XML 81 R54.htm IDEA: XBRL DOCUMENT
v3.21.1

Financial and capital risk management (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Ifrs Statement [Line Items] |
Schedule for risks, origination and management |
Risks |  | Origin of the exhibition |  | Management |
Market Risk-Exchange Rate |  | Contracts for the sale of ore and financial instruments that are not denominated in US$ |  | Swap and forward operations |
Market risk-Interest rate |  | Loans and financing indexed to LIBOR |  | Swap operations |
Market risk-Product and input prices |  | Volatility of commodity and input prices |  | Option contracts |
Credit Risk |  | Receivables, derivative transactions, guarantees, advances to suppliers and financial investments |  | Portfolio diversification and policies for monitoring counterparty solvency and liquidity indicators |
Liquidity risk |  | Contractual or assumed obligations |  | Availability of revolving credit lines |
Schedule of protection program |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Financial |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | settlement |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Inflows |  |  |  | Fair value
|  | Notional |  |  |  |  |  | Fair value |  | (Outflows) |  | Value at Risk |  | by year
Flow |  | December 31, 2020 |  | December 31, 2019 |  | Bought / Sold |  | Average strike (US$/bbl) |  | December 31, 2020 |  | December 31, 2019 |  | December 31, 2020 |  | December 31, 2020 |  | 2021 +
Brent crude oil (bbl) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Call options |  | 13,746,945 |  | 7,048,500 |  | B |  | 55 |  | 92 |  | 11 |  | — |  | 11 |  | 92
Put options |  | 13,746,945 |  | 7,048,500 |  | S |  | 28 |  | (12) |  | (3) |  | (68) |  | 1 |  | (12)
Gasoil (bbl) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Call options |  | — |  | 7,710,750 |  | C |  | — |  | — |  | 7 |  | — |  | — |  | —
Put options |  | — |  | 7,710,750 |  | V |  | — |  | — |  | (3) |  | (137) |  | — |  | —
Forward Freight Agreement (days) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Freight forwards (days) |  | 1,625 |  | 1,050 |  | C |  | 11,893 |  | 4 |  | — |  | (2) |  | 1 |  | 4
Schedule of derivatives effects on statement of financial position |
|  | Assets
|  | December 31, 2020 |  | December 31, 2019
|  | Current |  | Non-current |  | Current |  | Non-current
Foreign exchange and interest rate risk |  |  |  |  |  |  |  |
CDI & TJLP vs. US$ fixed and floating rate swap |  | — |  | — |  | 13 |  | —
IPCA swap |  | 7 |  | 38 |  | 82 |  | 117
Eurobonds swap |  | — |  | 3 |  | — |  | —
Pre-dollar swap |  | — |  | 9 |  | 21 |  | 8
Forward transactions |  | — |  | — |  | 1 |  | —
|  | 7 |  | 50 |  | 117 |  | 125
Commodities price risk |  |  |  |  |  |  |  |
Base metals products |  | 30 |  | — |  | 151 |  | 9
Gasoil, Brent and freight |  | 97 |  | — |  | 20 |  | —
|  | 127 |  | — |  | 171 |  | 9
Others |  | — |  | 16 |  | — |  | 50
|  | — |  | 16 |  | — |  | 50
Total |  | 134 |  | 66 |  | 288 |  | 184
|  | Liabilities
|  | December 31, 2020 |  | December 31, 2019
|  | Current |  | Non-current |  | Current |  | Non-current
Foreign exchange and interest rate risk |  |  |  |  |  |  |  |
CDI & TJLP vs. US$ fixed and floating rate swap |  | 111 |  | 525 |  | 48 |  | 80
IPCA swap |  | 72 |  | 100 |  | 13 |  | 37
Eurobonds swap |  | 4 |  | — |  | 6 |  | 29
