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v3.21.1

Investments in subsidiaries, associates and joint ventures (Tables) | 12 Months Ended
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Dec. 31, 2020
Investments in subsidiaries, associates and joint ventures |
Schedule of investments in associates and joint ventures, equity results and dividends received |
|  |  |  |  |  | Investments in associates and joint ventures |  | Equity results in the income statement |  | Dividends received
|  |  |  |  |  |  |  |  |  | Year ended December 31, |  | Year ended December 31,
Associates and joint ventures |  | % ownership |  | % voting capital |  | December 31, 2020 |  | December 31, 2019 |  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Ferrous minerals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Baovale Mineração S.A. |  | 50.00 |  | 50.00 |  | 20 |  | 25 |  | 1 |  | 4 |  | 5 |  | — |  | — |  | 1
Companhia Coreano-Brasileira de Pelotização |  | 50.00 |  | 50.00 |  | 48 |  | 88 |  | 8 |  | 48 |  | 69 |  | 34 |  | 62 |  | 32
Companhia Hispano-Brasileira de Pelotização (i) |  | 50.89 |  | 50.89 |  | 43 |  | 70 |  | 11 |  | 37 |  | 55 |  | 27 |  | 50 |  | 23
Companhia Ítalo-Brasileira de Pelotização (i) |  | 50.90 |  | 51.00 |  | 44 |  | 65 |  | 10 |  | 30 |  | 60 |  | 23 |  | 54 |  | 32
Companhia Nipo-Brasileira de Pelotização (i) |  | 51.00 |  | 51.11 |  | 121 |  | 150 |  | 8 |  | 84 |  | 126 |  | 32 |  | 92 |  | 67
MRS Logística S.A. |  | 48.16 |  | 46.75 |  | 398 |  | 496 |  | 34 |  | 50 |  | 72 |  | 22 |  | 29 |  | 27
Samarco Mineração S.A. (note 24) |  | 50.00 |  | 50.00 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | —
VLI S.A. |  | 29.60 |  | 29.60 |  | 480 |  | 812 |  | (22) |  | 1 |  | 30 |  | 2 |  | 9 |  | 7
Zhuhai YPM Pellet Co. |  | — |  | — |  | — |  | 23 |  | — |  | — |  | — |  | — |  | — |  | —
|  |  |  |  |  | 1,154 |  | 1,729 |  | 50 |  | 254 |  | 417 |  | 140 |  | 296 |  | 189
Base metals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Korea Nickel Corp. |  | 25.00 |  | 25.00 |  | 18 |  | 14 |  | — |  | — |  | 1 |  | — |  | — |  | —
|  |  |  |  |  | 18 |  | 14 |  | — |  | — |  | 1 |  | — |  | — |  | —
Coal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Henan Longyu Energy Resources Co., Ltd. |  | — |  | — |  | — |  | — |  | — |  | (2) |  | 16 |  | — |  | — |  | —
Nacala Corridor Holding Netherlands B.V. |  | 50.00 |  | 50.00 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | —
|  |  |  |  |  | — |  | — |  | — |  | (2) |  | 16 |  | — |  | — |  | —
Others |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aliança Geração de Energia S.A.(i) |  | 55.00 |  | 55.00 |  | 367 |  | 470 |  | 28 |  | 31 |  | 25 |  | 24 |  | 28 |  | 25
Aliança Norte Energia Participações S.A.(i) |  | 51.00 |  | 51.00 |  | 117 |  | 160 |  | (8) |  | 4 |  | 15 |  | — |  | — |  | —
California Steel Industries, Inc. |  | 50.00 |  | 50.00 |  | 234 |  | 242 |  | (7) |  | 23 |  | 77 |  | — |  | 29 |  | 31
Companhia Siderúrgica do Pecém |  | 50.00 |  | 50.00 |  | — |  | — |  | (131) |  | (69) |  | (243) |  | — |  | — |  | —
Mineração Rio do Norte S.A. |  | 40.00 |  | 40.00 |  | 71 |  | 97 |  | (3) |  | 15 |  | 2 |  | 9 |  | — |  | —
Others |  |  |  |  |  | 70 |  | 86 |  | (48) |  | (28) |  | (5) |  | — |  | — |  | —
|  |  |  |  |  | 859 |  | 1,055 |  | (169) |  | (24) |  | (129) |  | 33 |  | 57 |  | 56
Total |  |  |  |  |  | 2,031 |  | 2,798 |  | (119) |  | 228 |  | 305 |  | 173 |  | 353 |  | 245
(i) Although the Company held a majority of the voting capital, the entities are accounted under the equity method due to the stockholders' agreement where relevant decisions are shared with other parties.
