2.2.0.7falseCommitments and contingencies0217 - Disclosure - Commitments and contingenciestruefalsefalsefalse1USDfalsefalseUSDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0$20vale_CommitmentsAndContingenciesAbstractvalefalsenadurationNo definition available.falsefalsefalsefalsefalsetruefalsefalsefalsefalsefalsefalse1falsefalsefalsefalse00falsefalsefalsexbrli:stringItemTypestringNo definition available.false31us-gaap_CommitmentsAndContingenciesDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabelfalse1falsefalsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
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<td width="1%" nowrap="nowrap" align="left"><b>17</b></td>
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<td><b>Commitments and contingencies</b></td>
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<td><b>a)</b> In connection with a tax-advantaged lease financing arrangement sponsored by the French
Government, we provided certain guarantees on December 30, 2004 on behalf of Vale New Caledonia
S.A.S. (VNC) pursuant to which we guaranteed payments due from VNC of up to a maximum amount of
US$100 (“Maximum Amount”) in connection with an indemnity. This guarantee was provided to BNP
Paribas for the benefit of the tax investors of GniFi, the special purpose vehicle which owns a
portion of the assets in our nickel cobalt processing plant in New Caledonia (“Girardin
Assets”). We also provided an additional guarantee covering the payments due from VNC of (a)
amounts exceeding the Maximum Amount in connection with the indemnity and (b) certain other
amounts payable by VNC under a lease agreement covering the Girardin Assets. This guarantee was
provided to BNP Paribas for the benefit of GniFi.</td>
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<td>Another commitment incorporated in the tax-advantaged lease financing arrangement was that the
Girardin Assets would be substantially complete by December 31, 2009. In light of the delay in
the start up of VNC processing facilities the December 31, 2009 substantially complete date was
not met. Management proposed an extension to the substantially complete date from December 31,
2009 to December 31, 2010. Both the French government authorities and the tax investors have
agreed to this extension, although a signed waiver has not yet been received from the tax
investors. The French tax authorities issued their signed extension on March 12, 2010.
Accordingly the benefits of the financing structure are fully expected to be maintained and we
anticipate that there will be no recapture of the tax advantages provided under this financing
structure.</td>
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<td>In 2009, two new bank guarantees totaling US$59 (€43 million) as at September 30, 2010 were
established by us on behalf of VNC in favor of the South Province of New Caledonia in order to
guarantee the performance of VNC with respect to certain environmental obligations in relation
to the metallurgical plant and the Kwe West residue storage facility.</td>
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<td>Sumic Nickel Netherlands B.V. (“Sumic”), a 21% stockholder of VNC, has a put option to sell to
us 25%, 50%, or 100% of the shares they own of VNC. The put option can be exercised if the
defined cost of the initial nickel-cobalt development project, as measured by funding provided
to VNC, in natural currencies and converted to U.S. dollars at specified rates of exchange, in
the form of Girardin funding, shareholder loans and equity contributions by stockholders to VNC,
exceeded US$4.2 billion and an agreement cannot be reached on how to proceed with the project.
On February 15, 2010, we formally amended our agreement with Sumic to increase the threshold to
approximately US$4.6 billion at specified rates of exchange. On October 22, 2010, we have signed
an agreement to extend the put option date into the first half of 2011.</td>
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<td>We provided a guarantee covering certain termination payments due from VNC to the supplier under
an electricity supply agreement (“ESA”) entered into in October 2004 for the VNC project. The
amount of the termination payments guaranteed depends upon a number of factors, including
whether any termination of the ESA is a result of a default by VNC and the date on which an
early termination of the ESA were to occur. During the first quarter of 2010 the supply of
electricity under the ESA to the project began, and the guaranteed amount now decreases over the
life of the ESA from its maximum amount. As at September 30, 2010 the guarantee was US$176 (€129
million).</td>
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<td>In February 2009, we and our subsidiary, Vale Newfoundland and Labrador Limited (“VNL”), entered
into a fourth amendment to the Voisey’s Bay Development agreement with the Government of
Newfoundland and Labrador, Canada, that permitted VNL to ship up to 55,000 metric tonnes of
nickel concentrate from the Voisey’s Bay area mines. As part of the agreement, VNL agreed to
provide the Government of Newfoundland and Labrador financial assurance in the form of letters
of credit each in the amount of Canadian US$16 (CAD$16 million) for each shipment of nickel
concentrate shipped out of the province from January 1, 2009 to August 31, 2009. The amount of
this financial assurance was Canadian US$110 (CAD$112 million) based on seven shipments of
nickel concentrate and as of September 30, 2010, US$11 (CAD$11 million) remains outstanding.</td>
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<td>As at September 30, 2010, there was an additional US$111 in letters of credit issued and
outstanding pursuant to our syndicate revolving credit facility, as well as an additional US$41
of letters of credit and US$48 in bank guarantees that were issued and outstanding. These are
associated with environmental reclamation and other operating associated items such as
insurance, electricity commitments and import and export duties.</td>
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<td width="1%" nowrap="nowrap" align="left"> </td>
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<td><b>b)</b> We and our subsidiaries are defendants in numerous legal actions in the normal course of
business. Based on the advice of our legal counsel, management believes that the amounts
recognized are sufficient to cover probable losses in connection with such actions.</td>
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<td>The provision for contingencies and the related judicial deposits are composed as follows:</td>
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<td width="52%"> </td>
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<td width="1%"> </td>
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<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>September 30, 2010 (unaudited)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>December 31, 2009</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Provision for</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Judicial</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Provision for</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Judicial</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>contingencies</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>deposits</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>contingencies</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>deposits</b></td>
<td> </td>
</tr>
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<td>
<div style="margin-left:15px; text-indent:-15px">Labor and social security claims
</div></td>
<td> </td>
<td> </td>
<td align="right">752</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">802</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">657</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">657</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Civil claims
</div></td>
<td> </td>
<td> </td>
<td align="right">612</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">410</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">582</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">307</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Tax — related actions
</div></td>
<td> </td>
<td> </td>
<td align="right">630</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">331</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">489</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">175</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Others
</div></td>
<td> </td>
<td> </td>
<td align="right">34</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">35</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>2,028</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,548</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,763</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,143</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
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<td width="1%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Labor and social security related actions principally comprise of claims by Brazilian current
