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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