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Vale S.A. Foreign Filer Report 2018

Jul 25, 2018

30050_ffr_2018-07-25_0b2ce315-8a66-4460-85e6-f164014f5a74.zip

Foreign Filer Report

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Table of Contents

*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*

*July 2018*

*Vale S.A.*

*Avenida das Américas, No. 700 – Bloco 8, Sala 218 22640-100 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- .)

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Table of Contents

*Interim Financial Statements*

*June 30, 2018*

BRGAAP in R$ (English)

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*Vale S.A. Interim Financial Statements*

*Contents*

Page
Report on the review of the quarterly information - ITR 3
Consolidated and Parent Company Income Statement 5
Consolidated and Parent Company Statement of Comprehensive Income 7
Consolidated and Parent Company Statement of Cash Flows 8
Consolidated and Parent Company Statement of Financial Position 10
Consolidated Statement of Changes in Equity 11
Consolidated and Parent Company Value Added Statement 12
Selected Notes to the Interim Financial Statements 13
1. Corporate information 13
2. Basis for preparation of the interim financial statements 13
3. Information by business segment and by geographic area 15
4. Special events occurred during the period 20
5. Costs and expenses by nature 21
6. Financial results 21
7. Income taxes 22
8. Basic and diluted earnings (loss) per share 23
9. Accounts receivable 24
10. Inventories 24
11. Other financial assets and liabilities 24
12. Non-current assets and liabilities held for sale and discontinued operations 25
13. Investments in associates and joint ventures 26
14. Intangibles 28
15. Property, plant and equipment 28
16. Loans, borrowings, cash and cash equivalents and financial investments 29
17. Liabilities related to associates and joint ventures 31
18. Financial instruments classification 32
19. Fair value estimate 32
20. Derivative financial instruments 34
21. Provisions 39
22. Litigation 39
23. Employee postretirement obligations 43
24. Stockholders’ equity 43
25. Related parties 44
26. Parent Company information (individual interim information) 45
27. Additional information about derivative financial instruments 48

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KPMG Auditores Independentes

Rua do Passeio, 38 - Setor 2 - 17º andar - Centro

20021-290 - Rio de Janeiro/RJ - Brasil

Caixa Postal 2888 - CEP 20001-970 - Rio de Janeiro/RJ - Brasil

Telefone +55 (21) 2207-9400, Fax +55 (21) 2207-9000

www.kpmg.com.br

Report on the review of quarterly information — ITR

(A free translation of the original report in Portuguese, as filed with the Brazilian Securities and Exchange Commission (CVM), prepared in accordance with the accounting practices adopted in Brazil, rules of the CVM and of the International Financial Reporting Standards - IFRS)

*To the Board of Directors and Stockholders of*

*Vale S.A.*

Rio de Janeiro - RJ

*Introduction*

*1.* We have reviewed the interim financial information, individual and consolidated, of Vale S.A. (“the Company”), identified as Parent Company and Consolidated, respectively, included in the quarterly information form - ITR for the quarter ended June 30, 2018, which comprises the individual and consolidated statement of financial position as of June 30, 2018 and the respective statements of income and comprehensive income for the three and six months periods ended on June 30, 2018, the statements of changes in equity for the six-month period then ended and of the individual statement of cash flows for the six-month period and the consolidated statements of cash flows for the three and six months periods then ended, including the explanatory notes.

*2.* The Company`s Management is responsible for the preparation of these interim financial information in accordance with the CPC 21(R1) — Demonstração Intermediária and the IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board — IASB, as well as the presentation of these information in accordance with the standards issued by the Brazilian Securities and Exchange Commission, applicable to the preparation of quarterly information - ITR. Our responsibility is to express our conclusion on this interim financial information based on our review.

KPMG Auditores Independentes, uma sociedade simples brasileira e firma-membro da rede KPMG de firmas-membro independentes e afiliadas à KPMG International Cooperative (“KPMG International”), uma entidade suíça. KPMG Auditores Independentes, a Brazilian entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.