Pre-dollar swap |  | 62 |  | 58 |  | 8 |  | 37
Libor swap |  | 1 |  | 6 |  | — |  | —
Forward transactions |  | 1 |  | — |  | — |  | —
|  | 251 |  | 689 |  | 75 |  | 183
Commodities price risk |  |  |  |  |  |  |  |
Base metals products |  | 46 |  | — |  | 4 |  | 4
Gasoil, Brent and freight |  | 13 |  | — |  | 8 |  | —
|  | 59 |  | — |  | 12 |  | 4
Others |  | 18 |  | — |  | 7 |  | 120
|  | 18 |  | — |  | 7 |  | 120
Total |  | 328 |  | 689 |  | 94 |  | 307
|  | December 31, 2020 |  | December 31, 2019
Foreign exchange and interest rate risk |  |  |  |
CDI & TJLP vs. US$ fixed and floating rate swap |  | (636) |  | (115)
IPCA swap |  | (127) |  | 149
Eurobonds swap |  | (1) |  | (35)
Pre-dollar swap |  | (111) |  | (16)
Libor swap |  | (7) |  | —
Forward transactions |  | (1) |  | 1
|  | (883) |  | (16)
Commodities price risk |  |  |  |
Base metals products |  | (16) |  | 152
Gasoil, Brent and freight |  | 84 |  | 12
|  | 68 |  | 164
Others |  | (2) |  | (77)
|  | (2) |  | (77)
Total |  | (817) |  | 71
Schedule of effects of derivatives on income statement and cash flow |
|  | Gain (loss) recognized in the income statement
|  | Year ended December 31,
|  | 2020 |  | 2019 |  | 2018
Foreign exchange and interest rate risk |  |  |  |  |  |
CDI & TJLP vs. US$ fixed and floating rate swap |  | (746) |  | (39) |  | (206)
IPCA swap |  | (262) |  | 118 |  | (23)
Eurobonds swap |  | 28 |  | (39) |  | (27)
Pre-dollar swap |  | (160) |  | 2 |  | (23)
Libor swap |  | (7) |  | — |  | —
|  | (1,147) |  | 42 |  | (279)
Commodities price risk |  |  |  |  |  |
Base metals products |  | 10 |  | 58 |  | (25)
Gasoil, Brent and freight |  | (134) |  | 42 |  | 6
|  | (124) |  | 100 |  | (19)
Others |  | 61 |  | 102 |  | 32
|  | 61 |  | 102 |  | 32
Total |  | (1,210) |  | 244 |  | (266)
|  | Financial settlement inflows (outflows)
|  | Year ended December 31,
|  | 2020 |  | 2019 |  | 2018
Foreign exchange and interest rate risk |  |  |  |  |  |
CDI & TJLP vs. US$ fixed and floating rate swap |  | (141) |  | (381) |  | (135)
IPCA swap |  | — |  | (28) |  | 7
Eurobonds swap |  | (6) |  | (5) |  | (3)
Pre-dollar swap |  | (49) |  | 8 |  | 10
|  | (196) |  | (406) |  | (121)
Commodities price risk |  |  |  |  |  |
Base metals products |  | 8 |  | 48 |  | 8
Gasoil, Brent and freight |  | (206) |  | 2 |  | 49
|  | (198) |  | 50 |  | 57
|  | 68 |  | 21 |  | (3)
Others |  |  |  |  |  |
Derivatives designated as cash flow hedge accounting |  |  |  |  |  |
Nickel |  | 292 |  | 11 |  | —
|  | 292 |  | 11 |  | —
Total |  | (34) |  | (324) |  | (67)
Schedule of effects of derivatives on other comprehensive income |
|  | Gain(loss) recognized in the other comprehensive income
|  | Year ended December 31,
|  | 2020 |  | 2019 |  | 2018
Net investments hedge |  | (2,786) |  | (392) |  | (543)
Cash flow hedge (Nickel and Palladium) |  | (104) |  | 150 |  | —
Schedule of sensitivity analysis of derivative financial instruments |
Instrument |  | Instrument’s main risk events |  | Probable |  | Scenario I |  | Scenario II
CDI vs. US$ fixed rate swap |  | R$ depreciation |  | (473) |  | (1,048) |  | (1,623)
|  | US$ interest rate inside Brazil decrease |  | (473) |  | (494) |  | (517)
|  | Brazilian interest rate increase |  | (473) |  | (496) |  | (522)
Protected item: R$ denominated liabilities |  | R$ depreciation |  | n.a. |  | — |  | —
