Investments in affiliated companies and joint ventures

12 Months Ended

Dec. 31, 2011

Investments in affiliated companies and joint ventures

Investments in affiliated companies and joint ventures

14           Investments in affiliated companies and joint ventures

	December 31, 2011						Investments				Equity in earnings (losses) of investee adjustments												Dividends Received
					Net income						Three-month period ended (unaudited)						Year ended as of December 31,						Three-month period ended (unaudited)			Year ended as of December 31,
					(loss) of the		December 31,		December 31,		December 31,		September 30,		December 31,								December 31,	September 30,	December 31,
	Participation in capital (%)		Net equity		period		2011		2010		2011		2011		2010		2011		2010		2009		2011	2011	2010	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		6		16		12		45		48		(12	)	—	—	—	22	3	20
Companhia Hispano-Brasileira de Pelotização - HISPANOBRÁS (1)	51.00	50.89	225		36		115		128		25		(14	)	35		19		40		(12	)	—	—	—	20	—	—
Companhia Coreano-Brasileira de Pelotização - KOBRASCO (1)	50.00	50.00	155		65		78		87		9		5		9		32		43		(17	)	—	15	—	32	11	—
Companhia Ítalo-Brasileira de Pelotização - ITABRASCO (1)	51.00	50.90	158		93		80		86		7		16		14		47		18		12		38	—	—	38	25	—
Minas da Serra Geral SA - MSG	50.00	50.00	57		7		29		36		1		1		4		3		6		2		—	—	—	—	—	—
SAMARCO Mineração SA - SAMARCO (2)	50.00	50.00	941		1,754		528		561		186		207		261		878		798		299		112	225	575	812	950	190
Baovale Mineração SA - BAOVALE	50.00	50.00	69		16		35		31		1		2		2		8		4		(3	)	—	—	—	—	—	—
Zhuhai YPM Pellet e Co,Ltd - ZHUHAI	25.00	25.00	90		1		23		25		—		(1	)	4		—		9		3		—	—	—	—	—	—
Tecnored Desenvolvimento Tecnológico SA	43.04	43.04	107		(13	)	48		40		(5	)	(2	)	—		(7	)	(10	)	—		—	—	—	—	—	—
							1,109		1,165		230		230		341		1,025		956		272		150	240	575	924	989	210
Coal
Henan Longyu Resources Co Ltd	25.00	25.00	1,128		336		282		250		17		26		64		85		76		74		—	—	—	—	83	—
Shandong Yankuang International Company Ltd	25.00	25.00	(170	)	(58	)	(43	)	(27	)	(3	)	(2	)	(7	)	(15	)	(19	)	(18	)	—	—	—	—	—	—
							239		223		14		24		57		70		57		56		—	—	—	—	83	—
Base Metals
Bauxite
Mineração Rio do Norte SA - MRN	40.00	40.00	357		19		144		152		6		(1	)	(8	)	8		(2	)	(10	)	—	—	10	—	10	42
							144		152		6		(1	)	(8	)	8		(2	)	(10	)	—	—	10	—	10	42
Copper
Teal Minerals Incorporated	50.00	50.00	469		(12	)	234		90		3		(2	)	3		(6	)	(10	)	(18	)	—	—	—	—
							234		90		3		(2	)	3		(6	)	(10	)	(18	)	—	—	—	—	—	—
Nickel
Heron Resources Inc (3)	—	—	—		—		6		7		—		—		—		—		—		—		—	—	—	—	—	—
Korea Nickel Corp	25.00	25.00	16		—		4		11		—		—		2		—		2		—		—	—	—	—	—	—
Others (3)	—	—	—		—		1		5		—		—		—		—		—		—		—	—	—	—	—	—
							11		23		—		—		2		—		2		—		—	—	—	—	—	—
Aluminium
Norsk Hydro ASA (4)	22.00	22.00	14,668		449		3,227		—		(21	)	70		—		99		—		—		—	—	—	52	—	—
							3,227		—		(21	)	70		—		99		—		—		—	—	—	52	—	—
Logistic
LOG-IN Logística Intermodal SA	31.33	31.33	338		(20	)	114		135		(4	)	—		4		(7	)	4		2		—	—	—	—	—	3
MRS Logística SA	45.68	45.84	1,200		316		551		511		29		32		28		132		90		141		48	—	37	55	72	124
							665		646		25		32		32		125		94		143		48	—	37	55	72	127
Others
Steel
California Steel Industries Inc - CSI	50.00	50.00	322		27		161		155		(1	)	2		(1	)	14		12		(10	)	7	—	7	7	7	—
CSP - Companhia Siderurgica do PECEM	50.00	50.00	539		(7	)	267		18		(3	)	—		—		(3	)	—		—		—	—	—	—	—	—
THYSSENKRUPP CSA Companhia Siderúrgica do Atlântico	26.87	26.87	5,982		(658	)	1,607		1,840		(86	)	(72	)	(75	)	(177	)	(85	)	(6	)	—	—	—	—	—	—
Usinas Siderúrgicas de Minas Gerais SA - USIMINAS	—	—	—		—		—		—		—		—				—		—		8		—	—	—	—	—	7
							2,035		2,013		(90	)	(70	)	(76	)	(166	)	(73	)	(8	)	7	—	7	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		(1	)	(1	)	(33	)	(16	)	(33	)	—		—	—	—	—	—	—
Others	—	—	—		—		209		70		1		—		(15	)	(4	)	(4	)	(2	)	—	—	—	—	—	—
							429		185		—		(1	)	(48	)	(20	)	(37	)	(2	)	—	—	—	—	—	—
Total							8,093		4,497		167		282		303		1,135		987		433		205	240	629	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.