31, 2021USD ($)	Dec. 31, 2021BRL (R$)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Framework agreement
Other provisions				$ 4,580		$ 4,522
Equity results and other results in associates and joint ventures				(1,271)		(1,020)	$ (656)
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	$ 27,500	R$ 155000
Samarco
Framework agreement
Provision				1,519	R$ 8476
Expenses incurred and considered as part of the Company's uncertain tax positions				426	R$ 2376
Proceeds from debt used for working capital				21		166
Equity results and other results in associates and joint ventures				33		17
De-characterization of Germano dam
Framework agreement
Provision				202		221
Fundacao Renova
Framework agreement
Provision				1,699
Other provisions				$ 2,910		$ 1,853
Dam failure of Samarco | Samarco
Framework agreement
Number of employees in criminal proceedings | employee			1

Provision for de-characteriza_3

Provision for de-characterization of dam structures and asset retirement obligations - De-characterization of dam structures located in Brazil (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Provisions.
Losses related to operational stoppage and idle capacity		$ 1,725
De-characterization of dam structures located in Brazil
Provisions.
Additional provision	$ 1,725	$ 1,725	$ 617
Term for de-characterization of projects		15 years
Losses related to operational stoppage and idle capacity		$ 376	$ 634
De-characterization of dam structures located in Brazil | Minimum
Provisions.
Discount rate (in percent)			3.50%
De-characterization of dam structures located in Brazil | Maximum
Provisions.
Discount rate (in percent)		5.48%

Provision for de-characteriza_4

Provision for de-characterization of dam structures and asset retirement obligations - Changes in the provisions (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Provisions.
Balance at the beginning		$ 4,522
Balance at the end	$ 4,580	4,580	$ 4,522
Current liabilities	1,045	1,045	1,664
Non-current liabilities	3,419	3,419	4,113
Liabilities	4,580	4,580	4,522
De-characterization of dam structures located in Brazil
Provisions.
Balance at the beginning		2,289	2,489
Additional provision	1,725	1,725	617
Disbursements		(338)	(293)
Present value valuation		(36)	36
Translation adjustment		(117)	(560)
Balance at the end	3,523	3,523	2,289
Current liabilities	451	451	381
Non-current liabilities	3,072	3,072	1,908
Liabilities	$ 3,523	$ 3,523	$ 2,289

Provision for de-characteriza_5

Provision for de-characterization of dam structures and asset retirement obligations - Asset retirement obligations and environmental obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Provisions.
Other provisions	$ 4,580	$ 4,522
Asset retirement obligations and environmental obligations
Provisions.
Other provisions	4,580	4,522
Brazil | Asset retirement obligations and environmental obligations
Provisions.
Other provisions	$ 1,398	1,530
Discount rate	5.48%
Flow duration	$ 2,119
Canada | Asset retirement obligations and environmental obligations
Provisions.
Other provisions	$ 2,727	2,491
Discount rate	0.00%
Flow duration	$ 2,151
Oman | Asset retirement obligations and environmental obligations
Provisions.
Other provisions	$ 123	105
Discount rate	3.03%
Flow duration	$ 2,035
Indonesia | Asset retirement obligations and environmental obligations
Provisions.
Other provisions	$ 77	60
Discount rate	4.20%
Flow duration	$ 2,061
Other regions | Asset retirement obligations and environmental obligations
Provisions.
Other provisions	$ 255	$ 336
Other regions | Asset retirement obligations and environmental obligations | Minimum
Provisions.
Discount rate	0.00%
Other regions | Asset retirement obligations and environmental obligations | Maximum
Provisions.
Discount rate	7.79%

Provision for de-characteriza_6

Provision for de-characterization of dam structures and asset retirement obligations - Provision changes during the year (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Provisions.
Balance at the beginning	$ 4,522
Balance at the end	4,580	$ 4,522
Current	1,045	1,664
Non-current	3,419	4,113
Liabilities	4,580	4,522
Letters of credit and surety bonds issued	605	651
Asset retirement obligations and environmental obligations
Provisions.
Balance at the beginning	4,522
Balance at the end	4,580	4,522
Current	170	201
Non-current	4,410	4,321
Liabilities	4,580	4,522
Asset retirement obligations and environmental obligations | Canada
Provisions.
Balance at the beginning	2,491
Balance at the end	2,727	2,491
Liabilities	2,727	2,491
Asset retirement obligations and environmental obligations | Brazil
Provisions.
Balance at the beginning	1,530
Balance at the end	1,398	1,530
Liabilities	1,398	1,530
Asset retirement obligations
Provisions.
Balance at the beginning	4,220	3,960
Adjustment to present value	110	27
Disbursements	(88)	(45)
Revisions on projected cash flows	178	509
Transfer to assets held for sale	(50)
Translation adjustment	(87)	(231)
Balance at the end	4,283	4,220
Liabilities	4,283	4,220
Amount capitalized as part of property, plant, and equipment	57
Asset retirement obligations | Base metals
Provisions.
Decommissioning of water structure of base metals operations		312
Asset retirement obligations | Base metals | Canada
Provisions.
Decommissioning of water structure of base metals operations	121	151
Asset retirement obligations | Iron ore | Brazil
Provisions.
Decommissioning of water structure of base metals operations		161
Environmental obligations
Provisions.
Balance at the beginning	302	389
Adjustment to present value	19	6
Disbursements	(57)	(61)
Revisions on projected cash flows	49	48
Translation adjustment	(16)	(80)
Balance at the end	297	302
Liabilities	$ 297	$ 302

Provisions (Details)

Provisions (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Provisions
Current liabilities	$ 1,045	$ 1,664
Non-current liabilities	3,419	4,113
Provisions for litigation (note 28)
Provisions
Current liabilities	93	87
Non-current liabilities	1,012	1,004
Employee postretirement obligations (note 29)
Provisions
Current liabilities	99	103
Non-current liabilities	1,533	2,271
Payroll, related charges and other remunerations
Provisions
Current liabilities	816	877
Onerous contracts (note 19)
Provisions
Current liabilities	37	58
Non-current liabilities	$ 874	838
Provision related to VNC sale (note 15)
Provisions
Current liabilities		500
Miscellaneous Other Provisions
Provisions
Current liabilities		$ 39

Litigations - Changes (Details)