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*Scope of the review*

*3.* We conducted our review in accordance with Brazilian and International Interim Information Review Standards (NBC TR 2410 - Revisão de Informações Intermediárias Executada pelo Auditor da Entidade and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries primarily of the management responsible for financial and accounting matters and applying analytical procedures and other review procedures. The scope of a review is significantly less than an audit conducted in accordance with auditing standards and, accordingly, it did not enable us to obtain assurance that we were aware of all the material matters that would have been identified in an audit. Therefore, we do not express an audit opinion.

*Conclusion on the interim financial information*

*4.* Based on our review, we are not aware of any fact that might lead us to believe that the individual and consolidated interim financial information included in the aforementioned quarterly information was not prepared, in all material respects, in accordance with CPC 21(R1) and IAS 34, issued by the IASB, applicable to the preparation of the quarterly review - ITR, and presented in accordance with the standards issued by the Brazilian Securities and Exchange Commission.

*Other matters*

*Statements of added value*

*5.* The individual and consolidated interim financial information related to the statement of value added for the six-month period ended June 30, 2018, prepared under the responsibility of the Company’s management, and presented as supplementary information for the purposes of IAS 34, was submitted to the same review procedures followed together with the review of the Company’s interim financial information. In order to form our conclusion, we evaluated whether this statement was reconciliated to the interim financial information and to the accounting records, as applicable, and whether their form and content are in accordance with the criteria set on Technical Pronouncement CPC 09 - Statement of Value Added. Based on our review, nothing has come to our attention that causes us to believe that the accompanying statement of value added was not prepared, in all material respects, in accordance with the individual and consolidated interim financial information taken as a whole.

Rio de Janeiro, July 25, 2018

KPMG Auditores Independentes

CRC SP-014428/O-6 F-RJ

(Original report in Portuguese signed by)

Manuel Fernandes Rodrigues de Sousa

Accountant CRC RJ-052428/O-2

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*Income Statement*

*In millions of Brazilian reais, except earnings per share data*

Consolidated
Three-month period ended June 30, Six-month period ended June 30,
Notes 2018 2017 2018 2017
Continuing operations
Net operating revenue 3(c) 31,234 23,363 59,166 50,105
Cost of goods sold and services rendered 5(a) (19,463 ) (16,462 ) (36,433 ) (31,327 )
Gross profit 11,771 6,901 22,733 18,778
Operating expenses
Selling and administrative expenses 5(b) (440 ) (426 ) (842 ) (814 )
Research and evaluation expenses (330 ) (257 ) (553 ) (463 )
Pre operating and operational stoppage (242 ) (286 ) (495 ) (650 )
Other operating expenses, net 5(c) (392 ) (271 ) (798 ) (518 )
(1,404 ) (1,240 ) (2,688 ) (2,445 )
Impairment and other results on non-current assets 4 10 (726 ) (42 ) 877
Operating income 10,377 4,935 20,003 17,210
Financial income 6 608 600 1,367 1,803
Financial expenses 6 (4,153 ) (2,835 ) (6,355 ) (6,444 )
Other financial items 6 (7,385 ) (2,106 ) (8,013 ) (1,594 )
Equity results in associates and joint ventures 13 177 (83 ) 450 142
Impairment and other results in associates and joint ventures 17 (1,547 ) (110 ) (1,591 ) (301 )
Income (loss) before income taxes (1,923 ) 401 5,861 10,816
Income taxes 7
Current tax (460 ) (222 ) (755 ) (1,807 )
Deferred tax 2,753 378 709 (253 )
2,293 156 (46 ) (2,060 )
Net income from continuing operations 370 557 5,815 8,756
Net income attributable to noncontrolling interests 25 99 87 147
Net income from continuing operations attributable to Vale’s stockholders 345 458 5,728 8,609
Discontinued operations 12
Loss from discontinued operations (39 ) (388 ) (310 ) (645 )
Net income attributable to noncontrolling interests — 10 — 13
Loss from discontinued operations attributable to Vale’s stockholders (39 ) (398 ) (310 ) (658 )
Net income 331 169 5,505 8,111
Net income attributable to noncontrolling interests 25 109 87 160
Net income attributable to Vale’s stockholders 306 60 5,418 7,951
Earnings per share attributable to Vale’s stockholders:
Basic and diluted earnings per share (restated): 8
Common share (R$) 0.06 0.01 1.04 1.54

The accompanying notes are an integral part of these interim financial statements.