Schedule of changes in investments in associates and joint ventures |
|  | 2020 |  | 2019
Balance at January 1, |  | 2,798 |  | 3,225
Additions and Capitalizations (i) |  | 131 |  | 76
Disposals (ii) |  | (250) |  | —
Translation adjustment |  | (542) |  | (111)
Equity results in income statement |  | (119) |  | 228
Results from sales on equity interest (ii) |  | 106 |  | —
Equity results in statement of comprehensive income |  | (2) |  | (4)
Fair value adjustment (iii) |  | (10) |  | (163)
Dividends declared |  | (128) |  | (326)
Transfer to assets held for sale (iii) |  | — |  | (152)
Others |  | 47 |  | 25
Balance at December 31, |  | 2,031 |  | 2,798
| (i) |  | In 2020, refers mainly to Companhia Siderúrgica do Pecém's capital increase.
| (ii) |  | In 2020, refers to the exercise of the call option of VLI's share (note 15).
| (iii) |  | In 2019, refers to fair value adjustment of the investment in Henan Longyu Energy Resources Co., Ltd., which was reclassified and presented as held for sale (note 15).
Summarized financial information about relevant associates and joint ventures |
|  | December 31, 2020
|  |  |  |  |  |  |  |  |  |  |  |  |  | Nacala |  |
|  | Aliança Geração |  | Aliança |  |  |  |  |  |  |  |  |  | Corridor Holding |  |
|  | de Energia |  | Norte Energia |  | CSI |  | CSP (i) |  | Pelletizing (ii) |  | MRS Logística |  | Netherlands B.V. (i) |  | VLI S.A.
Current assets |  | 138 |  | — |  | 336 |  | 346 |  | 300 |  | 412 |  | 524 |  | 614
Non-current assets |  | 711 |  | 229 |  | 344 |  | 2,234 |  | 258 |  | 1,701 |  | 4,349 |  | 3,737
Total assets |  | 849 |  | 229 |  | 680 |  | 2,581 |  | 558 |  | 2,113 |  | 4,874 |  | 4,351
Current liabilities |  | 48 |  | — |  | 63 |  | 737 |  | 53 |  | 389 |  | 573 |  | 607
Non-current liabilities |  | 134 |  | — |  | 148 |  | 2,623 |  | — |  | 898 |  | 4,684 |  | 2,123
Total liabilities |  | 182 |  | — |  | 211 |  | 3,360 |  | 53 |  | 1,286 |  | 5,257 |  | 2,729
Stockholders' equity |  | 668 |  | 229 |  | 469 |  | (779) |  | 504 |  | 827 |  | (383) |  | 1,622
Net revenue |  | 186 |  | — |  | 665 |  | 1,176 |  | 104 |  | 640 |  | 611 |  | 1,011
Net income (loss) |  | 51 |  | (15) |  | (14) |  | (835) |  | 73 |  | 70 |  | (87) |  | (59)
|  | December 31, 2019
|  |  |  |  |  |  |  |  |  |  |  |  |  | Nacala |  |
|  | Aliança Geração |  | Aliança |  |  |  |  |  |  |  |  |  | Corridor Holding |  |
|  | de Energia |  | Norte Energia |  | CSI |  | CSP (i) |  | Pelletizing (ii) |  | MRS Logística |  | Netherlands B.V.(i) |  | VLI S.A.