Litigations - Changes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Changes in provision
Balance at the beginning	$ 4,522
Balance at the end	4,580	$ 4,522
Current liabilities	1,045	1,664
Non-current liabilities	3,419	4,113
Legal proceedings reserved	402	423
Legal proceedings guaranteed	463	487
Provisions for litigation (note 28)
Changes in provision
Balance at the beginning	1,091	1,462
Additions and reversals, net	98	73
Payments	(94)	(112)
Indexation and interest	87	(28)
Translation adjustment	(77)	(304)
Acquisition of NLC	10
Discontinued operations	(10)
Balance at the end	1,105	1,091
Current liabilities	93	87
Non-current liabilities	1,012	1,004
Provisions	1,105
Tax litigation
Changes in provision
Balance at the beginning	485	696
Additions and reversals, net	4	29
Payments	(10)	(23)
Indexation and interest	10	(85)
Translation adjustment	(33)	(132)
Balance at the end	456	485
Current liabilities	14
Non-current liabilities	442
Provisions	456
Civil litigation
Changes in provision
Balance at the beginning	260	300
Additions and reversals, net	19	26
Payments	(22)	(30)
Indexation and interest	45	30
Translation adjustment	(18)	(66)
Acquisition of NLC	2
Discontinued operations	(2)
Balance at the end	284	260
Current liabilities	22
Non-current liabilities	262
Provisions	284
Labor litigation
Changes in provision
Balance at the beginning	335	455
Additions and reversals, net	74	16
Payments	(57)	(59)
Indexation and interest	32	26
Translation adjustment	(26)	(103)
Acquisition of NLC	8
Discontinued operations	(8)
Balance at the end	358	335
Current liabilities	56
Non-current liabilities	302
Provisions	358
Environmental litigation
Changes in provision
Balance at the beginning	11	11
Additions and reversals, net	1	2
Payments	(5)
Indexation and interest	0	1
Translation adjustment		(3)
Balance at the end	7	$ 11
Current liabilities	1
Non-current liabilities	6
Provisions	$ 7

Litigations - Contingent liabil

Litigations - Contingent liabilities (Details) R$ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)actionlawsuit	Dec. 31, 2021BRL (R$)actionlawsuit	Dec. 31, 2020USD ($)	Dec. 31, 2020BRL (R$)
Contingent liabilities
Number of actions brought against the Company | lawsuit	2	2
Tax litigation
Contingent liabilities
Contingent liabilities	$ 5,177		$ 5,746
Civil litigation
Contingent liabilities
Contingent liabilities	1,503		1,185
Labor litigation
Contingent liabilities
Contingent liabilities	516		563
Environmental litigation
Contingent liabilities
Contingent liabilities	954		907
Provisions for litigation (note 28)
Contingent liabilities
Contingent liabilities	8,150		8,401
CFEM-related proceedings
Contingent liabilities
Estimated losses on legal proceedings	1,594	R$ 8893	2,065	R$ 10730
Assessments and legal proceedings related to PIS/COFINS
Contingent liabilities
Estimated losses on legal proceedings	1,016	5,667	1,004	5,602
Tax on Services
Contingent liabilities
Estimated losses on legal proceedings	526	2,935	504	2,621
Assessments and legal proceedings related to tax on services
Contingent liabilities
Estimated losses on legal proceedings	524	2,923	648	3,369
Tax proceedings, Fines arising from offsets not approved for settlement of federal debts
Contingent liabilities
Estimated losses on legal proceedings	$ 287	R$ 1604	297	R$ 1542
Percentage of imposition of fines on the value of compensation	50.00%	50.00%
Environmental litigations– Iron Ore Operations in Itabira [Member]
Contingent liabilities
Number of actions brought against the Company | action	2	2
Damages sought	$ 345		$ 287

Litigations - Judicial deposits

Litigations - Judicial deposits (Details) $ in Millions, R$ in Billions	Dec. 31, 2021USD ($)	Dec. 31, 2021BRL (R$)	Dec. 31, 2020USD ($)
Judicial deposits
Deposits with court	$ 1,220		$ 1,268
Bank guarantees for judicial deposits	2,000	R$ 11.2
Tax litigation
Judicial deposits
Deposits with court	957		988
Civil litigation
Judicial deposits
Deposits with court	100		85
Labor litigation
Judicial deposits
Deposits with court	141		177
Environmental litigation
Judicial deposits
Deposits with court	$ 22		$ 18

Litigations - Contingencies ass

Litigations - Contingencies assets (Details) R$ in Millions, $ in Millions, $ in Millions	1 Months Ended		12 Months Ended
	Aug. 31, 2020USD ($)	Aug. 31, 2020BRL (R$)	Dec. 31, 2021USD ($)	Dec. 31, 2021BRL (R$)	Dec. 31, 2020USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2010
VBG
Contingent assets
Ownership interest in subsidiary (as a percent)							51.00%
BSG Resource Limited
Contingent assets
Amount due from income tax refund, including estimated interest			$ 2,000
Compulsory loan
Contingent assets
Amount requested for payment	$ 55		$ 35
Damages sought | R$		R$ 301		R$ 198
Tax Litigation in Canada
Contingent assets
Additional amount related to interest					$ 15	$ 21
Addition gain					177	242
Tax refund recognized					$ 162	$ 221

Employee benefits - Change in b

Employee benefits - Change in benefit obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Overfunded pension plans
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	$ 864	$ 1,298
Interest costs	58	74
Translation adjustment	(63)	(230)
Benefit obligation (Plan assets) as at end of the year	919	864
Overfunded pension plans | Present value of the defined benefit obligations
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	3,105	4,006
Service costs	10	7
Interest costs	196	222
Benefits paid	(235)	(368)
Effect of changes in the actuarial assumptions	(330)	118
Translation adjustment	(208)	(880)
Transfers	295
Benefit obligation (Plan assets) as at end of the year	2,833	3,105
Underfunded pension plans
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	641
Benefit obligation (Plan assets) as at end of the year	204	641
Underfunded pension plans | Present value of the defined benefit obligations
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	4,632	4,421
Service costs	68	53
Interest costs	122	134
Benefits paid	(257)	(248)
Participant contributions	(31)
Effect of changes in the actuarial assumptions	(246)	271
Translation adjustment	(10)	1
Transfers	(295)
Benefit obligation (Plan assets) as at end of the year	3,983	4,632
Other benefits
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	1,733
Benefit obligation (Plan assets) as at end of the year	1,428	1,733
Other benefits | Present value of the defined benefit obligations
Change in benefit obligation
Benefit obligation (Plan assets) as at beginning of the year	1,733	1,505
Service costs	1	18
Interest costs	33	64
Benefits paid	(56)	(53)
Effect of changes in the actuarial assumptions	(261)	243
Translation adjustment	(23)	(44)
Benefit obligation (Plan assets) as at end of the year	$ 1,427	$ 1,733

Employee benefits - Evolution o

Employee benefits - Evolution of assets fair value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Overfunded pension plans
Evolution of assets fair value
Benefit obligation (Plan assets) as at beginning of the year	$ 864	$ 1,298
Interest income	58	74
Translation adjustment	(63)	(230)
Benefit obligation (Plan assets) as at end of the year	919	864
Overfunded pension plans | Plan assets
Evolution of assets fair value
Benefit obligation (Plan assets) as at beginning of the year	3,969	5,304
Interest income	253	298
Employer contributions	29	(39)
Benefits paid	(235)	(368)
Return on plan assets (excluding interest income)	(269)	(114)
Translation adjustment	(276)	(1,112)
Transfers	281
Benefit obligation (Plan assets) as at end of the year	3,752	3,969
Underfunded pension plans
Evolution of assets fair value
Benefit obligation (Plan assets) as at beginning of the year	641
Benefit obligation (Plan assets) as at end of the year	204	641
Underfunded pension plans | Plan assets
Evolution of assets fair value
Benefit obligation (Plan assets) as at beginning of the year	3,992	3,726
Interest income	102	109
Employer contributions	40	54
Benefits paid	(257)	(248)
Return on plan assets (excluding interest income)	181	305
Translation adjustment	2	46
Transfers	(281)
Benefit obligation (Plan assets) as at end of the year	3,779	3,992
Other benefits
Evolution of assets fair value
Benefit obligation (Plan assets) as at beginning of the year	1,733
Benefit obligation (Plan assets) as at end of the year	1,428	1,733
Other benefits | Plan assets
Evolution of assets fair value
Employer contributions	56	53
Benefits paid	$ (56)	$ (53)