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*Income Statement*

*In millions of Brazilian reais, except earnings per share data*

Parent company
Three-month period ended June 30, Six-month period ended June 30,
Notes 2018 2017 2018 2017
Continuing operations
Net operating revenue 3(c) 18,427 15,502 34,132 32,664
Cost of goods sold and services rendered 5(a) (9,605 ) (8,338 ) (17,981 ) (16,089 )
Gross profit 8,822 7,164 16,151 16,575
Operating (expenses) income
Selling and administrative expenses 5(b) (226 ) (235 ) (452 ) (461 )
Research and evaluation expenses (192 ) (152 ) (339 ) (273 )
Pre operating and operational stoppage (182 ) (212 ) (383 ) (404 )
Equity results from subsidiaries 1,346 (1,449 ) 3,573 1,616
Other operating expenses, net 5(c) (287 ) (257 ) (550 ) (85 )
459 (2,305 ) 1,849 393
Impairment and other results on non-current assets 4 (144 ) (27 ) (224 ) (68 )
Operating income 9,137 4,832 17,776 16,900
Financial income 6 122 252 441 1,097
Financial expenses 6 (3,872 ) (2,563 ) (5,796 ) (5,844 )
Other financial items 6 (7,162 ) (1,945 ) (7,722 ) (1,417 )
Equity results in associates and joint ventures 13 177 (83 ) 450 142
Impairment and other results in associates and joint ventures 17 (1,547 ) (101 ) (1,591 ) (292 )
Income (loss) before income taxes (3,145 ) 392 3,558 10,586
Income taxes 7
Current tax 1 166 — (1,066 )
Deferred tax 3,489 (100 ) 2,170 (911 )
3,490 66 2,170 (1,977 )
Net income from continuing operations 345 458 5,728 8,609
Discontinued operations 12
Loss from discontinued operations (39 ) (398 ) (310 ) (658 )
Net income 306 60 5,418 7,951
Earnings per share attributable to Vale’s stockholders:
Basic and diluted earnings per share (restated):
Common share (R$) 0.06 0.01 1.04 1.54

The accompanying notes are an integral part of these interim financial statements.

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*Statement of Comprehensive Income*

*In millions of Brazilian reais*

Consolidated
Three-month period ended June 30, Six-month period ended June 30,
2018 2017 2018 2017
Net income 331 169 5,505 8,111
Other comprehensive income:
Items that will not be reclassified subsequently to the income statement
Retirement benefit obligations (208 ) (644 ) (32 ) (715 )
Fair value adjustment to investment in equity securities 285 — 171 —
Transfer to retained earnings 16 — (51 ) —
Total items that will not be reclassified subsequently to the income statement, net of tax 93 (644 ) 88 (715 )
Items that may be reclassified subsequently to the income statement
Translation adjustments 14,908 4,345 14,969 2,109
Net investments hedge (1,934 ) (836 ) (2,030 ) (277 )
Transfer of realized results to net income — — (257 ) —
Total of items that may be reclassified subsequently to the income statement, net of tax 12,974 3,509 12,682 1,832
Total comprehensive income 13,398 3,034 18,275 9,228
Comprehensive income attributable to noncontrolling interests 240 275 318 192
Comprehensive income attributable to Vale’s stockholders 13,158 2,759 17,957 9,036
From continuing operations 13,158 2,731 17,941 9,036
From discontinued operations — 28 16 —
13,158 2,759 17,957 9,036
Parent company
Three-month period ended June 30, Six-month period ended June 30,
2018 2017 2018 2017
Net income 306 60 5,418 7,951
Other comprehensive income:
Items that will not be reclassified subsequently to the income statement
Retirement benefit obligations (28 ) (14 ) (37 ) (27 )
Fair value adjustment to investment in equity securities 235 — 149 —
Equity results in associates and joint ventures (130 ) (630 ) 27 (688 )
Transfer to retained earnings 16 — (51 ) —
Total items that will not be reclassified subsequently to the income statement, net of tax 93 (644 ) 88 (715 )
Items that may be reclassified subsequently to the income statement
Translation adjustments 14,693 4,179 14,593 2,077
Net investments hedge (1,934 ) (836 ) (2,030 ) (277 )
Transfer of realized results to net income — — (112 ) —
Total of items that may be reclassified subsequently to the income statement, net of tax 12,759 3,343 12,451 1,800
Total comprehensive income 13,158 2,759 17,957 9,036

Items above are stated net of tax and the related taxes are disclosed in note 7.

