Investments in affiliated companies and joint ventures (Tables)

12 Months Ended

Dec. 31, 2011

Investments in affiliated companies and joint ventures

Investments in affiliated companies and joint ventures

	December 31, 2011										Investments						Equity in earnings (losses) of investee adjustments									Dividends Received
	Participation in capital (%)				Net equity			Net income (loss) of the period			2011			2010			2011			2010			2009			2011		2010		2009
	Voting		Total
Bulk Material
Iron ore and pellets
Companhia Nipo-Brasileira de Pelotização—NIBRASCO(1)		51.11		51.00		341			89			173			171			45			48			(12	)		22		3		20
Companhia Hispano-Brasileira de Pelotização—HISPANOBRÁS(1)		51.00		50.89		225			36			115			128			19			40			(12	)		20		–		–
Companhia Coreano-Brasileira de Pelotização—KOBRASCO(1)		50.00		50.00		155			65			78			87			32			43			(17	)		32		11		–
Companhia Ítalo-Brasileira de Pelotização—ITABRASCO(1)		51.00		50.90		158			93			80			86			47			18			12			38		25		–
Minas da Serra Geral SA—MSG		50.00		50.00		57			7			29			36			3			6			2			–		–		–
SAMARCO Mineração SA—SAMARCO(2)		50.00		50.00		941			1,754			528			561			878			798			299			812		950		190
Baovale Mineração SA—BAOVALE		50.00		50.00		69			16			35			31			8			4			(3	)		–		–		–
Zhuhai YPM Pellet e Co,Ltd—ZHUHAI		25.00		25.00		90			1			23			25			–			9			3			–		–		–
Tecnored Desenvolvimento Tecnológico SA		43.04		43.04		107			(13	)		48			40			(7	)		(10	)		–			–		–		–
												1,109			1,165			1,025			956			272			924		989		210
Coal
Henan Longyu Resources Co Ltd		25.00		25.00		1,128			336			282			250			85			76			74			–		83		–
Shandong Yankuang International Company Ltd		25.00		25.00		(170	)		(58	)		(43	)		(27	)		(15	)		(19	)		(18	)		–		–		–
												239			223			70			57			56			–		83		–
Base Metals
Bauxite
Mineração Rio do Norte SA—MRN		40.00		40.00		357			19			144			152			8			(2	)		(10	)		–		10		42
												144			152			8			(2	)		(10	)		–		10		42
Copper
Teal Minerals Incorporated		50.00		50.00		469			(12	)		234			90			(6	)		(10	)		(18	)		–
												234			90			(6	)		(10	)		(18	)		–		–		–
Nickel
Heron Resources Inc(3)		–		–		–			–			6			7			–			–			–			–		–		–
Korea Nickel Corp		25.00		25.00		16			–			4			11			–			2			–			–		–		–
Others(3)		–		–		–			–			1			5			–			–			–			–		–		–
												11			23			–			2			–			–		–		–

	December 31, 2011									Investments				Equity in earnings (losses) of investee adjustments									Dividends Received
	Participation in capital (%)				Net equity		Net income (loss) of the period			2011		2010		2011			2010			2009			2011		2010		2009
	Voting		Total
Aluminium
Norsk Hydro ASA(4)		22.00		22.00		14,668		449			3,227		–		99			–			–			52		–		–
											3,227		–		99			–			–			52		–		–
Logistic
LOG-IN Logística Intermodal SA		31.33		31.33		338		(20	)		114		135		(7	)		4			2			–		–		3
MRS Logística SA		45.68		45.84		1,200		316			551		511		132			90			141			55		72		124
											665		646		125			94			143			55		72		127
Others
Steel
California Steel Industries Inc—CSI		50.00		50.00		322		27			161		155		14			12			(10	)		7		7		–
CSP—Companhia Siderurgica do PECEM		50.00		50.00		539		(7	)		267		18		(3	)		–			–			–		–		–
THYSSENKRUPP CSA Companhia Siderúrgica do Atlântico		26.87		26.87		5,982		(658	)		1,607		1,840		(177	)		(85	)		(6	)		–		–		–
Usinas Siderúrgicas de Minas Gerais SA—USIMINAS		–		–		–		–			–		–		–			–			8			–		–		7
											2,035		2,013		(166	)		(73	)		(8	)		7		7		7
Other affiliates and joint ventures
Norte Energia S.A.		9.00		9.00		837		–			75		–		–			–			–			–		–		–
Vale Soluções em Energia S.A.(1)		52.77		52.77		276		(32	)		145		115		(16	)		(33	)		–			–		–		–
Others		–		–		–		–			209		70		(4	)		(4	)		(2	)		–		–		–
											429		185		(20	)		(37	)		(2	)		–		–		–
Total											8,093		4,497		1,135			987			433			1,038		1,161		386

(1)

Although Vale held a majority of the voting interest of investees accounted for under the equity method, existing veto rights held by noncontrolling shareholders.

(2)

Investment includes goodwill of US$ 58 in December, 2011 and US$64 in December, 2010.

(3)

Available for sale.

(4)

The investment is adjusted based on our acquisition and the net income refers to the period from March onwards.