United States
Securities and Exchange Commission
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the
Securities Exchange Act of 1934
For the month of
May, 2012
Vale S.A.
Avenida Graça Aranha, No. 26
20030-900 Rio de Janeiro, RJ, Brazil
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
(Check One) Form 20-F x Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)
(Check One) Yes o No x
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7)
(Check One) Yes o No x
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
(Check One) Yes o No x
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b). 82- .
Vale presents this 6-K in order to provide supplemental financial information furnished to the SEC on April 25, 2012 in XBRL format.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Vale S.A. | |
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(Registrant) | |
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By: |
/s/ Roberto Castello Branco |
Date: May 24, 2012 |
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Roberto Castello Branco |
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Director of Investor Relations |
Exhibit No: |
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Exhibit Description |
101 |
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The following materials from the Financial Statement of Vale S.A. for the quarter ended March 31, 2012 filed on April 25, 2012 formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets; (ii) Consolidated Statements of Income; (iii) Consolidated Statements of Cash Flow; (iv) Consolidated Statements of Changes in Shareholders Equity and footnotes. |
Fair value disclosure of financial assets and liabilities (Tables)
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3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2012
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Fair value disclosure of financial assets and liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances of assets and liabilities measured at fair value on a recurring basis |
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Estimated fair value measurement |
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Long-term debt (Details 2) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2012
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Dec. 31, 2011
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---|---|---|
Maturities of Long-term Debt | ||
2013 | $ 2,820 | |
2014 | 1,272 | |
2015 | 981 | |
2016 | 1,638 | |
2017 and after | 15,790 | |
Long-term debt, noncurrent | $ 22,501 | $ 21,538 |
Income taxes (Details 3) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2012
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Mar. 31, 2011
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Dec. 31, 2011
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Sep. 30, 2011
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Reconciliation of amounts due to uncertainty in income taxes | ||||
Beginning of the period | $ 263 | $ 2,555 | $ 2,555 | $ 338 |
Increase resulting from tax positions taken | 4 | 9 | 1 | |
Decrease resulting from tax positions taken | (2) | (90) | ||
Cumulative translation adjustments | 5 | 61 | 14 | |
End of the period | $ 272 | $ 2,623 | $ 263 | $ 338 |
Inventories (Tables)
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2012
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Inventories | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories |
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Derivative financial instruments (Details 3) (Interest rates / Currencies)
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3 Months Ended |
---|---|
Mar. 31, 2012
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Derivative | |
Maturity dates | Dec. 31, 2019 |
Bunker Oil Hedge
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Derivative | |
Maturity dates | Dec. 31, 2012 |
Nickel
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Derivative | |
Maturity dates | Dec. 31, 2012 |
Long-term debt (Details 5)
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1 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||||||||||||
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Mar. 31, 2012
USD ($)
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Mar. 31, 2012
Revolving Line of Credit Facility
USD ($)
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Mar. 31, 2012
Export Development Canada
USD ($)
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Oct. 30, 2010
Export Development Canada
USD ($)
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Mar. 31, 2012
BNDES - equipment finance
USD ($)
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Mar. 31, 2012
BNDES - equipment finance
BRL
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Mar. 31, 2011
BNDES - equipment finance
USD ($)
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Mar. 31, 2011
BNDES - equipment finance
BRL
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Apr. 30, 2008
BNDES - equipment finance
USD ($)
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Apr. 30, 2008
