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Financial and capital risk management (Tables) | 12 Months Ended
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Dec. 31, 2022
IfrsStatementLineItems [Line Items] |
Schedule of derivatives effects on statement of financial position |
Schedule of derivatives effects on statement of financial position |  |  |  |  |  |  |  |  |  |
|  |  |  | December 31, 2022 |  | December 31, 2021
|  | Reference |  | Assets |  | Liabilities |  | Assets |  | Liabilities
Foreign exchange and interest rate risk |  |  |  |  |  |  |  |  |  |
CDI & TJLP vs. US$ fixed and floating rate swap |  | 20(b.i) |  | 11 |  | 144 |  | - |  | 591
IPCA swap |  | 20(b.i) |  | - |  | 63 |  | 41 |  | 119
Dollar swap and forward transactions |  | 20(b.i) |  | 407 |  | 7 |  | 29 |  | 95
LIBOR swap |  | 20(b.ii) |  | 7 |  | - |  | 12 |  | 1
|  |  |  | 425 |  | 214 |  | 82 |  | 806
Commodities price risk |  |  |  |  |  |  |  |  |  |
Gasoil, Brent and freight |  | 20(c) |  | 78 |  | 56 |  | 8 |  | 2
Energy Transition Materials |  | 20(d) |  | 35 |  | 1 |  | 28 |  | 27
|  |  |  | 113 |  | 57 |  | 36 |  | 29
Other |  | 20(d) |  | - |  | 5 |  | 13 |  | -
Total |  |  |  | 538 |  | 276 |  | 131 |  | 835
a.ii) Net exposure
|  | Reference |  | December 31, 2022 |  | December 31, 2021
Foreign exchange and interest rate risk |  |  |  |  |  |
CDI & TJLP vs. US$ fixed and floating rate swap |  | 20(b.i) |  | (133) |  | (591)
IPCA swap |  | 20(b.i) |  | (63) |  | (78)
Dollar swap and forward transactions |  | 20(b.i) |  | 400 |  | (66)
LIBOR swap (i) |  | 20(b.ii) |  | 7 |  | 11
|  |  |  | 211 |  | (724)
Commodities price risk |  |  |  |  |  |
Gasoil, Brent and freight |  | 20(c) |  | 22 |  | 6
Energy Transition Materials |  | 20(d) |  | 34 |  | 1
|  |  |  | 56 |  | 7
Other |  | 20(d) |  | (5) |  | 13
Total |  |  |  | 262 |  | (704)
(i) | In March 2021, the UK Financial Conduct Authority (“FCA”), the financial regulator in the United Kingdom, announced the discontinuation of the LIBOR rate for all terms in pounds, euros, Swiss francs, yen and for terms of one week and two months in dollars at the end of December 2021 and the other terms at the end of June 2023. Vale is in negotiations with some financial institutions to replace the reference interest rate of its financial contracts from LIBOR to Secured Overnight Financing Rate ("SOFR"), with spread adjustments to match the transaction costs. The Company does not expect material impacts on the cash flows of these operations.
Schedule of effects of derivatives on income statement and cash flow |
Schedule of effects of derivatives on income statement and cash flow |  |  |  |  |  |  |  |
|  |  |  | Gain (loss) recognized in the income statement
|  |  |  | Year ended December 31,
|  | Reference |  | 2022 |  | 2021 |  | 2020
Foreign exchange and interest rate risk |  |  |  |  |  |  |  |
CDI & TJLP vs. US$ fixed and floating rate swap |  | 20(b.i) |  | 394 |  | (155) |  | (746)
IPCA swap |  | 20(b.i) |  | 74 |  | 28 |  | (262)
Eurobonds swap |  |  |  | - |  | (28) |  | 28
Dollar swap and forward operations |  | 20(b.i) |  | 628 |  | (20) |  | (160)
LIBOR swap |  | 20(b.ii) |  | 34 |  | 16 |  | (7)
|  |  |  | 1,130 |  | (159) |  | (1,147)
Commodities price risk |  |  |  |  |  |  |  |
Gasoil, Brent and freight |  | 20(c) |  | 25 |  | 127 |  | (134)
Energy Transition Materials |  | 20(d) |  | 18 |  | (2) |  | 10
|  |  |  | 43 |  | 125 |  | (124)
Other |  | 20(d) |  | (19) |  | 11 |  | 61
Total |  |  |  | 1,154 |  | (23) |  | (1,210)
a.iv) Effects of derivatives on the cash flows
|  |  |  | Financial settlement inflows (outflows)