The accompanying notes are an integral part of these interim financial statements.

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*Statement of Cash Flows*

*In millions of Brazilian reais*

Consolidated
Three-month period ended June 30, Six-month period ended June 30,
2018 2017 2018 2017
Cash flow from operating activities:
Income (loss) before income taxes from continuing operations (1,923 ) 401 5,861 10,816
Continuing operations adjustments for:
Equity results in associates and joint ventures (177 ) 83 (450 ) (142 )
Impairment and other results on non-current assets and associates and joint ventures 1,537 836 1,633 (576 )
Depreciation, amortization and depletion 3,112 2,907 5,946 5,758
Financial results, net 10,930 4,341 13,001 6,235
Changes in assets and liabilities:
Accounts receivable 589 4,377 630 5,347
Inventories (885 ) (787 ) (732 ) (1,495 )
Suppliers and contractors (205 ) 791 (1,377 ) 1,101
Provision - Payroll, related charges and others remunerations 626 568 (1,027 ) (153 )
Proceeds from cobalt stream transaction 2,603 — 2,603 —
Other assets and liabilities, net (1,512 ) (360 ) (1,815 ) (964 )
14,695 13,157 24,273 25,927
Interest on loans and borrowings paid (994 ) (1,351 ) (2,231 ) (2,946 )
Derivatives paid, net 37 (15 ) (43 ) (353 )
Interest on participative stockholders’ debentures paid (245 ) (221 ) (245 ) (221 )
Income taxes (168 ) (101 ) (941 ) (1,257 )
Income taxes - Settlement program (409 ) (387 ) (813 ) (766 )
Net cash provided by operating activities from continuing operations 12,916 11,082 20,000 20,384
Cash flow from investing activities:
Financial investments redeemed (invested) (28 ) 115 (80 ) (52 )
Loans and advances - net receipts (payments) (note 25) (355 ) (314 ) 8,296 (769 )
Additions to property, plant and equipment, intangibles and investments (2,558 ) (3,933 ) (5,501 ) (7,449 )
Proceeds from disposal of assets and investments (note 12) 925 28 4,461 1,642
Dividends and interest on capital received from associates and joint ventures 505 266 538 266
Others investments activities (59 ) (64 ) (8 ) (68 )
Net cash provided by (used in) investing activities from continuing operations (1,570 ) (3,902 ) 7,706 (6,430 )
Cash flow from financing activities:
Loans and borrowings
Additions 2,814 963 2,814 4,539
Repayments (9,365 ) (5,899 ) (16,813 ) (9,432 )
Transactions with stockholders:
Dividends and interest on capital paid to stockholders — (4,660 ) (4,721 ) (4,660 )
Dividends and interest on capital paid to noncontrolling interest (20 ) (14 ) (310 ) (23 )
Transactions with noncontrolling stockholders — — (56 ) 799
Net cash used in financing activities from continuing operations (6,571 ) (9,610 ) (19,086 ) (8,777 )
Net cash used in discontinued operations (note 12) (7 ) (152 ) (157 ) (167 )
Increase (decrease) in cash and cash equivalents 4,768 (2,582 ) 8,463 5,010
Cash and cash equivalents in the beginning of the period 17,841 21,279 14,318 13,891
Effect of exchange rate changes on cash and cash equivalents 2,002 225 2,161 65
Effects of disposals of subsidiaries and merger, net on cash and cash equivalents (54 ) — (385 ) (44 )
Cash and cash equivalents at end of the period 24,557 18,922 24,557 18,922
Non-cash transactions:
Additions to property, plant and equipment - capitalized loans and borrowing costs 160 265 354 587

The accompanying notes are an integral part of these interim financial statements.

