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Inventories
 12 Months Ended
Dec. 31, 2023
Notes and other explanatory information [abstract]  
Inventories

12. 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”.