BNDES - equipment finance
BRL
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May 31, 2008
Mining project agreements
USD ($)
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May 31, 2008
NEXI
USD ($)
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Mar. 31, 2012
NEXI
USD ($)
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May 31, 2008
JBIC
USD ($)
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Sep. 30, 2010
Export Import Bank of China and the Bank of China Limited
USD ($)
Y
carrier
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Mar. 31, 2012
Export Import Bank of China and the Bank of China Limited
USD ($)
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Mar. 31, 2012
Banco Nacional De Desenvolvimento Economico Social
USD ($)
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Mar. 31, 2012
Banco Nacional De Desenvolvimento Economico Social
BRL
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Jun. 30, 2010
Banco Nacional De Desenvolvimento Economico Social
USD ($)
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Jun. 30, 2010
Banco Nacional De Desenvolvimento Economico Social
BRL
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Mar. 31, 2012
Vale S.A., Vale Canada Limited and Vale International
USD ($)
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Mar. 31, 2012
Vale S.A., Vale Canada Limited and Vale International
Revolving Line of Credit Facility
USD ($)
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Mar. 31, 2012
Vale International S.A
USD ($)
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Aug. 31, 2011
Syndicate of financial institutions
USD ($)
shipyard
carrier
capesize
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Mar. 31, 2012
Syndicate of financial institutions
USD ($)
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Debt Instrument | |||||||||||||||||||||||||
Amount available under the facility, maximum | $ 1,000,000,000 | $ 4,000,000,000 | 7,300,000,000 | $ 5,000,000,000 | $ 1,229,000,000 | $ 530,000,000 | |||||||||||||||||||
Amount withdrawn under credit facility | 675,000,000 | 2,176,000,000 | 3,986,000,000 | 300,000,000 | 466,000,000 | 336,000,000 | 615,000,000 | 178,000,000 | |||||||||||||||||
Line of credit repayment term (in years) | 13 | ||||||||||||||||||||||||
Construction schedule, period for disbursing funds (in years) | 3 | ||||||||||||||||||||||||
Number of shipyards | 2 | ||||||||||||||||||||||||
Amount available for investments from the facility | 4,100,000,000 | 3,000,000,000 | 350,000,000 | ||||||||||||||||||||||
Export facility agreement through PT International | 2,000,000,000 | 3,000,000,000 | |||||||||||||||||||||||
Secured Debt | 763,000,000 | ||||||||||||||||||||||||
Letters of credit issued and outstanding pursuant Vale Canada Limited's facility | 110,000,000 | ||||||||||||||||||||||||
Number of ore carriers acquired through financing | 5 | ||||||||||||||||||||||||
Number of capesizes acquired through financing | 2 | ||||||||||||||||||||||||
Number of ore carriers build through financing | 12 | ||||||||||||||||||||||||
Increased borrowing capacity under the facility | $ 56,000,000 | 103,000,000 | $ 423,000,000 | 774,000,000 |
Derivative financial instruments (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2012
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Mar. 31, 2012
Short-term Assets
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Dec. 31, 2011
Short-term Assets
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Mar. 31, 2012
Long-term Assets
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Dec. 31, 2011
Long-term Assets
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Mar. 31, 2012
Short-term Liabilities
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Dec. 31, 2011
Short-term Liabilities
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Mar. 31, 2012
Long-term Liabilities
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Dec. 31, 2011
Long-term Liabilities
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Mar. 31, 2012
Designated
Embedded derivatives
Short-term Assets
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Dec. 31, 2011
Designated
Embedded derivatives
Short-term Assets
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Mar. 31, 2012
Designated
Embedded derivatives
Long-term Assets
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Mar. 31, 2012
Designated
Embedded derivatives
Short-term Liabilities
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Dec. 31, 2011
Designated
Embedded derivatives
Short-term Liabilities
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Mar. 31, 2012
Designated
Embedded derivatives
Strategic Nickel
Short-term Assets
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Dec. 31, 2011
Designated
Embedded derivatives
Strategic Nickel
Short-term Assets
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Mar. 31, 2012
Designated
Embedded derivatives
Foreign exchange cash flow hedge
Short-term Assets
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Mar. 31, 2012
Designated
Embedded derivatives
Foreign exchange cash flow hedge
Long-term Assets