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, 2021	Dec. 31, 2020
Overfunded pension plans
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	$ 864	$ 1,298
Interest income	58	74
Changes on asset ceiling and onerous liability	60	(278)
Translation adjustment	(63)	(230)
Benefit obligation (Plan assets) as at end of the year	919	864
Overfunded pension plans | Plans in Brazil
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	864	1,298
Interest income	58	74
Changes on asset ceiling and onerous liability	16	(278)
Translation adjustment	(62)	(230)
Benefit obligation (Plan assets) as at end of the year	876	864
Overfunded pension plans | Foreign plan
Reconciliation of net liabilities recognized in the statement of financial position
Changes on asset ceiling and onerous liability	44
Benefit obligation (Plan assets) as at end of the year	44
Overfunded pension plans | Present value of the defined benefit obligations
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	3,105	4,006
Interest income	196	222
Translation adjustment	(208)	(880)
Benefit obligation (Plan assets) as at end of the year	2,833	3,105
Overfunded pension plans | Present value of the defined benefit obligations | Plans in Brazil
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	3,105
Benefit obligation (Plan assets) as at end of the year	2,572	3,105
Overfunded pension plans | Present value of the defined benefit obligations | Foreign plan
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at end of the year	261
Overfunded pension plans | Plan assets
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	3,969	5,304
Interest income	253	298
Translation adjustment	(276)	(1,112)
Benefit obligation (Plan assets) as at end of the year	3,752	3,969
Overfunded pension plans | Plan assets | Plans in Brazil
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	(3,969)
Benefit obligation (Plan assets) as at end of the year	(3,448)	(3,969)
Overfunded pension plans | Plan assets | Foreign plan
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at end of the year	(305)
Overfunded pension plans | Asset ceiling
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	864
Benefit obligation (Plan assets) as at end of the year	919	864
Overfunded pension plans | Asset ceiling | Plans in Brazil
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	864
Benefit obligation (Plan assets) as at end of the year	876	864
Overfunded pension plans | Asset ceiling | Foreign plan
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at end of the year	44
Underfunded pension plans
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	641
Benefit obligation (Plan assets) as at end of the year	204	641
Current liabilities	(47)	(47)
Non-current liabilities	(157)	(594)
Liabilities	(204)	(641)
Underfunded pension plans | Plans in Brazil
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	208
Benefit obligation (Plan assets) as at end of the year	143	208
Current liabilities	(40)	(32)
Non-current liabilities	(103)	(176)
Liabilities	(143)	(208)
Underfunded pension plans | Foreign plan
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	432
Benefit obligation (Plan assets) as at end of the year	61	432
Current liabilities	(7)	(7)
Non-current liabilities	(54)	(425)
Liabilities	(61)	(432)
Underfunded pension plans | Present value of the defined benefit obligations
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	4,632	4,421
Interest income	122	134
Translation adjustment	(10)	1
Benefit obligation (Plan assets) as at end of the year	3,983	4,632
Underfunded pension plans | Present value of the defined benefit obligations | Plans in Brazil
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	317
Benefit obligation (Plan assets) as at end of the year	237	317
Underfunded pension plans | Present value of the defined benefit obligations | Foreign plan
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	4,315
Benefit obligation (Plan assets) as at end of the year	3,746	4,315
Underfunded pension plans | Plan assets
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	3,992	3,726
Interest income	102	109
Translation adjustment	2	46
Benefit obligation (Plan assets) as at end of the year	3,779	3,992
Underfunded pension plans | Plan assets | Plans in Brazil
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	(109)
Benefit obligation (Plan assets) as at end of the year	(94)	(109)
Underfunded pension plans | Plan assets | Foreign plan
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	(3,883)
Benefit obligation (Plan assets) as at end of the year	(3,685)	(3,883)
Other benefits
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	1,733
Benefit obligation (Plan assets) as at end of the year	1,428	1,733
Current liabilities	(52)	(96)
Non-current liabilities	(1,376)	(1,637)
Liabilities	(1,428)	(1,733)
Other benefits | Plans in Brazil
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	465
Benefit obligation (Plan assets) as at end of the year	301	465
Current liabilities	(5)	(49)
Non-current liabilities	(296)	(416)
Liabilities	(301)	(465)
Other benefits | Foreign plan
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	1,268
Benefit obligation (Plan assets) as at end of the year	1,127	1,268
Current liabilities	(47)	(47)
Non-current liabilities	(1,080)	(1,221)
Liabilities	(1,127)	(1,268)
Other benefits | Present value of the defined benefit obligations
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	1,733	1,505
Interest income	33	64
Translation adjustment	(23)	(44)
Benefit obligation (Plan assets) as at end of the year	1,427	1,733
Other benefits | Present value of the defined benefit obligations | Plans in Brazil
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	465
Benefit obligation (Plan assets) as at end of the year	301	465
Other benefits | Present value of the defined benefit obligations | Foreign plan
Reconciliation of net liabilities recognized in the statement of financial position
Benefit obligation (Plan assets) as at beginning of the year	1,268
Benefit obligation (Plan assets) as at end of the year	$ 1,127	$ 1,268

Employee benefits - Costs recog

Employee benefits - Costs recognized in the income statement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Overfunded pension plans
Costs recognized in the income statement
Service cost	$ 10	$ 7	$ 7
Interest on expense on liabilities	196	222	317
Interest income on plan assets	(253)	(297)	(432)
Interest expense on effect of (asset ceiling)/ onerous liability	58	74	114
Total of cost, net	11	6	6
Underfunded pension plans
Costs recognized in the income statement
Service cost	68	52	55
Interest on expense on liabilities	122	134	153
Interest income on plan assets	(102)	(107)	(123)
Total of cost, net	88	79	85
Other benefits
Costs recognized in the income statement
Service cost	1	18	10
Interest on expense on liabilities	33	64	57
Total of cost, net	$ 34	$ 82	$ 67