TJLP vs. US$ fixed rate swap |  | R$ depreciation |  | (163) |  | (285) |  | (408)
|  | US$ interest rate inside Brazil decrease |  | (163) |  | (165) |  | (168)
|  | Brazilian interest rate increase |  | (163) |  | (173) |  | (182)
|  | TJLP interest rate decrease |  | (163) |  | (172) |  | (181)
Protected item: R$ denominated debt |  | R$ depreciation |  | n.a. |  | — |  | —
R$ fixed rate vs. US$ fixed rate swap |  | R$ depreciation |  | (111) |  | (264) |  | (418)
|  | US$ interest rate inside Brazil decrease |  | (111) |  | (113) |  | (115)
|  | Brazilian interest rate increase |  | (111) |  | (120) |  | (129)
Protected item: R$ denominated debt |  | R$ depreciation |  | n.a. |  | — |  | —
IPCA vs. US$ fixed rate swap |  | R$ depreciation |  | (173) |  | (343) |  | (512)
|  | US$ interest rate inside Brazil decrease |  | (173) |  | (178) |  | (183)
|  | Brazilian interest rate increase |  | (173) |  | (189) |  | (204)
|  | IPCA index decrease |  | (173) |  | (184) |  | (195)
Protected item: R$ denominated debt |  | R$ depreciation |  | n.a. |  | — |  | —
IPCA vs. CDI swap |  | Brazilian interest rate increase |  | 45 |  | 43 |  | 41
|  | IPCA index decrease |  | 45 |  | 43 |  | 40
Protected item: R$ denominated debt linked to IPCA |  | IPCA index decrease |  | n.a. |  | (43) |  | (40)
EUR fixed rate vs. US$ fixed rate swap |  | EUR depreciation |  | (1) |  | (173) |  | (346)
|  | Euribor increase |  | (1) |  | (2) |  | (3)
|  | US$ Libor decrease |  | (1) |  | (2) |  | (2)
Protected item: EUR denominated debt |  | EUR depreciation |  | n.a. |  | 173 |  | 346
US$ floating rate vs. US$ fixed rate swap |  | US$ Libor decrease |  | (7) |  | (10) |  | (13)
Protected item: Libor US$ indexed debt |  | US$ Libor decrease |  | n.a. |  | 10 |  | 13
NDF BRL/USD |  | R$ depreciation |  | (1) |  | (39) |  | (77)
|  | US$ interest rate inside Brazil decrease |  | (1) |  | (2) |  | (3)
|  | Brazilian interest rate increase |  | (1) |  | (7) |  | (13)
Protected item: R$ denominated liabilities |  | R$ depreciation |  | n.a. |  | — |  | —
Fuel oil protection |  |  |  |  |  |  |  |
Options |  | Price input decrease |  | 80 |  | 25 |  | (28)
Protected item: Part of costs linked to fuel oil prices |  | Price input decrease |  | n.a. |  | (25) |  | 28
Forward Freight Agreement |  |  |  |  |  |  |  |
Forwards |  | Freight price decrease |  | 4 |  | (2) |  | (7)
Protected item: Part of costs linked to maritime freight prices |  | Freight price decrease |  | n.a. |  | 2 |  | 7
Nickel sales fixed price protection |  |  |  |  |  |  |  |
Forwards |  | Nickel price decrease |  | (19) |  | (19) |  | (19)
Protected item: Part of nickel revenues with fixed prices |  | Nickel price decrease |  | n.a. |  | 19 |  | 19
Palladium Revenue Hedging Program |  |  |  |  |  |  |  |
Options |  | Palladium price increase |  | (1) |  | (5) |  | (9)
Protected item: Part of palladium future revenues |  | Palladium price increase |  | n.a. |  | 5 |  | 9
Option-SPCs |  | SPCs stock value decrease |  | 18 |  | 10 |  | 2
Instrument |  | Main risks |  | Probable |  | Scenario I |  | Scenario II
Embedded derivatives-Raw material purchase (nickel) |  | Nickel price increase |  | 2 |  | (5) |  | (13)
Embedded derivatives-Raw material purchase (copper) |  | Copper price increase |  | — |  | (1) |  | (3)
Embedded derivatives-Gas purchase |  | Pellet price increase |  | — |  | — |  | (1)