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Mar. 31, 2012
Designated
Embedded derivatives
Foreign exchange cash flow hedge
Short-term Liabilities
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Dec. 31, 2011
Designated
Embedded derivatives
Foreign exchange cash flow hedge
Short-term Liabilities
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Mar. 31, 2012
Non-designated
Foreign exchange and interest rate risk
Short-term Assets
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Dec. 31, 2011
Non-designated
Foreign exchange and interest rate risk
Short-term Assets
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Dec. 31, 2011
Non-designated
Foreign exchange and interest rate risk
Long-term Assets
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Mar. 31, 2012
Non-designated
Foreign exchange and interest rate risk
Short-term Liabilities
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Dec. 31, 2011
Non-designated
Foreign exchange and interest rate risk
Short-term Liabilities
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Mar. 31, 2012
Non-designated
Foreign exchange and interest rate risk
Long-term Liabilities
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Dec. 31, 2011
Non-designated
Foreign exchange and interest rate risk
Long-term Liabilities
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Mar. 31, 2012
Non-designated
Foreign exchange and interest rate risk
Short-term Assets
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Dec. 31, 2011
Non-designated
Foreign exchange and interest rate risk
Short-term Assets
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Dec. 31, 2011
Non-designated
Foreign exchange and interest rate risk
Long-term Assets
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Mar. 31, 2012
Non-designated
Foreign exchange and interest rate risk
Short-term Liabilities
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Dec. 31, 2011
Non-designated
Foreign exchange and interest rate risk
Short-term Liabilities
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Mar. 31, 2012
Non-designated
Foreign exchange and interest rate risk
Long-term Liabilities
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Dec. 31, 2011
Non-designated
Foreign exchange and interest rate risk
Long-term Liabilities
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Mar. 31, 2012
Non-designated
Foreign exchange and interest rate risk
EuroBond Swap
Short-term Liabilities
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Dec. 31, 2011
Non-designated
Foreign exchange and interest rate risk
EuroBond Swap
Short-term Liabilities
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Mar. 31, 2012
Non-designated
Foreign exchange and interest rate risk
EuroBond Swap
Long-term Liabilities
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Dec. 31, 2011
Non-designated
Foreign exchange and interest rate risk
EuroBond Swap
Long-term Liabilities
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Mar. 31, 2012
Non-designated
Foreign exchange and interest rate risk
Pre Dollar Swap
Short-term Assets
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Dec. 31, 2011
Non-designated
Foreign exchange and interest rate risk
Pre Dollar Swap
Short-term Assets
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Mar. 31, 2012
Non-designated
Foreign exchange and interest rate risk
Pre Dollar Swap
Long-term Liabilities
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Dec. 31, 2011
Non-designated
Foreign exchange and interest rate risk
Pre Dollar Swap
Long-term Liabilities
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Dec. 31, 2011
Non-designated
Foreign exchange and interest rate risk
Treasury future
Short-term Liabilities
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Mar. 31, 2012
Non-designated
Commodities price risk
Short-term Assets
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Dec. 31, 2011
Non-designated
Commodities price risk
Short-term Assets
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Dec. 31, 2011
Non-designated
Commodities price risk
Short-term Liabilities
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Mar. 31, 2012
Non-designated
Commodities price risk
Fixed price program
Short-term Assets
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Dec. 31, 2011
Non-designated
Commodities price risk
Fixed price program
Short-term Assets
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Dec. 31, 2011
Non-designated
Commodities price risk
Fixed price program
Short-term Liabilities
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Dec. 31, 2011
Non-designated
Commodities price risk
Bunker Oil Hedge
Short-term Assets
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Derivative financial instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Description of Variable Rate Basis | LIBOR | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Assets | $ 584 | $ 595 | $ 29 | $ 60 | $ 128 | $ 161 | $ 29 | $ 118 | $ 161 | $ 10 | $ 29 | $ 454 | $ 429 | $ 60 | $ 434 | $ 410 | $ 60 | $ 20 | $ 19 | $ 2 | $ 5 | $ 2 | $ 1 | $ 4 | ||||||||||||||||||||||||||