Employee benefits - Costs rec_2

Employee benefits - Costs recognized in the statement of comprehensive income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Costs recognized in the statement of comprehensive income
Others comprehensive income	$ (5,248)	$ (5,492)	$ (848)
Overfunded pension plans
Costs recognized in the statement of comprehensive income
Balance at beginning of the year	(101)	(173)	(166)
Effect of changes actuarial assumptions	330	(118)	(718)
Return on plan assets (excluding interest income)	(269)	(114)	757
Change of asset ceiling	(60)	278	(60)
Others	(5)
Total	(4)	46	(21)
Deferred income tax	5	(15)	7
Others comprehensive income	1	31	(14)
Translation adjustments	7	41	7
Accumulated other comprehensive income	(93)	(101)	(173)
Underfunded pension plans
Costs recognized in the statement of comprehensive income
Balance at beginning of the year	(400)	(459)	(468)
Effect of changes actuarial assumptions	246	(271)	(373)
Return on plan assets (excluding interest income)	181	305	385
Others	3	9
Total	430	43	12
Deferred income tax	(130)	(12)	(5)
Others comprehensive income	300	31	7
Translation adjustments	8	28	2
Accumulated other comprehensive income	(92)	(400)	(459)
Other benefits
Costs recognized in the statement of comprehensive income
Balance at beginning of the year	(363)	(238)	(128)
Effect of changes actuarial assumptions	261	(243)	(182)
Others	(4)	11
Total	257	(232)	(182)
Deferred income tax	(83)	82	63
Others comprehensive income	174	(150)	(119)
Translation adjustments	17	25	9
Accumulated other comprehensive income	$ (172)	$ (363)	$ (238)

Employee benefits - Actuarial a

Employee benefits - Actuarial and economic assumptions and sensitivity analysis (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Actuarial and economic assumptions and sensitivity analysis
Profitability projections of investments period (in years)	10 years
Parametric confidence (as a percent)	95.00%
Percentage of reasonably possible increase in actuarial assumption	1.00%
Overfunded pension plans | Plans in Brazil
Actuarial and economic assumptions and sensitivity analysis
Nominal average rate of benefit increase	3.25%	3.80%
Overfunded pension plans | Plans in Brazil | Discount rate
Actuarial and economic assumptions and sensitivity analysis
Nominal discount rate - 1.0% increase - Actuarial liability balance	$ 2,434
Assumptions made (as a percent)	9.72%
Nominal discount rate - 1.0% reduction - Actuarial liability balance	$ 2,723
Assumptions made (as a percent)	7.72%
Overfunded pension plans | Plans in Brazil | Minimum
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	8.62%	6.62%
Nominal average rate to determine expense/ income	8.62%	6.62%
Nominal average rate of benefit increase		3.31%
Nominal average rate of price inflation	3.25%
Overfunded pension plans | Plans in Brazil | Maximum
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	8.82%	7.32%
Nominal average rate to determine expense/ income	8.82%	7.32%
Nominal average rate of salary increase		3.80%
Overfunded pension plans | Foreign plan | Discount rate
Actuarial and economic assumptions and sensitivity analysis
Nominal discount rate - 1.0% increase - Actuarial liability balance	$ 221
Assumptions made (as a percent)	2.85%
Nominal discount rate - 1.0% reduction - Actuarial liability balance	$ 324
Assumptions made (as a percent)	0.85%
Underfunded pension plans | Plans in Brazil
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	10.25%	6.50%
Nominal average rate to determine expense/ income	10.25%	6.50%
Nominal average rate of salary increase	7.50%	6.00%
Nominal average rate of benefit increase	7.50%	6.00%
Nominal average rate of price inflation	5.00%	3.50%
Underfunded pension plans | Plans in Brazil | Discount rate
Actuarial and economic assumptions and sensitivity analysis
Nominal discount rate - 1.0% increase - Actuarial liability balance	$ 276
Assumptions made (as a percent)	7.50%
Nominal discount rate - 1.0% reduction - Actuarial liability balance	$ 317
Assumptions made (as a percent)	5.50%
Underfunded pension plans | Foreign plan
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	2.84%	2.43%
Nominal average rate to determine expense/ income	2.62%	3.04%
Nominal average rate of salary increase	3.28%	3.21%
Nominal average rate of benefit increase	3.00%	3.00%
Nominal average rate of price inflation	2.10%	2.08%
Underfunded pension plans | Foreign plan | Discount rate
Actuarial and economic assumptions and sensitivity analysis
Nominal discount rate - 1.0% increase - Actuarial liability balance	$ 3,291
Assumptions made (as a percent)	3.84%
Nominal discount rate - 1.0% reduction - Actuarial liability balance	$ 4,260
Assumptions made (as a percent)	1.84%
Other benefits | Plans in Brazil | Discount rate
Actuarial and economic assumptions and sensitivity analysis
Nominal discount rate - 1.0% increase - Actuarial liability balance	$ 386
Assumptions made (as a percent)	9.68%
Nominal discount rate - 1.0% reduction - Actuarial liability balance	$ 299
Assumptions made (as a percent)	7.68%
Other benefits | Plans in Brazil | Minimum
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	8.68%	6.16%
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 | Plans in Brazil | Maximum
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	8.86%	7.17%
Other benefits | Foreign plan
Actuarial and economic assumptions and sensitivity analysis
Discount rate to determine benefit obligation	3.03%	2.62%
Nominal average rate to determine expense/ income	2.62%	3.04%
Immediate health care cost trend rate	5.11%	5.35%
Ultimate health care cost trend rate	4.57%	4.56%
Other benefits | Foreign plan | Discount rate
Actuarial and economic assumptions and sensitivity analysis
Nominal discount rate - 1.0% increase - Actuarial liability balance	$ 971
Assumptions made (as a percent)	4.03%
Nominal discount rate - 1.0% reduction - Actuarial liability balance	$ 1,313
Assumptions made (as a percent)	2.03%

Employee benefits - Assets of p

Employee benefits - Assets of pension plans (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Plans in Brazil | Portfolio of Vale's stock
Assets of pension plans
Plan assets	$ 50	$ 20
Plans in Brazil | Brazilian Federal Government securities
Assets of pension plans
Plan assets	3,682	3,612
Foreign plan | Canadian Government securities
Assets of pension plans
Plan assets	$ 682	$ 688

Employee benefits - Overfunded

Employee benefits - Overfunded pension plans - Assets by category (Details) - Overfunded pension plans - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets by category
International investments	$ 91	$ 32
Real estate	212	255
Loans to participants	106	105
Total	5,301	5,166
Funds not related to risk plans	(1,549)	(1,197)
Fair value of plan assets at end of year	3,752	3,969
Level 1
Assets by category
International investments	91	32
Total	4,496	4,633
Level 2
Assets by category
Total	379	42
Level 3
Assets by category
Real estate	212	255
Loans to participants	106	105
Total	426	491	$ 637
Corporate bonds
Assets by category
Debt securities	75	42
Corporate bonds | Level 1
Assets by category
Debt securities	1
Corporate bonds | Level 2
Assets by category
Debt securities	74	42
Government bonds
Assets by category
Debt securities	2,042	1,840
Government bonds | Level 1
Assets by category
Debt securities	2,042	1,840
Fixed income
Assets by category
Investments funds	2,085	2,242
Fixed income | Level 1
Assets by category
Investments funds	1,910	2,242
Fixed income | Level 2
Assets by category
Investments funds	175
Equity pool
Assets by category
Investments funds	452	396
Equity pool | Level 1
Assets by category
Investments funds	452	396
Private Equity funds
Assets by category
Structured investments	232	126
Private Equity funds | Level 2
Assets by category
Structured investments	129
Private Equity funds | Level 3
Assets by category
Structured investments	103	126
Real estate funds
Assets by category
Structured investments	5	129
Real estate funds | Level 1
Assets by category
Structured investments		124
Real estate funds | Level 3
Assets by category
Structured investments	$ 5	$ 5