Current assets |  | 215 |  | — |  | 481 |  | 438 |  | 720 |  | 490 |  | 384 |  | 805
Non-current assets |  | 880 |  | 314 |  | 344 |  | 2,960 |  | 315 |  | 2,196 |  | 4,505 |  | 4,507
Total assets |  | 1,095 |  | 314 |  | 825 |  | 3,398 |  | 1,035 |  | 2,686 |  | 4,889 |  | 5,312
Current liabilities |  | 99 |  | — |  | 186 |  | 985 |  | 297 |  | 415 |  | 516 |  | 773
Non-current liabilities |  | 142 |  | — |  | 155 |  | 2,675 |  | 2 |  | 1,242 |  | 4,671 |  | 2,380
Total liabilities |  | 241 |  | — |  | 341 |  | 3,660 |  | 299 |  | 1,657 |  | 5,187 |  | 3,153
Stockholders' equity |  | 854 |  | 314 |  | 484 |  | (262) |  | 736 |  | 1,029 |  | (298) |  | 2,159
Net revenue |  | 257 |  | — |  | 997 |  | 1,393 |  | 583 |  | 759 |  | 782 |  | 1,238
Net income (loss) |  | 57 |  | 8 |  | 46 |  | (412) |  | 392 |  | 103 |  | (49) |  | 2
(i) The joint ventures and its results are accounted for under the equity method, in which the accumulated losses are capped to the Company’s interest in the investee’s capital based on the applicable law and requirements. That is, after the investment is reduced to zero, the Company does not recognize any further losses nor liabilities associated with the investee. (ii) Aggregate entity information: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização, Companhia Nipo-Brasileira de Pelotização.
Schedule of material consolidated entities in each business segment |
|  |  |  |  |  |  |  |  |  | % Noncontrolling |
|  | Location |  | Main activity /Business |  | % Ownership |  | % Voting capital |  | interest |
Direct and indirect subsidiaries |  |  |  |  |  |  |  |  |  |  |
Companhia Portuária da Baía de Sepetiba |  | Brazil |  | Iron ore |  | 100.0 | % | 100.0 | % | 0.0 | %
Ferrous Resource Limited |  | Isle of Man |  | Iron Ore |  | 100.0 | % | 100.0 | % | 0.0 | %
Mineração Corumbaense Reunida S.A. |  | Brazil |  | Iron ore and manganese |  | 100.0 | % | 100.0 | % | 0.0 | %
Minerações Brasileiras Reunidas S.A. (“MBR”) |  | Brazil |  | Iron ore |  | 100.0 | % | 100.0 | % | 0.0 | %
New Steel Global |  | Netherlands |  | Iron ore |  | 100.0 | % | 100.0 | % | 0.0 | %
Salobo Metais S.A. |  | Brazil |  | Copper |  | 100.0 | % | 100.0 | % | 0.0 | %
PT Vale Indonesia |  | Indonesia |  | Nickel |  | 44.3 | % | 44.3 | % | 55.7 | %
Vale Holdings B.V |  | Netherlands |  | Holding and research |  | 100.0 | % | 100.0 | % | 0.0 | %
Vale Canada Limited |  | Canada |  | Nickel |  | 100.0 | % | 100.0 | % | 0.0 | %
Vale International S.A. |  | Switzerland |  | Trading and holding |  | 100.0 | % | 100.0 | % | 0.0 | %
Vale Malaysia Minerals Sdn. Bhd. |  | Malaysia |  | Iron ore |  | 100.0 | % | 100.0 | % | 0.0 | %
Vale Manganês S.A. |  | Brazil |  | Manganese and ferroalloys |  | 100.0 | % | 100.0 | % | 0.0 | %
Vale Moçambique S.A. |  | Mozambique |  | Coal |  | 80.7 | % | 80.7 | % | 19.3 | %
Vale Nouvelle Caledonie S.A.S. |  | New Caledonia |  | Nickel |  | 95.0 | % | 95.0 | % | 5.0 | %
Vale Newfoundland & Labrador Ltd |  | Canada |  | Nickel |  | 100.0 | % | 100.0 | % | 0.0 | %
Vale Oman Distribution Center LLC |  | Oman |  | Iron ore and pelletizing |  | 100.0 | % | 100.0 | % | 0.0 | %