|  |  |  | Year ended December 31,
|  | Reference |  | 2022 |  | 2021 |  | 2020
Foreign exchange and interest rate risk |  |  |  |  |  |  |  |
CDI & TJLP vs. US$ fixed and floating rate swap |  | 20(b.i) |  | (98) |  | (142) |  | (141)
IPCA swap |  | 20(b.i) |  | 56 |  | (18) |  | -
Eurobonds swap |  |  |  | - |  | (29) |  | (6)
Dollar swap and forward operations |  | 20(b.i) |  | 164 |  | (79) |  | (49)
LIBOR swap |  | 20(b.ii) |  | 46 |  | (2) |  | -
Forwards (i) |  |  |  | (8) |  | - |  | -
|  |  |  | 160 |  | (270) |  | (196)
Commodities price risk |  |  |  |  |  |  |  |
Gasoil, Brent and freight |  | 20(c) |  | 9 |  | 205 |  | (206)
Energy Transition Materials |  | 20(d) |  | 10 |  | - |  | 8
|  |  |  | 19 |  | 205 |  | (198)
Other |  |  |  | - |  | - |  | 68
Derivatives designated as cash flow hedge accounting |  |  |  |  |  |  |  |
Nickel |  | 20(e) |  | (277) |  | (67) |  | 292
Palladium |  | 20(e) |  | 15 |  | 5 |  | -
Coal |  |  |  | - |  | (70) |  | -
|  |  |  | (262) |  | (132) |  | 292
Total |  |  |  | (83) |  | (197) |  | (34)
(i) | In June 2022, the Company implemented and already settle a protection program for treasury volatility related to tender offer transaction.
Schedule of protection program |
Schedule of protection program |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Notional |  |  |  |  |  | Fair value |  | Financial Settlement Inflows (Outflows) |  | Value at Risk | Fair value by year
Flow |  | December 31, 2022 |  | December 31, 2021 |  | Index |  | Average rate |  | December 31, 2022 |  | December 31, 2021 |  | December 31, 2022 |  | December 31, 2022 |  | 2023 |
LIBOR vs. US$ fixed rate swap |  |  |  |  |  |  |  |  |  | 7 |  | 11 |  | 46 |  | 1 |  | 7 |
Receivable |  | US$ 150 |  | US$ 950 |  | LIBOR |  | 0.85% |  |  |  |  |  |  |  |  |  |  |
Payable |  | US$ 150 |  | US$ 950 |  | Fix |  | 0.85% |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | 7 |  | 11 |  | 46 |  | 1 |  | 7 |
The sensitivity analysis of these derivative financial instruments is presented as follows:
Sensitivity analysis derivative financial instruments |  |  |  |  |  |  |  |
Instrument |  | Instrument's main risk events |  | Probable |  | Scenario I (∆ of 25%) |  | Scenario II (∆ of 50%)
LIBOR vs. US$ fixed rate swap |  | US$ LIBOR decrease |  | 7 |  | 3 |  | (1)
Protected item: LIBOR US$ indexed debt |  | US$ LIBOR decrease |  | n.a. |  | (3) |  | 1
Schedule of protection program |
Schedule of sensitivity analysis of derivative financial instruments |  |  |  |  |  |  |  |
Instrument |  | Instrument's main risk events |  | Probable |  | Scenario I (∆ of 25%) |  | Scenario II (∆ of 50%)
CDI vs. US$ fixed rate swap |  | R$ depreciation |  | (83) |  | (430) |  | (777)
|  | US$ interest rate inside Brazil decrease |  | (83) |  | (133) |  | (189)
|  | Brazilian interest rate increase |  | (83) |  | (123) |  | (162)
Protected item: R$ denominated liabilities |  | R$ depreciation |  | n.a. |  | 430 |  | 777
TJLP vs. US$ fixed rate swap |  | R$ depreciation |  | (50) |  | (99) |  | (148)
|  | US$ interest rate inside Brazil decrease |  | (50) |  | (56) |  | (61)
|  | Brazilian interest rate increase |  | (50) |  | (60) |  | (68)
|  | TJLP interest rate decrease |  | (50) |  | (56) |  | (63)
Protected item: R$ denominated debt |  | R$ depreciation |  | n.a. |  | 99 |  | 148
IPCA swap vs. US$ fixed rate swap |  | R$ depreciation |  | (63) |  | (140) |  | (217)
|  | US$ interest rate inside Brazil decrease |  | (63) |  | (74) |  | (86)
|  | Brazilian interest rate increase |  | (63) |  | (79) |  | (95)
|  | IPCA index decrease |  | (63) |  | (72) |  | (80)