Embedded derivatives-Guaranteed minimum return |  | Stock value decrease |  | (19) |  | (84) |  | (270)
Schedule of carrying amount of the financial assets that represent the exposure to credit risk |
|  | December 31, 2020 |  | December 31, 2019
Cash and cash equivalents |  | 13,487 |  | 7,350
Short-term investments |  | 771 |  | 826
Restricted cash |  | 38 |  | 151
Judicial deposits (note 26) |  | 1,268 |  | 3,133
Derivative financial instruments (note 19) |  | 200 |  | 472
Investments in equity securities |  | 757 |  | 726
Related parties-Loans (note 29) |  | 1,118 |  | 1,919
Total |  | 17,639 |  | 14,577
Summary of ratings published by Moody's regarding the main financial institutions |
|  | December 31, 2020 |  | December 31, 2019
|  | Cash and cash |  |  |  | Cash and cash |  |
|  | equivalents |  |  |  | equivalents |  |
|  | and |  |  |  | and |  |
|  | investment |  | Derivatives |  | investment |  | Derivatives
Aa1 |  | 2,210 |  | 36 |  | 31 |  | —
Aa2 |  | 363 |  | 15 |  | 1 |  | 11
Aa3 |  | 1,681 |  | 41 |  | 202 |  | 46
A1 |  | 2,812 |  | 21 |  | 1,468 |  | —
A2 |  | 4 |  | 20 |  | 2,740 |  | 138
A3 |  | 5 |  | 36 |  | 109 |  | 105
Baa1 |  | 4 |  | — |  | 5 |  | —
Baa2 |  | 1 |  | — |  | 47 |  | —
Baa3 |  | — |  | — |  | 1 |  | 117
Ba1 |  | 2,986 |  | — |  | — |  | —
Ba2 |  | 4,189 |  | 6 |  | 835 |  | —
Ba3 |  | — |  | — |  | 2,735 |  | —
Others |  | 3 |  | 25 |  | 2 |  | 55
|  | 14,258 |  | 200 |  | 8,176 |  | 472
Eurobonds with derivative offset |
Ifrs Statement [Line Items] |
Schedule of protection program |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Financial |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Settlement |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Inflows |  |  |  |  |  |  |  |
|  | Notional |  |  |  |  |  | Fair value |  | (Outflows) |  | Value at Risk |  | Fair value by year
|  | December 31, |  | December 31, |  |  |  | Average |  | December 31, |  | December 31, |  | December 31, |  | December 31, |  |  |  |  |  |
Flow |  | 2020 |  | 2019 |  | Index |  | rate |  | 2020 |  | 2019 |  | 2020 |  | 2020 |  | 2021 |  | 2022 |  | 2023+
CDI vs. US$ fixed rate swap |  |  |  |  |  |  |  |  |  |  |  | (473) |  | (38) |  | (129) |  | 42 |  | (60) |  | (96) |  | (317)
Receivable |  | R$ | 9,445 |  | R$ | 2,115 |  | CDI |  | 100.09 | % |  |  |  |  |  |  |  |  |  |  |  |  |
Payable |  | US$ | 2.213 |  | US$ | 558 |  | Fix |  | 2.09 | % |  |  |  |  |  |  |  |  |  |  |  |  |
TJLP vs. US$ fixed rate swap |  |  |  |  |  |  |  |  |  |  |  | (163) |  | (77) |  | (44) |  | 9 |  | (50) |  | (42) |  | (71)
Receivable |  | R$ | 1,651 |  | R$ | 2,111 |  | TJLP + |  | 1.14 | % |  |  |  |  |  |  |  |  |  |  |  |  |
Payable |  | US$ | 460 |  | US$ | 601 |  | Fix |  | 3.05 | % |  |  |  |  |  |  |  |  |  |  |  |  |
R$ fixed rate vs. US$ fixed rate swap |  |  |  |  |  |  |  |  |  |  |  | (111) |  | (18) |  | (48) |  | 11 |  | (63) |  | (51) |  | 3
Receivable |  | R$ | 2,512 |  | R$ | 2,173 |  | Fix |  | 5.43 | % |  |  |  |  |  |  |  |  |  |  |  |  |
Payable |  | US$ | 621 |  | US$ | 604 |  | Fix |  | 0.31 | % |  |  |  |  |  |  |  |  |  |  |  |  |
IPCA vs. US$ fixed rate swap |  |  |  |  |  |  |  |  |  |  |  | (173) |  | 46 |  | (12) |  | 13 |  | (73) |  | (8) |  | (92)
Receivable |  | R$ | 2,363 |  | R$ | 2,826 |  | IPCA + |  | 5.10 | % |  |  |  |  |  |  |  |  |  |  |  |  |