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*Statement of Cash Flows*

*In millions of Brazilian reais*

Parent company
Six-month period ended June 30,
2018 2017
(Restated)
Cash flow from operating activities:
Income before income taxes from continuing operations 3,558 10,586
Continuing operations adjustments for:
Equity results in subsidiaries, associates and joint ventures (4,023 ) (1,758 )
Impairment and other results on non-current assets and associates and joint ventures 1,815 360
Depreciation, amortization and depletion 2,903 2,693
Financial results, net 13,077 6,164
Changes in assets and liabilities:
Accounts receivable 1,547 12,695
Inventories (60 ) (373 )
Suppliers and contractors 698 28
Provision - Payroll, related charges and others remunerations (577 ) (54 )
Other assets and liabilities, net 151 (779 )
19,089 29,562
Interest on loans and borrowings paid (1,028 ) (2,978 )
Derivatives paid, net (112 ) (132 )
Interest on participative stockholders’ debentures paid (245 ) (221 )
Income taxes (30 ) (678 )
Income taxes - Settlement program (796 ) (750 )
Net cash provided by operating activities 16,878 24,803
Cash flow from investing activities:
Financial investments redeemed (invested) (74 ) (97 )
Loans and advances - net receipts (payments) (1,752 ) (4,528 )
Additions to property, plant and equipment, intangibles and investments (4,527 ) (4,650 )
Proceeds from disposal of assets and investments (note 12) 414 15
Dividends and interest on capital received from subsidiaries, associates and joint ventures 1,998 424
Others investments activities (55 ) (54 )
Net cash used in investing activities (3,996 ) (8,890 )
Cash flow from financing activities:
Loans and borrowings
Additions 2,814 321
Repayments (8,433 ) (8,897 )
Transactions with stockholders:
Dividends and interest on capital paid to stockholders (4,721 ) (4,660 )
Net cash used in financing activities (10,340 ) (13,236 )
Increase in cash and cash equivalents 2,542 2,677
Cash and cash equivalents in the beginning of the period 1,876 1,203
Cash and cash equivalents at end of the period 4,418 3,880
Non-cash transactions:
Additions to property, plant and equipment - capitalized loans and borrowing costs 353 585

The accompanying notes are an integral part of these interim financial statements.

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*Statement of Financial Position*

*In millions of Brazilian reais*

Notes Consolidated — June 30, 2018 December 31, 2017 Parent company — June 30, 2018 December 31, 2017
Assets
Current assets
Cash and cash equivalents 16 24,557 14,318 4,418 1,876
Accounts receivable 9 9,052 8,602 10,207 9,560
Other financial assets 11 1,850 6,689 368 409
Inventories 10 15,418 12,987 4,807 4,601
Prepaid income taxes 2,534 2,584 2,159 2,378
Recoverable taxes 3,944 3,876 2,065 2,091
Others 2,284 1,780 1,252 1,542
59,639 50,836 25,276 22,457
Non-current assets held for sale 12 — 11,865 — 7,082
59,639 62,701 25,276 29,539
Non-current assets
Judicial deposits 22(c) 6,726 6,571 6,313 6,110
Other financial assets 11 11,728 10,690 4,988 1,865
Prepaid income taxes 1,948 1,754 — —
Recoverable taxes 2,174 2,109 2,128 2,062
Deferred income taxes 7(a) 25,199 21,959 17,454 14,200
Others 1,170 882 1,420 810
48,945 43,965 32,303 25,047
Investments 13 12,441 11,802 138,699 117,387
Intangibles 14 30,805 28,094 15,201 13,471
Property, plant and equipment 15 187,816 181,535 101,335 102,978
280,007 265,396 287,538 258,883
Total assets 339,646 328,097 312,814 288,422
Liabilities
Current liabilities
Suppliers and contractors 13,832 13,367 7,826 7,503
Loans and borrowings 16 7,027 5,633 5,655 4,378
Other financial liabilities 11 3,070 3,260 5,073 4,413
Taxes payable 7(c) 2,469 2,307 2,081 1,991
Provision for income taxes 982 1,175 — —
Liabilities related to associates and joint ventures 17 1,051 1,080 1,051 1,080
Provisions 21 3,875 4,610 2,203 2,904
Dividends and interest on capital — 4,742 — 4,439
Others 3,115 3,284 2,881 2,552
35,421 39,458 26,770 29,260
Liabilities associated with non-current assets held for sale 12 — 3,899 — —
35,421 43,357 26,770 29,260
Non-current liabilities
Loans and borrowings 16 62,016 68,759 25,076 28,966
Other financial liabilities 11 11,539 9,575 65,406 54,955
Taxes payable 7(c) 15,696 16,176 15,383 15,853
Deferred income taxes 7(a) 6,472 5,687 — —
Provisions 21 25,317 23,243 7,798 6,900
Liabilities related to associates and joint ventures 17 3,449 2,216 3,449 2,216
Deferred revenue - Gold stream 6,649 6,117 — —
Others 7,749 4,861 7,217 6,514
138,887 136,634 124,329 115,404
Total liabilities 174,308 179,991 151,099 144,664
Stockholders’ equity 24
Equity attributable to Vale’s stockholders 161,715 143,758 161,715 143,758
Equity attributable to noncontrolling interests 3,623 4,348 — —
Total stockholders’ equity 165,338 148,106 161,715 143,758
Total liabilities and stockholders’ equity 339,646 328,097 312,814 288,422