Protected item: R$ denominated debt |  | R$ depreciation |  | n.a. |  | 140 |  | 217
R$ fixed rate vs. US$ fixed rate swap |  | R$ depreciation |  | 318 |  | (573) |  | (1,463)
|  | US$ interest rate inside Brazil decrease |  | 318 |  | 230 |  | 136
|  | Brazilian interest rate increase |  | 318 |  | 146 |  | (13)
Protected item: R$ denominated debt |  | R$ depreciation |  | n.a. |  | 573 |  | 1,463
Forward |  | R$ depreciation |  | 82 |  | (85) |  | (253)
|  | US$ interest rate inside Brazil decrease |  | 82 |  | 72 |  | 62
|  | Brazilian interest rate increase |  | 82 |  | 65 |  | 48
Protected item: R$ denominated liabilities |  | R$ depreciation |  | n.a. |  | 85 |  | 253
Schedule of sensitivity analysis derivative financial instruments |
Schedule of actuarial and economic assumptions and sensitivity analysis |  |  |  |  |  |  |  |  |  |  |  |
| Brazil
| December 31, 2022 |  | December 31, 2021
|  | Overfunded pension plans |  | Underfunded pension plans |  | Other benefits |  | Overfunded pension plans |  | Underfunded pension plans |  | Other benefits
Discount rate to determine benefit obligation |  | 9.77% - 9.88% |  | 10.66% |  | 9.81% - 9.90% |  | 8.62% - 8.82% |  | 10.25% |  | 8.68% - 8.86%
Nominal average rate to determine expense/ income |  | 9.77% - 9.88% |  | 10.66% |  | N/A |  | 8.62% - 8.82% |  | 10.25% |  | N/A
Nominal average rate of salary increase |  | 3.50% - 5.36% |  | 6.86% |  | N/A |  | 3.25% - 5.32% |  | 7.50% |  | N/A
Nominal average rate of benefit increase |  | 3.50% - 4.02% |  | 6.86% |  | N/A |  | 3.25% |  | 7.50% |  | N/A
Immediate health care cost trend rate |  | N/A |  | N/A |  | 6.35% |  | N/A |  | N/A |  | 6.35%
Ultimate health care cost trend rate |  | N/A |  | N/A |  | 6.35% |  | N/A |  | N/A |  | 6.35%
Nominal average rate of price inflation |  | 3.50% |  | 4.25% |  | 3.50% |  | 3.25% |  | 5.00% |  | 3.25%
|  | Foreign
|  | December 31, 2022 |  | December 31, 2021
|  | Overfunded pension plans |  | Underfunded pension plans |  | Other benefits |  | Underfunded pension plans |  | Other benefits
Discount rate to determine benefit obligation |  | 5.10% |  | 5.10% |  | 5.14% |  | 2.84% |  | 3.03%
Nominal average rate to determine expense/ income |  | 2.84% |  | 2.84% |  | 3.03% |  | 2.62% |  | 2.62%
Nominal average rate of salary increase |  | 3.23% |  | 3.23% |  | N/A |  | 3.28% |  | N/A
Nominal average rate of benefit increase |  | 3.00% |  | 3.00% |  | N/A |  | 3.00% |  | N/A
Immediate health care cost trend rate |  | N/A |  | N/A |  | 5.11% |  | N/A |  | 5.11%
Ultimate health care cost trend rate |  | N/A |  | N/A |  | 4.57% |  | N/A |  | 4.57%
Nominal average rate of price inflation |  | 2.06% |  | 2.06% |  | N/A |  | 2.10% |  | N/A
For the sensitivity analysis, the Company applies the effect of 1.0% in nominal discount rate to the present value of the Company´s actuarial liability. The effects of this analysis on the Company´s actuarial liability and assumptions adopted are as follows:
|  | Brazil
|  | December 31, 2022
|  | Overfunded pension plans |  | Underfunded pension plans |  | Other benefits
Nominal discount rate - 1% increase |  |  |  |  |  |
Actuarial liability adjusted for sensitivity test |  | 2,451 |  | 237 |  | 413
Assumptions made |  | 10.83% |  | 11.66% |  | 10.86%
Nominal discount rate - 1% reduction |  |  |  |  |  |
Actuarial liability adjusted for sensitivity test |  | 2,845 |  | 257 |  | 320
Assumptions made |  | 8.83% |  | 9.66% |  | 8.86%
|  | Foreign
|  | December 31, 2022
|  | Overfunded pension plans |  | Underfunded pension plans |  | Other benefits
Nominal discount rate - 1% increase |  |  |  |  |  |
Actuarial liability adjusted for sensitivity test |  | 2,244 |  | 322 |  | 649