Vale Oman Pelletizing Company LLC |  | Oman |  | Pelletizing |  | 70.0 | % | 70.0 | % | 30.0 | %
Vale Shipping Holding Pte. Ltd. |  | Singapore |  | Iron ore |  | 100.0 | % | 100.0 | % | 0.0 | %
Summary of financial information, prior to the eliminations of the intercompany balances and transactions, about subsidiaries with material noncontrolling interest |
|  | December 31, 2020
|  |  |  |  |  | Vale |  |  |  |
|  | PTVI |  | VNC |  | Moçambique S.A. |  | Others |  | Total
Current assets |  | 595 |  | 2 |  | 352 |  | — |  |
Non-current assets |  | 1,881 |  | — |  | 168 |  | — |  |
Related parties-Stockholders |  | 61 |  | 49 |  | 29 |  | — |  |
Total assets |  | 2,537 |  | 51 |  | 549 |  | — |  |
Current liabilities |  | 162 |  | — |  | 341 |  | — |  |
Non-current liabilities |  | 53 |  | — |  | 98 |  | — |  |
Related parties-Stockholders |  | — |  | 281 |  | 12,185 |  | — |  |
Total liabilities |  | 215 |  | 281 |  | 12,624 |  | — |  |
Stockholders' equity |  | 2,322 |  | (230) |  | (12,075) |  | — |  |
Equity attributable to noncontrolling interests |  | 1,292 |  | (12) |  | (2,330) |  | 127 |  | (923)
Net income (loss) |  | 84 |  | (669) |  | (1,804) |  | — |  |
Net income (loss) attributable to noncontrolling interests |  | 35 |  | (33) |  | (348) |  | (3) |  | (350)
Dividends paid to noncontrolling interests (i) |  | — |  | — |  | — |  | 14 |  | 14
(i) Dividends paid to others noncontrolling interests relates to Vale Oman Pelletizing
|  | December 31, 2019
|  |  |  |  |  | Vale |  |  |  |
|  | PTVI |  | VNC |  | Moçambique S.A. |  | Others |  | Total
Current assets |  | 462 |  | 169 |  | 188 |  |  |  |
Non-current assets |  | 1,630 |  | 604 |  | 199 |  |  |  |
Related parties-Stockholders |  | 84 |  | 34 |  | 29 |  |  |  |
Total assets |  | 2,176 |  | 807 |  | 416 |  |  |  |
Current liabilities |  | 140 |  | 199 |  | 320 |  |  |  |
Non-current liabilities |  | 61 |  | 236 |  | 147 |  |  |  |
Related parties-Stockholders |  | — |  | 344 |  | 10,221 |  |  |  |
Total liabilities |  | 201 |  | 779 |  | 10,688 |  |  |  |
Stockholders' equity |  | 1,975 |  | 28 |  | (10,272) |  |  |  |
Equity attributable to noncontrolling interests |  | 806 |  | 1 |  | (1,982) |  | 101 |  | (1,074)
Net income (loss) |  | 67 |  | (2,055) |  | (3,183) |  |  |  |
Net income (loss) attributable to noncontrolling interests |  | 27 |  | (103) |  | (613) |  | 192 |  | (497)
Dividends paid to noncontrolling interests (i) |  | — |  | — |  | — |  | 184 |  | 184
(i) Dividends paid to noncontrolling interests relates to US$162 to Minerações Brasileiras Reunidas and US$21 to Vale Oman Pelletizing.
|  | December 31, 2018
|  |  |  |  |  |  |  | Vale |  |  |  |
|  | MBR |  | PTVI |  | VNC |  | Moçambique S.A. |  | Others |  | Total
Net income (loss) |  | 434 |  | 58 |  | 351 |  | (985) |  |  |  |
Net income (loss) attributable to noncontrolling interests |  | 174 |  | 24 |  | 18 |  | (190) |  | 10 |  | 36
Dividends paid to noncontrolling interests (i) |  | 168 |  | — |  | — |  | — |  | 14 |  | 182
(i) Dividends paid to others noncontrolling interests relates to Vale Oman Pelletizing

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