Payable |  | US$ | 622 |  | US$ | 759 |  | Fix |  | 4.02 | % |  |  |  |  |  |  |  |  |  |  |  |  |
IPCA vs. CDI swap |  |  |  |  |  |  |  |  |  |  |  | 45 |  | 104 |  | 44 |  | 1 |  | 7 |  | 38 |  | —
Receivable |  | R$ | 694 |  | R$ | 1,634 |  | IPCA + |  | 6.63 | % |  |  |  |  |  |  |  |  |  |  |  |  |
Payable |  | R$ | 550 |  | R$ | 1,350 |  | CDI |  | 98.76 | % |  |  |  |  |  |  |  |  |  |  |  |  |
EUR fixed rate vs. US$ fixed rate swap |  |  |  |  |  |  |  |  |  |  |  | (1) |  | (35) |  | (6) |  | 5 |  | (4) |  | (3) |  | 6
Receivable |  | € | 500 |  | € | 500 |  | Fix |  | 3.75 | % |  |  |  |  |  |  |  |  |  |  |  |  |
Payable |  | US$ | 613 |  | US$ | 613 |  | Fix |  | 4.29 | % |  |  |  |  |  |  |  |  |  |  |  |  |
Forward |  | R$ | 916 |  | R$ | 121 |  | B |  | 5.96 |  | (1) |  | — |  | — |  | 3 |  | (1) |  | — |  | —
Libor floating interest rate US$ denominated debt |
Ifrs Statement [Line Items] |
Schedule of protection program |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Financial |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Settlement |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Inflows |  |  |  |  |  |  |  |
|  | Notional |  |  |  |  |  | Fair value |  | (Outflows) |  | Value at Risk |  | Fair value by year
|  | December 31, |  | December 31, |  |  |  | Average |  | December 31, |  | December 31, |  | December 31, |  | December 31, |  |  |  |  |  |
Flow |  | 2020 |  | 2019 |  | Index |  | rate |  | 2020 |  | 2019 |  | 2020 |  | 2020 |  | 2021 |  | 2022 |  | 2023+
Libor vs. US$ fixed rate swap |  |  |  |  |  |  |  |  |  |  |  | (7) |  | — |  | — |  | 1 |  | (1) |  | (1) |  | (4)
Receivable |  | US$ | 950 |  |  | — |  | Libor |  | 0.13 | % |  |  |  |  |  |  |  |  |  |  |  |  |
Payable |  | US$ | 950 |  |  | — |  | Fix |  | 0.48 | % |  |  |  |  |  |  |  |  |  |  |  |  |
Protection programs for base metals raw materials and products - Nickel revenue hedging program |
Ifrs Statement [Line Items] |
Schedule of protection program |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Financial |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | settlement |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Inflows |  |  |  | Fair value
|  | Notional (ton) |  |  |  | Average |  | Fair value |  | (Outflows) |  | Value at Risk |  | by year
|  | December 31, |  | December 31, |  | Bought/ |  | strike |  | December 31, |  | December 31, |  | December 31, |  | December 31, |  |
Flow |  | 2020 |  | 2019 |  | Sold |  | (US$/ton) |  | 2020 |  | 2019 |  | 2020 |  | 2020 |  | 2021
Nickel Revenue Hedging Program (i) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Call options |  | 58,620 |  | 75,984 |  | S |  | 17,664 |  | (46) |  | (12) |  | — |  | 10 |  | (46)
Put options |  | 58,620 |  | 75,984 |  | B |  | 15,000 |  | 28 |  | 162 |  | 292 |  | 6 |  | 28
Total |  |  |  |  |  |  |  |  |  | (18) |  | 150 |  | 292 |  | 16 |  | (18)
Protection programs for base metals raw materials and products - Palladium revenue hedging program |
Ifrs Statement [Line Items] |
Schedule of protection program |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Financial |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | settlement |  |  |  | Fair
|  |  |  |  |  |  |  |  |  |  |  |  |  | Inflows |  | Value at |  | value
|  | Notional (t oz) |  |  |  |  |  | Fair value |  | (Outflows) |  | Risk |  | by year
