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v3.25.2

Loans, borrowings, cash and cash equivalents and short-term investments | 6 Months Ended
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Jun. 30, 2025
Notes and other explanatory information [abstract] |
Loans, borrowings, cash and cash equivalents and short-term investments | 21. Loans, borrowings, cash and cash equivalents and short-term investments a) Net debt The Company monitors the net debt with the objective of ensuring the continuity of its business in the long term.
Schedule of net debt |  |  |
| Notes | June 30, 2025 | December 31, 2024
Loans and borrowings |  | 17,146 | 14,792
Leases | 22(b) | 699 | 713
Gross debt |  | 17,845 | 15,505
(-) Cash and cash equivalentes |  | 5,514 | 4,953
(-) Short-term investments (i) |  | 182 | 53
Net debt |  | 12,149 | 10,499
(i) Substantially comprises investments in senior notes and exclusive investment fund, which portfolio is made by committed transactions and certificate of deposits (“CDB”). b) Cash and cash equivalents
Schedule of cash and cash equivalents |  |
| June 30, 2025 | December 31, 2024
R$ | 2,017 | 1,709
US$ | 3,327 | 3,048
Other currencies | 170 | 196
Total | 5,514 | 4,953
c) Loans and borrowings
| i) | Outstanding balance of loans and borrowings by type and currency
Schedule of total debt |  |  |  |  |
|  | Current liabilities | Non-current liabilities
| Average interest rate (i) | June 30, 2025 | December 31, 2024 | June 30, 2025 | December 31, 2024
Quoted in the secondary market: |  |  |  |  |
US$ Bonds | 6.05% | – | – | 7,607 | 7,187
R$ Debentures | 7.06% | 57 | 68 | 2,291 | 1,191
Debt contracts in Brazil in (ii): |  |  |  |  |
R$, indexed to TJLP, TR, IPCA, IGP-M and CDI | 9.96% | 44 | 41 | 112 | 143
Basket of currencies and bonds in US$ indexed to SOFR | 6.03% | – | – | 150 | 150
Debt contracts in the international market in: |  |  |  |  |
US$, with variable and fixed interest | 5.48% | 400 | 716 | 6,249 | 5,042
Other currencies, with fixed interest | 4.83% | 12 | 11 | 43 | 50
Other currencies, with variable interest | 3.80% | – | – | 9 | 9
Accrued charges |  | 172 | 184 | – | –
Total |  | 685 | 1,020 | 16,461 | 13,772
(i) In order to determine the average interest rate for debt contracts with floating rates, the Company used the rate applicable as of June 30, 2025. (ii) The Company entered into derivatives to mitigate the exposure to cash flow variations of all floating rate debt contracted in Brazil, resulting in an average cost of 3.21% per year in US$. The reconciliation of loans and financing with cash flows arising from financing activities is presented in note 9(C). ii) Future flows of principal and interest of loans and borrowings payments
Schedule of reconciliation of debt to cash flows arising from financing activities |  |
| Principal | Estimated future interest payments (i)
2025 | 513 | 494
2026 | 135 | 977
2027 | 1,690 | 912
2028 | 941 | 860
From 2029 to 2031 | 4,875 | 2,055
2032 onwards | 8,820 | 4,498
Total | 16,974 | 9,796
(i) Based on interest rate curves and foreign exchange rates applicable as of June 30, 2025 and considering that the payments of principal will be made on their contracted payments dates. The amount includes the estimated interest not yet accrued and the interest already recognized in the annual financial statements. Covenants The Company's main financial covenants require it to maintain certain ratios, such as the leverage ratio and interest coverage ratio. Vale is also subject to non-financial covenants normally practiced in the market, such as compliance with certain governance and environmental standards, among others. The Company is required to comply with these covenants at the end of each annual reporting period and there are no indications that Vale would have difficulties complying with them on the next measurement date, which will be as of December 31, 2025.

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