Employee benefits - Overfunde_2

Employee benefits - Overfunded pension plans - Measurement of assets at fair value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Overfunded pension plans
Measurement of plan assets
Assets as at beginning of the year	$ 5,166
Assets as at end of the year	5,301	$ 5,166
Overfunded pension plans | Equity pool
Measurement of plan assets
Return on plan assets	14
Assets purchases	39
Level 3
Measurement of plan assets
Return on plan assets	(7)
Level 3 | Overfunded pension plans
Measurement of plan assets
Assets as at beginning of the year	491	637
Return on plan assets	11	38
Assets purchases	71	129
Assets sold during the year	(113)	(170)
Translation adjustment	(34)	(143)
Assets as at end of the year	426	491
Level 3 | Overfunded pension plans | Private equity funds
Measurement of plan assets
Assets as at beginning of the year	126	157
Return on plan assets	10	18
Assets purchases		1
Assets sold during the year	(25)	(15)
Translation adjustment	(8)	(35)
Assets as at end of the year	103	126
Level 3 | Overfunded pension plans | Real estate funds
Measurement of plan assets
Assets as at beginning of the year	5	17
Return on plan assets		(8)
Assets purchases		1
Translation adjustment		(5)
Assets as at end of the year	5	5
Level 3 | Overfunded pension plans | Real estate
Measurement of plan assets
Assets as at beginning of the year	255	323
Return on plan assets	(15)	9
Assets purchases	4	10
Assets sold during the year	(14)	(14)
Translation adjustment	(18)	(73)
Assets as at end of the year	212	255
Level 3 | Overfunded pension plans | Loans to participants
Measurement of plan assets
Assets as at beginning of the year	105	140
Return on plan assets	16	19
Assets purchases	67	117
Assets sold during the year	(74)	(141)
Translation adjustment	(8)	(30)
Assets as at end of the year	$ 106	$ 105

Employee benefits - Underfunded

Employee benefits - Underfunded pension plans - Assets by category (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Underfunded pension plans
Assets by category
Cash and cash equivalents	$ 75	$ 102
Equity securities	1,711	1,565
Real estate	3	5
Loans to participants	1	2
Others	168	179
Total	3,778	3,991
Overfunded pension plans
Assets by category
Cash and cash equivalents	1
International investments	91	32
Real estate	212	255
Loans to participants	106	105
Total	5,301	5,166
Level 1 | Underfunded pension plans
Assets by category
Cash and cash equivalents	5
Equity securities	1,708	1,565
Total	1,887	1,735
Level 1 | Overfunded pension plans
Assets by category
International investments	91	32
Total	4,496	4,633
Level 2 | Underfunded pension plans
Assets by category
Cash and cash equivalents	70	102
Equity securities	3
Total	1,485	1,819
Level 2 | Overfunded pension plans
Assets by category
Cash and cash equivalents	1
Total	379	42
Level 3 | Underfunded pension plans
Assets by category
Real estate	3	5
Loans to participants	1	2
Others	168	179
Total	406	437
Level 3 | Overfunded pension plans
Assets by category
Real estate	212	255
Loans to participants	106	105
Total	426	491	$ 637
Corporate bonds | Underfunded pension plans
Assets by category
Debt securities	556	519
Corporate bonds | Overfunded pension plans
Assets by category
Debt securities	75	42
Corporate bonds | Level 1 | Overfunded pension plans
Assets by category
Debt securities	1
Corporate bonds | Level 2 | Underfunded pension plans
Assets by category
Debt securities	556	519
Corporate bonds | Level 2 | Overfunded pension plans
Assets by category
Debt securities	74	42
Government bonds | Underfunded pension plans
Assets by category
Debt securities	816	822
Government bonds | Overfunded pension plans
Assets by category
Debt securities	2,042	1,840
Government bonds | Level 1 | Underfunded pension plans
Assets by category
Debt securities	133	132
Government bonds | Level 1 | Overfunded pension plans
Assets by category
Debt securities	2,042	1,840
Government bonds | Level 2 | Underfunded pension plans
Assets by category
Debt securities	683	690
Fixed income | Underfunded pension plans
Assets by category
Investments funds	38	194
Fixed income | Overfunded pension plans
Assets by category
Investments funds	2,085	2,242
Fixed income | Level 1 | Underfunded pension plans
Assets by category
Investments funds	38	36
Fixed income | Level 1 | Overfunded pension plans
Assets by category
Investments funds	1,910	2,242
Fixed income | Level 2 | Underfunded pension plans
Assets by category
Investments funds		158
Fixed income | Level 2 | Overfunded pension plans
Assets by category
Investments funds	175
Equity pool | Underfunded pension plans
Assets by category
Investments funds	229	351
Equity pool | Overfunded pension plans
Assets by category
Investments funds	452	396
Equity pool | Level 1 | Underfunded pension plans
Assets by category
Investments funds	3	1
Equity pool | Level 1 | Overfunded pension plans
Assets by category
Investments funds	452	396
Equity pool | Level 2 | Underfunded pension plans
Assets by category
Investments funds	173	350
Equity pool | Level 3 | Underfunded pension plans
Assets by category
Investments funds	53
Private Equity funds | Underfunded pension plans
Assets by category
Structured investments	181	250
Private Equity funds | Overfunded pension plans
Assets by category
Structured investments	232	126
Private Equity funds | Level 2 | Overfunded pension plans
Assets by category
Structured investments	129
Private Equity funds | Level 3 | Underfunded pension plans
Assets by category
Structured investments	181	250
Private Equity funds | Level 3 | Overfunded pension plans
Assets by category
Structured investments	$ 103	$ 126

Employee benefits - Underfund_2

Employee benefits - Underfunded pension plans, Measurement of plan assets at fair value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Overfunded pension plans
Measurement of plan assets
Assets as at beginning of the year	$ 3,969
Assets as at end of the year	3,752	$ 3,969
Level 3
Measurement of plan assets
Return on plan assets	(7)
Level 3 | Underfunded pension plans
Measurement of plan assets
Assets as at beginning of the year	437	435
Return on plan assets	11
Assets purchases	67	20
Assets sold during the year	(109)	(33)
Translation adjustment		15
Assets as at end of the year	406	437
Level 3 | Overfunded pension plans
Measurement of plan assets
Return on plan assets	11	38
Assets purchases	71	129
Assets sold during the year	(113)	(170)
Translation adjustment	(34)	(143)
Private equity funds | Level 3 | Underfunded pension plans
Measurement of plan assets
Assets as at beginning of the year	250	212
Return on plan assets	11	1
Assets purchases	28	20
Assets sold during the year	(108)	(33)
Translation adjustment		50
Assets as at end of the year	181	250
Private equity funds | Level 3 | Overfunded pension plans
Measurement of plan assets
Return on plan assets	10	18
Assets purchases		1
Assets sold during the year	(25)	(15)
Translation adjustment	(8)	(35)
Real estate funds | Level 3 | Overfunded pension plans
Measurement of plan assets
Return on plan assets		(8)
Assets purchases		1
Translation adjustment		(5)
Real estate | Level 3 | Underfunded pension plans
Measurement of plan assets
Assets as at beginning of the year	5	55
Return on plan assets		(1)
Assets sold during the year	(1)
Translation adjustment	(1)	(49)
Assets as at end of the year	3	5
Real estate | Level 3 | Overfunded pension plans
Measurement of plan assets
Return on plan assets	(15)	9
Assets purchases	4	10
Assets sold during the year	(14)	(14)
Translation adjustment	(18)	(73)
Loans to participants | Level 3 | Underfunded pension plans
Measurement of plan assets
Assets as at beginning of the year	2	3
Translation adjustment	(1)	(1)
Assets as at end of the year	1	2
Loans to participants | Level 3 | Overfunded pension plans
Measurement of plan assets
Return on plan assets	16	19
Assets purchases	67	117
Assets sold during the year	(74)	(141)
Translation adjustment	(8)	(30)
Others | Level 3 | Underfunded pension plans
Measurement of plan assets
Assets as at beginning of the year	180	165
Return on plan assets	(14)
Translation adjustment	2	15
Assets as at end of the year	168	$ 180
Equity pool | Overfunded pension plans
Measurement of plan assets
Return on plan assets	14
Assets purchases	39
Assets as at end of the year	$ 53