|  | December 31, |  | December 31, |  | Bought / |  | Average strike |  | December 31, |  | December 31, |  | December 31, |  | December 31, |  |
Flow |  | 2020 |  | 2019 |  | Sold |  | (US$/t oz) |  | 2020 |  | 2019 |  | 2020 |  | 2020 |  | 2021
Palladium Revenue Hedging Program |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Palladium Forwards |  | — |  | — |  | S |  | — |  | — |  | — |  | 3 |  | — |  | —
Call Options |  | 7,200 |  | — |  | S |  | 2,347 |  | (1) |  | — |  | — |  | — |  | (1)
Put Options |  | 7,200 |  | — |  | B |  | 2,050 |  | — |  | — |  | — |  | — |  | —
Total |  |  |  |  |  |  |  |  |  | (1) |  | — |  | — |  | — |  | (1)
Embedded derivatives in contracts |
Ifrs Statement [Line Items] |
Schedule of protection program |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Financial |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | settlement |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Inflows |  |  |  |
|  | Notional |  |  |  |  |  | Fair value |  | (Outflows) |  | Value at Risk |  | Fair value
|  | December 31, |  | December 31, |  | Bought/ |  | Average |  | December 31, |  | December 31, |  | December 31, |  | December 31, |  |
Flow |  | 2020 |  | 2019 |  | Sold |  | strike |  | 2020 |  | 2019 |  | 2020 |  | 2020 |  | 2021+
Warrants da Wheaton Precious Metals Corp. (quantity of warranties) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Call options |  | — |  | 10,000,000 |  | B |  | — |  | — |  | 26 |  | 25 |  | — |  | —
Stock options associated with convertible debentures (quantity) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Conversion options |  | — |  | 140,239 |  | S |  | 8,346 |  | — |  | (51) |  | 235 |  | — |  | —
Option related to a Special Purpose Entity “SPE” (quantity) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Call option |  | 137,751,623 |  | 137,751,623 |  | B |  | 2.92 |  | 18 |  | 24 |  | — |  | 2 |  | 18
Embedded derivatives in contracts for the sale of part of its shareholding (quantity) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Put option |  | 1,105,070,863 |  | 1,105,070,863 |  | S |  | 4.23 |  | (19) |  | (69) |  | — |  | 4 |  | (19)
Embedded Derivative in natural gas purchase agreement (volume/month) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Call options |  | 746,667 |  | 746,667 |  | S |  | 233 |  | — |  | (1) |  | — |  | — |  | —
Embedded in raw material purchase contract (ton) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nickel forwards |  | 1,979 |  | 1,497 |  | S |  | 15,831 |  | 2 |  | 2 |  | — |  | 1 |  | 2
Copper forwards |  | 976 |  | 1,009 |  | S |  | 7,121 |  | — |  | — |  | — |  | — |  | —

X
- Definition The disclosure of detailed information about hedges. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Note Expiry date 2021-01-01 -Name IFRS -Number 7 -IssueDate 2020-01-01 -Paragraph 22 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2017-en-b&anchor=para_22&doctype=Standard&book=b -URIDate 2020-01-01 + Details
