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Participative shareholders’ debentures | 12 Months Ended
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Dec. 31, 2022
Participative Shareholders Debentures |
Participative shareholders’ debentures |
| 22. | Participative shareholders’ debentures
At the time of its privatization in 1997, the Company issued a total of 388,559,056 debentures to then-existing shareholders, including the Brazilian Government. The debentures’ terms were set to ensure that pre-privatization shareholders 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 shareholders’ 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. The effects on the statement of income and on the balance sheet are shown below:
statement of income and balance sheet |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2022 |  | December 31, 2021 |  | December 31, 2020
|  | Average price (R$) |  | Financial income |  | Liabilities |  | Average price (R$) |  | Financial expense |  | Liabilities |  | Average price (R$) |  | Financial expense |  | Liabilities
Participative shareholders’ debentures |  | 36.59 |  | 659 |  | 2,725 |  | 49.10 |  | (716) |  | 3,419 |  | 45.65 |  | (1,565) |  | 3,413
The Company made available for withdrawal as remuneration the following amounts, as disclosed on the “Shareholders’ debentures report” available on the Company’s website, which were not incorporated by reference:
Shareholders debentures |  |  |  |
|  | Availability date |  | Remuneration amount
Remuneration for the first half of 2022 |  | October 3, 2022 |  | 137
Remuneration for the second half of 2021 |  | April 1, 2022 |  | 234
Year ended December 31, 2022 |  | - |  | 371
Remuneration for the first half of 2021 |  | October 1, 2021 |  | 225
Remuneration for the second half of 2020 |  | April 1, 2021 |  | 193
Year ended December 31, 2021 |  | - |  | 418
Remuneration for the first half of 2020 |  | October 1, 2020 |  | 79
Remuneration for the second half of 2019 |  | April 1, 2020 |  | 104
Year ended December 31, 2020 |  | - |  | 183
Accounting policy The participative shareholders’ 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 period.

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