Employee benefits - Expected be

Employee benefits - Expected benefit payments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Employee benefits
Disbursement of cash flow in 2021	$ 89
2022. | Overfunded pension plans
Employee benefits
Expected benefit payments	230
2022. | Underfunded pension plans
Employee benefits
Expected benefit payments	229
2022. | Other benefits
Employee benefits
Expected benefit payments	69
2023. | Overfunded pension plans
Employee benefits
Expected benefit payments	232
2023. | Underfunded pension plans
Employee benefits
Expected benefit payments	228
2023. | Other benefits
Employee benefits
Expected benefit payments	70
2024 | Overfunded pension plans
Employee benefits
Expected benefit payments	235
2024 | Underfunded pension plans
Employee benefits
Expected benefit payments	227
2024 | Other benefits
Employee benefits
Expected benefit payments	72
2025 | Overfunded pension plans
Employee benefits
Expected benefit payments	237
2025 | Underfunded pension plans
Employee benefits
Expected benefit payments	226
2025 | Other benefits
Employee benefits
Expected benefit payments	70
2026 | Overfunded pension plans
Employee benefits
Expected benefit payments	237
2026 | Underfunded pension plans
Employee benefits
Expected benefit payments	223
2026 | Other benefits
Employee benefits
Expected benefit payments	72
2027 and thereafter | Overfunded pension plans
Employee benefits
Expected benefit payments	1,196
2027 and thereafter | Underfunded pension plans
Employee benefits
Expected benefit payments	1,085
2027 and thereafter | Other benefits
Employee benefits
Expected benefit payments	$ 388

Employee benefits - Profit shar

Employee benefits - Profit sharing program ("PLR") (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Employee benefits
Amount of profit sharing program expense charged to cost of goods sold and services rendered and other operating expenses	$ 478	$ 476	$ 316

Employee benefits - Long-term i

Employee benefits - Long-term incentive programs (Details)	12 Months Ended
	Dec. 31, 2021YUSD ($)
Long-term incentive programs
Disclosure of defined benefit plans [line items]
Vesting period (in years)	3 years
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)	3 years
Percentage of performance factor based on total return to shareholder metrics	80
percentage of performance factor based on environmental, social and governance indicator	20
Performance Share Unit Program - PSU | Granted shares
Disclosure of defined benefit plans [line items]
Measurement unit | $	1,474,723
Performance Share Unit Program - PSU | Expected volatility
Disclosure of defined benefit plans [line items]
Measurement unit	39
Performance Share Unit Program - PSU | Expected dividend yield
Disclosure of defined benefit plans [line items]
Measurement unit	3.18
Performance Share Unit Program - PSU | Expected term (in years)
Disclosure of defined benefit plans [line items]
Measurement unit | Y	3
Performance Share Unit Program - PSU | Expected value of the performance factor (Total)
Disclosure of defined benefit plans [line items]
Measurement unit	60.96

Employee benefits - Remeasureme

Employee benefits - Remeasurement of the fair value of plans (Details) - ADR	12 Months Ended
	Dec. 31, 2021USD ($)R$ / shares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2021$ / shares
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items]
Share price per share | (per share)	R$ 109.02			$ 20.12
Number of shares granted	1,046,255	2,154,534	1,222,721
Period of service required	3 years

Employee benefits - Assumptions

Employee benefits - Assumptions used for the Monte Carlo simulation (Details) - Performance Share Unit Program - PSU	Dec. 31, 2021YR$ / sharesUSD ($)
Granted shares
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items]
Measurement unit | $	1,474,723
VALE (BRL)
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items]
Measurement unit	109.02
VALE ON (USD)
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items]
Measurement unit	20.12
Expected volatility
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items]
Measurement unit	39
Expected dividend yield
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items]
Measurement unit	3.18
Expected term (in years)
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items]
Measurement unit | Y	3
Expected shareholder return indicator
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items]
Measurement unit	51.20
Expected value of the performance factor (Total)
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items]
Measurement unit	60.96

Employee benefits - Reclassific

Employee benefits - Reclassification from cash-settled to equity-settled (Details) - USD ($) $ in Millions	May 01, 2021	Apr. 30, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items]
Financial liabilities at beginning of period				$ 57,186
Financial liabilities at end of period			$ 54,136	54,136	$ 57,186
Balance at beginning of year				34,821	38,993	$ 44,832
Balance at end of year			35,306	35,306	34,821	38,993
Net income				22,445	$ 4,881	$ (1,683)
Matching Program
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items]
Financial liabilities at beginning of period	$ 33		33
Liability, Remeasurement		$ 5
Liability, Reclassification		(38)
Financial liabilities at end of period		33
Stockholders' equity, Reclassification		38
Stockholders' equity, Expense			19
Balance at end of year	38		57	57
Net income, Remeasurement		(5)
Net income, Expense			(19)
Net income	(5)		(24)
Performance Share Unit Program - PSU
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items]
Financial liabilities at beginning of period	3		3
Liability, Remeasurement		(1)
Liability, Reclassification		(2)
Financial liabilities at end of period		3
Stockholders' equity, Reclassification		2
Stockholders' equity, Expense			4
Balance at end of year	2		6	$ 6
Net income, Remeasurement		$ 1
Net income, Expense			(4)
Net income	$ 1		$ (3)