Name: | ifrs-full_DisclosureOfDetailedInformationAboutHedgesExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of external credit grades. [Refer: External credit grades [member]] + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Note Expiry date 2021-01-01 -Name IFRS -Number 7 -IssueDate 2020-01-01 -Paragraph IG24 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2017-en-b&anchor=para_IG24&doctype=Implementation%20Guidance&book=b -URIDate 2020-01-01 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Note Expiry date 2021-01-01 -Name IFRS -Number 7 -IssueDate 2020-01-01 -Paragraph 36 -Subparagraph c -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2017-en-b&anchor=para_36_c&doctype=Standard&book=b -URIDate 2020-01-01 + Details
Name: | ifrs-full_DisclosureOfExternalCreditExposuresExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of the sensitivity analysis for types of market risk to which the entity is exposed, showing how profit or loss and equity would have been affected by changes in the relevant risk variable that were reasonably possible at that date. [Refer: Market risk [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2020-01-01 -Paragraph 40 -Subparagraph a -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2020-en-r&anchor=para_40_a&doctype=Standard -URIDate 2020-01-01 + Details
Name: | ifrs-full_SensitivityAnalysisForEachTypeOfMarketRisk
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of effects of derivatives assets and liabilities on the balance sheet. + References No definition available. + Details
Name: | vale_DisclosureOfDerivativesEffectsOnStatementOfFinancialPositionExplanatoryTableTextBlock
Namespace Prefix: | vale_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of effects of derivatives gain (losses) in the statement of income and cash flow. + References No definition available. + Details
Name: | vale_DisclosureOfEffectsOfDerivativesOnIncomeStatementAndCashFlowTableTextBlock
Namespace Prefix: | vale_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of effects of hedge in foreign operations recorded in other comprehensive income + References No definition available. + Details
Name: | vale_DisclosureOfEffectsOfDerivativesOnOtherComprehensiveIncomeTableTextBlock
Namespace Prefix: | vale_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of carrying amount of the financial assets that represent the exposure to credit risk. + References No definition available. + Details
Name: | vale_FinancialAssetsExposureToCreditRisk
Namespace Prefix: | vale_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | vale_IfrsStatementLineItems
Namespace Prefix: | vale_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the type of risks, origin of the exhibition and management of such risks. + References No definition available. + Details
Name: | vale_RiskOriginationAndManagementTableTextBlock
Namespace Prefix: | vale_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | ifrs-full_ClassesOfFinancialInstrumentsAxis=vale_EurobondsWithDerivativeOffsetMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | ifrs-full_ClassesOfFinancialInstrumentsAxis=vale_LiborVersusUSFixedSwapRateMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | ifrs-full_ClassesOfFinancialInstrumentsAxis=vale_NickelRevenueHedgingProgramsBaseMetalDerivativeContractsMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | ifrs-full_ClassesOfFinancialInstrumentsAxis=vale_PalladiumRevenueHedgingProgramsBaseMetalDerivativeContractsMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | ifrs-full_ClassesOfFinancialInstrumentsAxis=vale_EmbeddedDerivativesFinancialInstrumentsForwardsMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |