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Inventories | 12 Months Ended
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Dec. 31, 2023
Notes and other explanatory information [abstract] |
Inventories | 12. Inventories
Schedule of inventories |  |
| December 31, 2023 | December 31, 2022
Finished products |  |
Iron Ore Solutions | 2,457 | 2,126
Energy Transition Metals | 640 | 651
Total finished products | 3,097 | 2,777
Work in progress | 567 | 800
Consumable inventory | 1,159 | 1,010
Net realizable value provision (i) | (139) | (105)
Total of inventories | 4,684 | 4,482
(i) | In 2023, the effect of provision for net realizable value was US$54 (2022: US$44).
The cost of goods sold is presented in note 5(a). Accounting policy Inventories are stated at the lower of cost and net realizable value. Inventory production cost comprises variable and fixed costs, direct and indirect costs of production and are assigned to individual items of inventory based on weighted average costs method. At the end of the reporting period, net realizable value of inventories are assessed and a provision for losses on obsolete or slow-moving inventory may be recognized. The write-downs and reversals are recognized as “Cost of goods sold, and services rendered”.

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