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Commitments and guarantee | 12 Months Ended
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Dec. 31, 2022
Commitments And Guarantee |
Commitments and guarantee |
| 32. | Commitments and guarantee
a) Commitments
Schedule of commitments |  |  |  |
|  | December 31, 2022 |  | December 31, 2021
Financial guarantees without registration effect |  | 6,534 |  | 5,015
Purchase of energy |  | 2,605 |  | 2,746
Total |  | 9,139 |  | 7,761
Commitments arise mainly from contracts for the acquisition of fuel and power and the purchase of raw materials and services. They represent the minimum required and non-cancelable payments related to contractual obligations. b) Guarantee
Schedule of guarantee |  |  |  |  |  |  |
| December 31, 2022 |  | December 31, 2021
| Guarantee | Restricted cash | Liability (i) |  | Guarantee | Restricted cash | Liability (i)
Associates and joint ventures | 1,522 | - | 103 |  | 1,513 | - | 542
Assets retirement obligations | 644 | 73 | - |  | 605 | 50 | -
Loans and financing | - | - | - |  | 82 | - | -
| 2,166 | 73 | 103 |  | 2,200 | 50 | 542
(i) | The fair value of these financial guarantees is recorded as “Other financial liabilities” (note 14).
Guarantees for associates and joint ventures - The Company has issued financial guarantees to certain associates and joint ventures to the extent of its direct and indirect ownership interest. In 2022, there was an improvement in the credit risk rating of the associates and as a result of the decrease in the probability of default on the guaranteed debts, resulting in a gain in the amount of US$481 (2021: US$312) (note 6). Guarantees related to asset retirement obligations - The Company has financial guarantees provided for the asset retirement obligations of its Energy Transition Materials operations in Canada. In addition, for Indonesia, as collateral in relation to the bank guarantees issued by the bank in relation to the reclamation and mine closure guarantees Vale has bank deposits as collateral in relation to the bank guarantees issued by the bank in relation to the reclamation and mine closure guarantees. Fixed assets given as guarantee for loans and financing - The Company had loans and financing amounting to secured by fixed assets, which were terminated on June 30, 2022. In addition, the securities issued through Vale’s wholly owned finance subsidiary Vale Overseas Limited are fully and unconditionally guaranteed by Vale and no other subsidiary of the Parent Company guarantees those securities.

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- Definition The disclosure of commitments. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2022-03-24 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_10_e&doctype=Standard -URIDate 2022-03-24 + Details
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