Assumptions made |  | 6.11% |  | 6.11% |  | 6.14%
Nominal discount rate - 1% reduction |  |  |  |  |  |
Actuarial liability adjusted for sensitivity test |  | 2,799 |  | 403 |  | 832
Assumptions made |  | 4.11% |  | 4.11% |  | 4.14%
Sensitivity analysis of other derivatives financial instruments |
Sensitivity analysis of other derivatives financial instruments |  |  |  |  |  |  |  |
Instrument |  | Instrument's main risk events |  | Probable |  | Scenario I (∆ of 25%) |  | Scenario II (∆ of 50%)
Fixed price sales protection (tons) |  |  |  |  |  |  |  |
Forwards |  | Nickel price decrease |  | 7 |  | 1 |  | (5)
Protected item: Part of nickel revenues with fixed prices |  | Nickel price decrease |  | n.a. |  | (1) |  | 5
Hedge program for products acquisition for resale (tons) |  |  |  |  |  |  |  |
Forwards |  | Nickel price increase |  | (1) |  | 3 |  | (6)
Protected item: Part of revenues from products for resale |  | Nickel price increase |  | n.a. |  | (3) |  | 6
Embedded derivative (pellet price) in natural gas purchase agreement (volume/month) |  |  |  |  |  |  |  |
Embedded derivatives - Gas purchase |  | Pellet price increase |  | (5) |  | (12) |  | (22)
Schedule of effects of derivatives on other comprehensive income |
Schedule of effects of derivatives on other comprehensive income |  |  |  |  |  |
|  | Gain (loss) recognized in the other comprehensive income
|  | Year ended December 31,
|  | 2022 |  | 2021 |  | 2020
Net investments hedge |  | 81 |  | (118) |  | (578)
Cash flow hedge (Nickel and Palladium) |  | 19 |  | 3 |  | (105)
Sensitivity analysis of derivative financial instruments of hedge accounting |
Sensitivity analysis of derivative financial instruments of hedge accounting |  |  |  |  |  |  |  |
Instrument |  | Instrument's main risk events |  | Probable |  | Scenario I (∆ of 25%) |  | Scenario II (∆ of 50%)
Nickel Revenue Hedge Program |  |  |  |  |  |  |  |
Options |  | Nickel price increase |  | 28 |  | (19) |  | (65)
Protected item: Part of nickel revenues with fixed sales prices |  | Nickel price increase |  | n.a. |  | 19 |  | 65
Schedule of carrying amount of the financial assets that represent the exposure to credit risk |
Schedule of carrying amount of the financial assets that represent the exposure to credit risk |  |  |  |
| Notes | December 31, 2022 |  | December 31, 2021
Cash and cash equivalents | 23 | 4,736 |  | 11,721
Short-term investments | 23 | 61 |  | 184
Restricted cash |  | 77 |  | 117
Judicial deposits | 28 | 1,215 |  | 1,220
Derivative financial instruments |  | 538 |  | 131
Investments in equity securities | 14 | 7 |  | 6
|  | 6,634 |  | 13,379
Summary of ratings published by Moody's regarding the main financial institutions |
Summary of ratings published by Moody's regarding the main financial institutions |  |  |  |  |  |  |  |
|  | December 31, 2022 |  | December 31, 2021
|  | Cash and cash equivalents and investment |  | Derivatives |  | Cash and cash equivalents and investment |  | Derivatives
Aa1 |  | 32 |  | - |  | 128 |  | -
Aa2 |  | 342 |  | 5 |  | 285 |  | 15
Aa3 |  | 239 |  | - |  | 495 |  | 34
A1 |  | 1,746 |  | 98 |  | 1,145 |  | 3
A2 |  | 938 |  | 146 |  | 3,478 |  | 39
A3 |  | 918 |  | 63 |  | 1,518 |  | 20
Baa1 |  | - |  | - |  | 90 |  | -
Baa2 |  | 7 |  | - |  | 10 |  | -
Ba2 (i) |  | 411 |  | 176 |  | 2,763 |  | 5
Ba3 (i) |  | 164 |  | 55 |  | 1,988 |  | -
Other |  | - |  | (5) |  | 5 |  | 15
|  | 4,797 |  | 538 |  | 11,905 |  | 131
(i) | A substantial part of the balances is held with financial institutions in Brazil and, in local currency, they are deemed investment grade.
