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Financial and capital risk management (Tables)

12 Months Ended

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		-		-

X

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The disclosure of detailed information about hedges.

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