Stockholders' equity - Share ca

Stockholders' equity - Share capital (Details) $ in Millions	Dec. 31, 2021USD ($)shares
Stockholders' equity
Shares outstanding	4,839,616,936
Shares in treasury	292,841,474
Total issued shares	5,132,458,410
Share capital per class of shares (in millions) | $	$ 61,614
Shareholders with more than 5% of total capital
Stockholders' equity
Shares outstanding	1,910,844,005
previ
Stockholders' equity
Shares outstanding	415,794,956
Capital World Investors
Stockholders' equity
Shares outstanding	335,249,101
Capital Research Global Investors
Stockholders' equity
Shares outstanding	326,001,911
Mitsui & Co., Ltd ("Mitsui")
Stockholders' equity
Shares outstanding	286,347,055
Blackrock, Inc
Stockholders' equity
Shares outstanding	279,562,772
Capital International Investors
Stockholders' equity
Shares outstanding	267,888,210
Others.
Stockholders' equity
Shares outstanding	2,928,772,919
Golden shares
Stockholders' equity
Shares outstanding	12
Common share
Stockholders' equity
Shares outstanding	4,839,616,924
Shares in treasury	292,841,474
Total issued shares	5,132,458,398
Common share | Shareholders with more than 5% of total capital
Stockholders' equity
Shares outstanding	1,910,844,005
Common share | previ
Stockholders' equity
Shares outstanding	415,794,956
Common share | Capital World Investors
Stockholders' equity
Shares outstanding	335,249,101
Common share | Capital Research Global Investors
Stockholders' equity
Shares outstanding	326,001,911
Common share | Mitsui & Co., Ltd ("Mitsui")
Stockholders' equity
Shares outstanding	286,347,055
Common share | Blackrock, Inc
Stockholders' equity
Shares outstanding	279,562,772
Common share | Capital International Investors
Stockholders' equity
Shares outstanding	267,888,210
Common share | Others.
Stockholders' equity
Shares outstanding	2,928,772,919
Preferred share
Stockholders' equity
Shares outstanding	12
Total issued shares	12
Preferred share | Golden shares
Stockholders' equity
Shares outstanding	12

Stockholders' equity - Share bu

Stockholders' equity - Share buyback and treasury shares (Details) R$ / shares in Units, $ / shares in Units, R$ in Millions, $ in Millions	Feb. 24, 2022shares	Oct. 28, 2021USD ($)shares	Oct. 28, 2021BRL (R$)shares	Apr. 01, 2021USD ($)shares	Apr. 01, 2021BRL (R$)shares	Feb. 28, 2022shares	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2021BRL (R$)shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2020BRL (R$)shares	Dec. 31, 2021R$ / sharesshares
Disclosure of classes of share capital [line items]
Total number of outstanding shares				5.30%	5.30%
Number of shares repurchased							291,184,500				291,184,500
Value of shares acquired				$ 5,281	R$ 27642		$ 5,546	R$ 29121
Number of shares held in treasury cancelled							152,016,372	152,016,372
Share Repurchased							291,184,500	291,184,500
Treasury stocks
Disclosure of classes of share capital [line items]
Number of Treasury Shares Re-issued as Compensation							890,482	890,482	1,628,485	1,628,485
Treasury shares utilized and canceled							$ 7	R$ 37	$ 14	R$ 68
Cancellation of treasury shares.
Disclosure of classes of share capital [line items]
Number of shares held in treasury cancelled						133,418,347	152,016,372	152,016,372
Value of shares held in treasury cancelled | $							$ 2,401
Wholly-owned subsidiaries
Disclosure of classes of share capital [line items]
Total number of outstanding shares		4.10%	4.10%
Number of shares repurchased		21,184,500	21,184,500
Value of shares acquired		$ 264	R$ 1479	2,273	12,068		$ 2,538	R$ 13547
Share Repurchased							152,166,153	152,166,153
Vale S.A. International
Disclosure of classes of share capital [line items]
Value of shares acquired				$ 3,008	R$ 15574		$ 3,008	R$ 15574
Share Repurchased							139,018,347	139,018,347
Vale S.A. International | Cancellation of treasury shares.
Disclosure of classes of share capital [line items]
Number of shares held in treasury cancelled	133,418,347
Vale S.A. International | Wholly-owned subsidiaries
Disclosure of classes of share capital [line items]
Repurchased shares average price | (per share)							$ 19.04				R$ 100.01
Common share | Treasury stocks
Disclosure of classes of share capital [line items]
Share buyback program, number of shares authorized to be repurchased				270,000,000	270,000,000
Adr | Wholly-owned subsidiaries
Disclosure of classes of share capital [line items]
Share buyback program, number of shares authorized to be repurchased		200,000,000	200,000,000

Stockholders' equity - Profit d

Stockholders' equity - Profit distribution (Details) R$ in Millions, $ in Millions

Feb. 24, 2022USD ($)

Feb. 24, 2022BRL (R$)

Sep. 16, 2021USD ($)

Sep. 16, 2021BRL (R$)

Jun. 17, 2021USD ($)

Jun. 17, 2021BRL (R$)

Feb. 25, 2021USD ($)

Feb. 25, 2021BRL (R$)

Dec. 31, 2021USD ($)

Dec. 31, 2021BRL (R$)

Dec. 31, 2020USD ($)

Dec. 31, 2020BRL (R$)

Dec. 31, 2019USD ($)

Stockholders' equity

Net income

$ 22,445

$ 4,881

$ (1,683)

Appropriation to legal reserve

(1,123)

Appropriation to tax incentive reserve

(2,581)

Net income after appropriations to legal reserve and tax incentive reserve

18,741

Reclassification of the fair value adjustment reserve (nota 14a)

522

Approved remuneration

8,368

Additional stockholders' remuneration

3,500

2,820

R$ 15524

Appropriation to investments reserve

7,395

Minimum mandatory remuneration

4,542

R$ 25346

1,152

R$ 6342

Remuneration - Interest on capital

$ 3,500

R$ 17849

$ 9,844

R$ 51246

$ 1,767

Minimum percentage of remuneration on net income

25.00%

25.00%

Dividends recognised as distributions to owners

$ 7,644

R$ 40200

$ 2,200

R$ 11046

Remuneration approved from profits reserve and anticipation income

$ 1,476

R$ 7411

Remuneration on transaction

Stockholders' equity

Remuneration On Stockholders Equity

$ 3,972

R$ 21866

Profit reserves

Stockholders' equity

Minimum mandatory remuneration

$ 14,599

$ 3,729

Stockholders' equity - Profit r

Stockholders' equity - Profit reserves (Details) R$ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2021BRL (R$)
Stockholders' equity
Reserves available for distribution to the stockholders	$ 4,746			R$ 26485
Dividends and interest on capital of Vale's stockholders	(12,664)	$ (3,481)
Translation adjustments	$ 918	4,473	$ 1,111
Maximum percentage of distributable annual net income that transfer to the investment reserve	50.00%
Permitted distributable net income (as a percent)	50.00%			50.00%
Legal reserve
Stockholders' equity
Balance at beginning of year	$ 1,542	1,656
Minimum mandatory remuneration	1,123	251
Translation adjustments	(142)	(365)
Balance at end of year	2,523	1,542	1,656
Tax incentive reserve
Stockholders' equity
Balance at beginning of year	659	848
Minimum mandatory remuneration	2,581	2
Translation adjustments	(157)	(191)
Balance at end of year	3,083	659	848
Investments reserve
Stockholders' equity
Balance at beginning of year	1,854	4,586
Minimum mandatory remuneration	7,395	656
Dividends and interest on capital of Vale's stockholders	(1,476)	(2,329)
Treasury shares cancellation	(2,401)
Translation adjustments	1,526	(1,059)
Balance at end of year	6,898	1,854	4,586
Additional Remuneration reserve
Stockholders' equity
Balance at beginning of year	2,987
Minimum mandatory remuneration	3,500	2,820
Dividends and interest on capital of Vale's stockholders	(2,820)
Translation adjustments	(469)	167
Balance at end of year	3,198	2,987
Profit reserves
Stockholders' equity
Balance at beginning of year	7,042	7,090
Minimum mandatory remuneration	14,599	3,729
Dividends and interest on capital of Vale's stockholders	(4,296)	(2,329)
Treasury shares cancellation	(2,401)
Translation adjustments	758	(1,448)
Balance at end of year	$ 15,702	$ 7,042	$ 7,090
Minimum | Legal reserve
Stockholders' equity
Reserve (as percent)	5.00%			5.00%
Maximum | Legal reserve
Stockholders' equity
Reserve (as percent)	20.00%			20.00%