Eurobonds With Derivative Offset [Member] |
IfrsStatementLineItems [Line Items] |
Schedule of protection program |
Schedule of protection program |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Notional |  |  |  |  |  | Fair value |  | Financial Settlement Inflows (Outflows) |  | Value at Risk |  | Fair value by year
Flow |  | December 31, 2022 |  | December 31, 2021 |  | Index |  | Average rate |  | December 31, 2022 |  | December 31, 2021 |  | December 31, 2022 |  | December 31, 2022 |  | 2023 |  | 2024 |  | 2025+
CDI vs. US$ fixed rate swap |  |  |  |  |  |  |  |  |  | (83) |  | (461) |  | (61) |  | 27 |  | (19) |  | (13) |  | (51)
Receivable |  | R$ 6,356 |  | R$ 8,142 |  | CDI |  | 100.13% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payable |  | US$ 1,475 |  | US$ 1,906 |  | Fix |  | 1.80% |  |  |  |  |  |  |  |  |  |  |  |  |  |
TJLP vs. US$ fixed rate swap |  |  |  |  |  |  |  |  |  | (50) |  | (130) |  | (37) |  | 4 |  | (6) |  | (7) |  | (37)
Receivable |  | R$ 814 |  | R$ 1,192 |  | TJLP + |  | 1.05% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payable |  | US$ 204 |  | US$ 320 |  | Fix |  | 3.44% |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | (133) |  | (591) |  | (98) |  | 31 |  | (25) |  | (20) |  | (88)
IPCA vs. US$ fixed rate swap |  |  |  |  |  |  |  |  |  | (63) |  | (118) |  | 5 |  | 6 |  | - |  | (10) |  | (53)
Receivable |  | R$ 1,294 |  | R$ 1,508 |  | IPCA + |  | 4.54% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payable |  | US$ 320 |  | US$ 373 |  | Fix |  | 3.88% |  |  |  |  |  |  |  |  |  |  |  |  |  |
IPCA vs. CDI swap |  |  |  |  |  |  |  |  |  | - |  | 40 |  | 51 |  | - |  | - |  | - |  | -
Receivable |  | - |  | R$ 769 |  | IPCA + |  | 0.00% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payable |  | - |  | R$ 1,350 |  | CDI |  | 0.00% |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | (63) |  | (78) |  | 56 |  | 6 |  | - |  | (10) |  | (53)
R$ fixed rate vs. US$ fixed rate swap |  |  |  |  |  |  |  |  |  | 318 |  | (62) |  | 37 |  | 71 |  | 148 |  | 107 |  | 63
Receivable |  | R$ 20,854 |  | R$ 5,730 |  | Fix |  | 7.48% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payable |  | US$ 3,948 |  | US$ 1,084 |  | Fix |  | 0.00% |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward |  | R$ 4,342 |  | R$ 6,013 |  | B |  | 5.39 |  | 82 |  | (4) |  | 127 |  | 13 |  | 67 |  | 12 |  | 3
|  |  |  |  |  |  |  |  |  | 400 |  | (66) |  | 164 |  | 84 |  | 215 |  | 119 |  | 66
Derivatives [member] |
IfrsStatementLineItems [Line Items] |
Schedule of sensitivity analysis derivative financial instruments |
Sensitivity analysis derivative financial instruments |  |  |  |  |  |  |  |
Instrument |  | Instrument's main risk events |  | Probable |  | Scenario I (∆ of 25%) |  | Scenario II (∆ of 50%)
LIBOR vs. US$ fixed rate swap |  | US$ LIBOR decrease |  | 7 |  | 3 |  | (1)
Protected item: LIBOR US$ indexed debt |  | US$ LIBOR decrease |  | n.a. |  | (3) |  | 1
Forward [Member] |
IfrsStatementLineItems [Line Items] |
Schedule of protection program |
Schedule of protection program |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Notional |  |  |  |  |  | Fair value |  | Financial settlement Inflows (Outflows) |  | Value at Risk |  | Fair value by year
Flow |  | December 31, 2022 |  | December 31, 2021 |  | Bought / Sold |  | Average strike (US$) |  | December 31, 2022 |  | December 31, 2021 |  | December 31, 2022 |  | December 31, 2022 |  | 2023
Brent crude oil (bbl) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Call options |  | 22,600,500 |  | 762,000 |  | B |  | 100 |  | 74 |  | 7 |  | 14 |  | 45 |  | 74
Put options |  | 22,600,500 |  | 762,000 |  | S |  | 66 |  | (51) |  | (2) |  | - |  | 10 |  | (51)