and former employees for (i) payment of time spent traveling from their residences to the
work-place, (ii) additional health and safety related payments and (iii) various other matters,
often in connection with disputes about the amount of indemnities paid upon dismissal and the
one-third extra holiday pay.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="1%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Civil actions principally relate to claims made against us by contractors in Brazil in
connection with losses alleged to have been incurred by them as a result of various past
Government economic plans during which full inflation indexation of contracts was not permitted,
as well, as for accidents and land appropriation disputes.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="1%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Tax related actions principally comprise of challenges initiated by us, on certain taxes on
revenues and uncertain tax positions. We continue to vigorously pursue our interests in all the
actions but recognize that we probably will incur some losses in the final instance, for which
we have made provisions.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="1%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Judicial deposits are made by us following court requirements in order to be entitled to either
initiate or continue a legal action. These amounts are released to us upon receipt of a final
favorable outcome from the legal action, in the case of an unfavorable outcome, the deposits are
transferred to the prevailing party.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="1%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Contingencies settled during the three-month periods ended September 30, 2010, June 30, 2010 and
September 30, 2009, totaled US$67, US$61, US$22, respectively. Provisions recognized in the
three-month periods ended September 30, 2010, June 30, 2010 and September 30, 2009, totaled
US$68, US$101, US$116, respectively, classified as other operating expenses.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="1%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In addition to the contingencies for which we have made provisions, we are defendants in claims
where in our opinion, and based on the advice of our legal counsel, the likelihood of loss is
possible but not probable, in the total amount of US$4,343 at September 30, 2010, and for which
no provision has been made (2009 — US$4,190).</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="1%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><b>c)</b> At the time of our privatization in 1997, the Company issued debentures to its then-existing
stockholders, including the Brazilian Government. The terms of the debentures, were set to
ensure that the pre-privatization stockholders, including the Brazilian Government would
participate in possible future financial benefits that could be obtained from exploiting certain
mineral resources.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="1%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>A total of 388,559,056 Debentures were issued at a par value of R$0.01 (one cent), whose value
will be restated in accordance with the variation in the General Market Price Index (IGP-M), as
set forth in the Issue Deed.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="1%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The debentures holders has the right to receive premiums, paid semiannually, equivalent to a
percentage of net revenues from specific mine resources as set forth in the indenture.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="1%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In April and October 2010 we paid remuneration on these debentures of US$5 and US$5,
respectively.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="1%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>d) Asset retirement obligations</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="1%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>We use various judgments and assumptions when measuring our asset retirement obligations.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="1%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Changes in circumstances, law or technology may affect our estimates and we periodically review
the amounts accrued and adjust them as necessary. Our accruals do not reflect unasserted claims
because we are currently not aware of any such issues. Also the amounts provided are not reduced
by any potential recoveries under cost sharing, insurance or indemnification arrangements
because such recoveries are considered uncertain.</td>
</tr>
</table>
</div>
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<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="1%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The changes in the provisions for asset retirement obligations are as follows:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
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<tr valign="bottom">
<td width="40%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6"><b>Nine-month period ended</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Three-month period ended (unaudited)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>(unaudited)</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>September 30,</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>September 30,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>September 30,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>September 30,</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>June 30, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Beginning of period</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>1,162</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,129</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>999</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,116</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>887</b></td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Accretion expense
</div></td>
<td> </td>
<td> </td>
<td align="right">21</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">31</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">23</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">79</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">44</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Liabilities settled in the current period
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(7</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(12</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(25</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Revisions in estimated cash flows (*)
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(11</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">28</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">15</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(9</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Cumulative translation adjustment
</div></td>
<td> </td>
<td> </td>
<td align="right">60</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(24</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">87</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">32</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">205</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>End of period</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>1,230</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,162</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,102</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,230</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,102</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Current liabilities
</div></td>
<td> </td>
<td> </td>
<td align="right">79</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">80</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">27</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">79</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">27</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Non-current liabilities
</div></td>
<td> </td>
<td> </td>
<td align="right">1,151</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,082</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,075</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,151</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,075</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Total</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>1,230</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,162</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,102</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,230</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,102</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(*)</td>
<td> </td>
<td> Includes $44 for the purchase of Vale Fertilizantes S.A. and Vale Fosfatados S.A.</td>
</tr>
</table>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Notefalsefalsefalseus-types:textBlockItemTypetextblockIncludes disclosure of commitments and contingencies. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
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