Stockholders' equity - Sharehol

Stockholders' equity - Shareholders' Agreement (Details)	12 Months Ended
	Dec. 31, 2021
Shareholders Agreement
Minimum percentage of remuneration on net income	25.00%
Percentage of shareholders that will be bind by a new shareholders' agreement post merger	15.00%

Related parties - Transactions

Related parties - Transactions with related parties (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Transactions with related parties
Net operating revenue	$ 1,162	$ 797	$ 872
Cost and operating expenses	(878)	(571)	(1,091)
Financial result	(530)	(26)	(28)
Discontinued operations
Transactions with related parties
Cost and operating expenses	(95)	(405)	(690)
Financial result	15	23	67
Total
Transactions with related parties
Net operating revenue	1,162	797	872
Cost and operating expenses	(973)	(976)	(1,781)
Financial result	(515)	(3)	39
Joint Ventures
Transactions with related parties
Net operating revenue	645	372	374
Cost and operating expenses	(857)	(546)	(1,059)
Financial result	(13)	4	(18)
Companhia Siderurgica do Pecem
Transactions with related parties
Net operating revenue	640	353	358
Financial result	3	8	2
Alianca Geracao de Energia S.A.
Transactions with related parties
Net operating revenue	5	19	16
Cost and operating expenses	(105)	(105)	(128)
Pelletizing companies
Transactions with related parties
Cost and operating expenses	(349)	(100)	(574)
Financial result	(15)	(17)	(39)
MRS Logistica S.A.
Transactions with related parties
Cost and operating expenses	(279)	(227)	(203)
Norte Energia S.A.
Transactions with related parties
Cost and operating expenses	(114)	(101)	(142)
Other Joint Ventures
Transactions with related parties
Cost and operating expenses	(10)	(13)	(12)
Financial result	(1)	13	19
Associates
Transactions with related parties
Net operating revenue	256	240	294
Cost and operating expenses	(21)	(25)	(32)
Financial result	(2)	2	(1)
VLI
Transactions with related parties
Net operating revenue	255	235	280
Cost and operating expenses	(21)	(25)	(32)
Financial result	(2)	(1)	(1)
Others
Transactions with related parties
Net operating revenue	1	5	14
Financial result		3
Major stockholders
Transactions with related parties
Net operating revenue	261	185	204
Financial result	(515)	(32)	(9)
Bradesco
Transactions with related parties
Financial result	(528)	(49)	(29)
Mitsui & Co., Ltd ("Mitsui")
Transactions with related parties
Net operating revenue	261	185	204
Banco do Brasil
Transactions with related parties
Financial result	$ 13	$ 17	$ 20

Related parties - Outstanding b

Related parties - Outstanding balances with related parties (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Outstanding balances with related parties
Cash and cash equivalents	$ 1,825	$ 2,082
Accounts receivable	109	168
Dividends receivable and other assets	104	59
Supplier and contractors	127	172
Loans		944
Liabilities Financial instruments and other liabilities	707	531
Discontinued operations
Outstanding balances with related parties
Loans		1,118
Dividends receivable and other assets		32
Loans		1,385
Total
Outstanding balances with related parties
Cash and cash equivalents	1,825	2,082
Accounts receivable	109	168
Loans		1,118
Dividends receivable and other assets	104	91
Supplier and contractors	127	172
Loans		2,329
Liabilities Financial instruments and other liabilities	707	531
Joint Ventures
Outstanding balances with related parties
Accounts receivable	75	109
Dividends receivable and other assets	96	55
Supplier and contractors	70	121
Liabilities Financial instruments and other liabilities	393	235
Companhia Siderurgica do Pecem
Outstanding balances with related parties
Accounts receivable	74	109
Dividends receivable and other assets	39	36
Pelletizing companies
Outstanding balances with related parties
Dividends receivable and other assets	37	14
Supplier and contractors	13	37
Liabilities Financial instruments and other liabilities	393	235
MRS Logistica S.A.
Outstanding balances with related parties
Dividends receivable and other assets	19	5
Supplier and contractors	41	48
Other Joint Ventures
Outstanding balances with related parties
Accounts receivable	1
Dividends receivable and other assets	1
Supplier and contractors	16	36
Associates
Outstanding balances with related parties
Accounts receivable	18	45
Dividends receivable and other assets	3	2
Supplier and contractors	46	40
Liabilities Financial instruments and other liabilities	47	48
VLI
Outstanding balances with related parties
Accounts receivable	16	15
Supplier and contractors	6	7
Liabilities Financial instruments and other liabilities	47	48
Others
Outstanding balances with related parties
Accounts receivable	2	30
Dividends receivable and other assets	3	2
Supplier and contractors	40	33
Major stockholders
Outstanding balances with related parties
Cash and cash equivalents	1,825	2,082
Accounts receivable	4	2
Dividends receivable and other assets	5	2
Supplier and contractors	1
Loans		944
Liabilities Financial instruments and other liabilities	267	248
Bradesco
Outstanding balances with related parties
Cash and cash equivalents	1,746	1,518
Dividends receivable and other assets	5	2
Liabilities Financial instruments and other liabilities	265	248
Mitsui & Co., Ltd ("Mitsui")
Outstanding balances with related parties
Accounts receivable	4	2
Liabilities Financial instruments and other liabilities	2
BNDES
Outstanding balances with related parties
Loans		944
Other Major Stockholders
Outstanding balances with related parties
Supplier and contractors	1
Banco do Brasil
Outstanding balances with related parties
Cash and cash equivalents	79	564
Pension plan
Outstanding balances with related parties
Accounts receivable	12	12
Supplier and contractors	$ 10	$ 11

Related parties - Key managemen

Related parties - Key management personnel remuneration (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Short-term benefits
Wages	$ 9	$ 9	$ 12
Direct and indirect benefits	1	1	2
Profit sharing program ("PLR")	10	8	9
Total short- term benefits	20	18	23
Long-term benefits
Shares based	12	12	8
Severance	1	7	3
Total short and long-term benefits	$ 33	$ 37	$ 34

Related parties - Additional in

Related parties - Additional information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Key management personnel
Disclosure of transactions between related parties [line items]
Key management personnel remuneration paid	$ 38	$ 34	$ 26

Commitments - Contractual oblig

Commitments - Contractual obligations (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Commitments
Purchase obligations	$ 5,015	$ 6,991
Purchase of energy	2,746	2,945
Total minimum payments required	$ 7,761	$ 9,936