Forward Freight Agreement (days) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Freight forwards |  | 2,085 |  | 330 |  | B |  | 13,765 |  | (1) |  | 1 |  | (5) |  | 2 |  | (1)
|  |  |  |  |  |  |  |  |  | 22 |  | 6 |  | 9 |  | 57 |  | 22
Product Prices And Input Costs [Member] |
IfrsStatementLineItems [Line Items] |
Schedule of sensitivity analysis derivative financial instruments |
Schedule of sensitivity analysis derivative financial instruments |  |  |  |  |  |  |  |
Instrument |  | Instrument's main risk events |  | Probable |  | Scenario I (∆ of 25%) |  | Scenario II (∆ of 50%)
Brent crude oil (bbl) |  |  |  |  |  |  |  |
Options |  | Price input decrease |  | 23 |  | (183) |  | (548)
Protected item: Part of costs linked to fuel oil prices |  | Price input decrease |  | n.a. |  | 183 |  | 548
Forward Freight Agreement (days) |  |  |  |  |  |  |  |
Forwards |  | Freight price decrease |  | (1) |  | (7) |  | (14)
Protected item: Part of costs linked to maritime freight prices |  | Freight price decrease |  | n.a. |  | 7 |  | 14
Embedded Derivatives Financial Instruments Forwards [Member] |
IfrsStatementLineItems [Line Items] |
Schedule of protection program |
Schedule of other derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Notional |  |  |  |  |  | Fair value |  | Financial settlement Inflows (Outflows) |  | Value at Risk |  | Fair value by year
Flow |  | December 31, 2022 |  | December 31, 2021 |  | Bought / Sold |  | Average strike (US$/tons) |  | December 31, 2022 |  | December 31, 2021 |  | December 31, 2022 |  | December 31, 2022 |  | 2023
Fixed price nickel sales protection (tons) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nickel forwards |  | 766 |  | 342 |  | B |  | 21,214 |  | 7 |  | 1 |  | 3 |  | 1 |  | 7
Hedge program for products acquisition for resale (tons) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nickel forwards |  | 384 |  | 1,206 |  | S |  | 28,657 |  | (1) |  | (1) |  | 7 |  | 1 |  | (1)
|  |  |  |  |  |  |  |  |  | 6 |  | - |  | 10 |  | 2 |  | 6
Option related to a Special Purpose Entity “SPE” (shares) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Call options |  | - |  | 137,751,623 |  | B |  | - |  | - |  | 13 |  | - |  | - |  | -
Embedded derivative (pellet price) in natural gas purchase agreement (volume/month) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Call options |  | 746,667 |  | 729,571 |  | S |  | 233 |  | (5) |  | (1) |  | - |  | 3 |  | (5)
|  |  |  |  |  |  |  |  |  | (5) |  | 12 |  | - |  | 3 |  | (5)
Nickel Revenue Hedging Programs Base Metal Derivative Contracts [Member] |
IfrsStatementLineItems [Line Items] |
Schedule of protection program |
Schedule of protection program |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Notional (ton) |  |  |  |  | Fair value |  | Financial settlement Inflows (Outflows) |  | Value at Risk |  | Fair value by year |
Flow |  | December 31, 2022 |  | December 31, 2021 |  | Bought / Sold |  | Average strike (US$/ton) | December 31, 2022 |  | December 31, 2021 |  | December 31, 2022 |  | December 31, 2022 |  | 2023 |
Nickel Revenue Hedge Program |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward |  | 6,300 |  | 39,575 |  | S |  | 34,929 | 28 |  | (26) |  | (277) |  | 11 |  | 28 |
|  |  |  |  |  |  |  |  | 28 |  | (26) |  | (277) |  | 11 |  | 28 |
Palladium Revenue Hedge Program |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Call options |  | - |  | 44,228 |  | S |  | - | - |  | (1) |  | - |  | - |  | - |
Put options |  | - |  | 44,228 |  | B |  | - | - |  | 26 |  | 15 |  | - |  | - |
|  |  |  |  |  |  |  |  | - |  | 25 |  | 15 |  | - |  | - |

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