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v3.21.1

Related parties (Tables) | 12 Months Ended
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Dec. 31, 2020
Related parties |
Schedule of transactions with related parties |
|  | Year ended December 31,
|  | 2020
|  | Joint Ventures |  | Associates |  | Major stockholders |  | Total
Net operating revenue |  | 372 |  | 240 |  | 185 |  | 797
Cost and operating expenses |  | (951) |  | (25) |  | — |  | (976)
Financial result |  | 27 |  | 2 |  | (49) |  | (20)
|  | Year ended December 31,
|  | 2019
|  | Joint Ventures |  | Associates |  | Major stockholders |  | Total
Net operating revenue |  | 374 |  | 294 |  | 204 |  | 872
Cost and operating expenses |  | (1,749) |  | (32) |  | — |  | (1,781)
Financial result |  | 49 |  | (1) |  | (29) |  | 19
|  | Year ended December 31,
|  | 2018
|  | Joint Ventures |  | Associates |  | Major stockholders |  | Total
Net operating revenue |  | 352 |  | 309 |  | 207 |  | 868
Cost and operating expenses |  | (2,269) |  | (39) |  | — |  | (2,308)
Financial result |  | 115 |  | — |  | (115) |  | —
Schedule of outstanding balances with related parties |
|  | December 31, 2020 |  | December 31, 2019
|  | Joint |  |  |  | Major |  |  |  | Joint |  |  |  | Major |  |
|  | Ventures |  | Associates |  | stockholders (iii) |  | Total |  | Ventures |  | Associates |  | stockholders (iii) |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | — |  | — |  | 2,082 |  | 2,082 |  | — |  | — |  | 1,384 |  | 1,384
Accounts receivable |  | 109 |  | 45 |  | 2 |  | 156 |  | 91 |  | 22 |  | 5 |  | 118
Dividends receivable |  | 19 |  | — |  | — |  | 19 |  | 83 |  | 6 |  | — |  | 89
Loans (i) |  | 1,118 |  | — |  | — |  | 1,118 |  | 1,919 |  | — |  | — |  | 1,919
Derivatives financial instruments |  | — |  | — |  | 2 |  | 2 |  | — |  | — |  | 42 |  | 42
Other assets |  | 68 |  | 2 |  | — |  | 70 |  | 65 |  | — |  | — |  | 65
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Supplier and contractors |  | 121 |  | 10 |  | 35 |  | 166 |  | 302 |  | 28 |  | 37 |  | 367
Loans (ii) |  | — |  | 1,433 |  | 944 |  | 2,377 |  | — |  | 1,367 |  | 1,688 |  | 3,055
Derivatives financial instruments |  | — |  | — |  | 242 |  | 242 |  | — |  | — |  | 64 |  | 64
Other liabilities |  | 235 |  | — |  | — |  | 235 |  | 569 |  | — |  | — |  | 569
(i) Refers to the loan with Nacala BV., which carries interest at the average rate of 8.2% p.a. and maturity at 2034. In 2020, the Company recognized an impairment of this receivable in the amount of US$798 (note18). (ii) Mainly relates to Vale Moçambique's loan payable to an entity controlled by one of its non-controlling shareholders, which carries interest at 5.83% p.a. and maturity at 2034. (iii) Refers to regular financial instruments with large financial institutions of which the stockholders were part of the controlling “shareholders’ agreement”, which has expired on November 10, 2020 (note 28(e)).
Schedule of remuneration of key management personnel |
|  | Year ended December 31,
|  | 2020 |  | 2019 |  | 2018
Short‐term benefits |  |  |  |  |  |
Wages |  | 9 |  | 8 |  | 8
Direct and indirect benefits |  | 16 |  | 11 |  | 11
Profit sharing program (“PLR”) |  | 8 |  | 1 |  | 10
|  | 33 |  | 20 |  | 29
Long‐term benefits |  |  |  |  |  |
Shares based |  | — |  | — |  | 3
Severance |  | 7 |  | 4 |  | 20
|  | 40 |  | 24 |  | 52

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