Derivative liabilities | $ 28 | $ 73 | $ 554 | $ 663 | $ 1 | $ 14 | $ 1 | $ 14 | $ 27 | $ 58 | $ 554 | $ 663 | $ 24 | $ 49 | $ 509 | $ 590 | $ 3 | $ 4 | $ 10 | $ 32 | $ 35 | $ 41 | $ 5 | $ 1 | $ 1 |
Segment and geographical information
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2012
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Segment and geographical information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and geographical information |
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Inventories (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Inventories | ||
Nickel (co-products and by-products) | $ 1,802 | $ 1,771 |
Iron ore and pellets | 1,298 | 1,137 |
Manganese and ferroalloys | 209 | 240 |
Fertilizer | 443 | 387 |
Copper concentrate | 97 | 72 |
Coal | 306 | 277 |
Others | 90 | 91 |
Spare parts and maintenance supplies | 1,288 | 1,276 |
Inventory net | 5,533 | 5,251 |
Provision for adjustment to market value for product nickel | 12 | 9 |
Provision for adjustment to market value for product manganese | $ 12 | $ 9 |
Pension plans (Tables)
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2012
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Pension plans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension costs |
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Short-term debt (Details)
|
Mar. 31, 2012
|
---|---|
Short-term debt | |
Average annual interest rate on short-term borrowings from commercial banks for import financing (as a percent) | 2.03% |
Fair value disclosure of financial assets and liabilities (Details 2) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Estimated fair value measurement | ||
Long-term debt less accrued charges | $ (24,351) | |
Fair Value Disclosures of Financial Assets and Liabilities | ||
Accrued charges | 365 | 333 |
Carrying Amount
|
||
Estimated fair value measurement | ||
Long-term debt less accrued charges | (23,986) | (22,700) |
Perpetual Notes | (80) | (80) |
Fair value
|
||
Estimated fair value measurement | ||
Long-term debt less accrued charges | (25,911) | (24,312) |
Perpetual Notes | (80) | (80) |
Level 1
|
||
Estimated fair value measurement | ||
Long-term debt less accrued charges | (19,452) | (18,181) |
Level 2
|
||
Estimated fair value measurement | ||
Long-term debt less accrued charges | (6,459) | (6,131) |
Perpetual Notes | $ (80) | $ (80) |
Pension plans (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2012
|
Dec. 31, 2011
|
Mar. 31, 2011
|
|
Pension plans | |||
Expected employer contributions | $ 262 | ||
Contributions made by the employer | 75 | ||
Overfunded pension plans
|
|||
Pension costs | |||
Service cost - benefits earned during the period | 8 | ||
Interest cost on projected benefit obligation | 129 | 92 | 98 |
Expected return on assets | (229) | (154) | (166) |
Net periodic pension cost (credit) | (92) | (62) | (68) |
Underfunded pension plans
|
|||
Pension costs | |||
Service cost - benefits earned during the period | 15 | 18 | 20 |
Interest cost on projected benefit obligation | 65 | 101 | 104 |
Expected return on assets | (65) | (92) | (93) |
Amortizations and (gain) / loss | 10 | 4 | 9 |
Net periodic pension cost (credit) | 25 | 31 | 40 |
Underfunded other benefits
|
|||
Pension costs | |||
Service cost - benefits earned during the period | 9 | 7 | 8 |
Interest cost on projected benefit obligation | 27 | 27 | 25 |
Amortizations and (gain) / loss | (2) | (23) | (2) |
Net periodic pension cost (credit) | $ 34 | $ 11 | $ 31 |
Income taxes (Details 2)
|
3 Months Ended |
---|---|
Mar. 31, 2012
Y
|
|
Vale and some subsidiaries in Brazil
|
|
Income taxes | |
Income tax incentives (in years) | 10 |
Goro Project
|
|
Income taxes | |
Income tax incentives period, including income tax holiday (in years) | 15 |
Partial income tax holiday following 15-year tax incentives (in years) | 5 |
Income tax holiday during the five-year period following a full income tax holiday (as a percent) | 50.00% |
Brazil | Maximum
|
|
Income taxes | |
Number of years for which operations are subject to an examination by income tax authorities | 5 |
Restriction on loss carryforwards (as a percent) | 30.00% |
Canada | Maximum
|
|
Income taxes | |
Number of years for which operations are subject to an examination by income tax authorities | 7 |
Indonesia | Maximum
|
|
Income taxes | |
Number of years for which operations are subject to an examination by income tax authorities | 10 |
Basis of consolidation
|
3 Months Ended | |
---|---|---|
Mar. 31, 2012
|
||
Basis of consolidation | ||
Basis of consolidation |
|
Long-term incentive compensation plan (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2012
|
Dec. 31, 2011
|
|
Long-term incentive plan, purchase of preferred shares
|
||
Long-term Incentive Compensation Plan | ||
Holding period of purchased shares (in years) | 3 years | |
Total shares linked to long-term incentive compensation plan | 4,880,468 | 3,012,538 |
Long-term incentive, issuance of shares
|
||
Long-term Incentive Compensation Plan | ||
Long-term incentive compensation plan amortization period (in years) | 3 years | |
Recognized liability under long-term incentive compensation plan | 60 | 109 |