The accompanying notes are an integral part of these interim financial statements.

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*Statement of Changes in Equity*

*In millions of Brazilian reais*

Share capital Results on conversion of shares Capital reserve Results from operation with noncontrolling interest Profit reserves Treasury stocks Unrealized fair value gain (losses) Cumulative translation adjustments Retained earnings Equity attributable to Vale’s stockholders Equity attributable to noncontrolling interests Total stockholders’ equity
Balance at December 31, 2017 77,300 50 3,634 (2,663 ) 24,539 (2,746 ) (3,912 ) 47,556 — 143,758 4,348 148,106
Net income — — — — — — — — 5,418 5,418 87 5,505
Other comprehensive income:
Retirement benefit obligations — — — — — — (32 ) — (51 ) (83 ) — (83 )
Net investments hedge (note 20c) — — — — — — — (2,030 ) — (2,030 ) — (2,030 )
Translation adjustments — — — — — — (257 ) 14,738 — 14,481 231 14,712
Fair value adjustment to investment in equity securities — — — — — — 171 — — 171 — 171
Transactions with stockholders:
Dividends of noncontrolling interest — — — — — — — — — — (312 ) (312 )
Acquisitions and disposal of noncontrolling interest — — — — — — — — — — (751 ) (751 )
Capitalization of noncontrolling interest advances — — — — — — — — — — 20 20
Balance at June 30, 2018 77,300 50 3,634 (2,663 ) 24,539 (2,746 ) (4,030 ) 60,264 5,367 161,715 3,623 165,338
Share capital Results on conversion of shares Capital reserve Results from operation with noncontrolling interest Profit reserves Treasury stocks Unrealized fair value gain (losses) Cumulative translation adjustments Retained earnings Equity attributable to Vale’s stockholders Equity attributable to noncontrolling interests Total stockholders’ equity
Balance at December 31, 2016 77,300 50 — (1,870 ) 13,698 (2,746 ) (3,739 ) 44,548 — 127,241 6,461 133,702
Net income — — — — — — — — 7,951 7,951 160 8,111
Other comprehensive income:
Retirement benefit obligations — — — — — — (715 ) — — (715 ) — (715 )
Net investments hedge (note 20c) — — — — — — — (277 ) — (277 ) — (277 )
Translation adjustments — — — — — — (30 ) 2,107 — 2,077 32 2,109
Transactions with stockholders:
Dividends and interest on capital of Vale’s stockholders — — — — (2,065 ) — — — — (2,065 ) — (2,065 )
Dividends of noncontrolling interest — — — — — — — — — — (336 ) (336 )
Acquisitions and disposal of noncontrolling interest — — — (329 ) — — — — — (329 ) (1,672 ) (2,001 )
Capitalization of noncontrolling interest advances — — — — — — — — — — 84 84
Balance at June 30, 2017 77,300 50 — (2,199 ) 11,633 (2,746 ) (4,484 ) 46,378 7,951 133,883 4,729 138,612

The accompanying notes are an integral part of these interim financial statements.

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*Value Added Statement*

*In millions of Brazilian Reais*

Consolidated Parent company
Six-month period ended June 30,
2018 2017 2018 2017
Generation of value added from continuing operations
Gross revenue
Revenue from products and services 59,952 50,800 34,678 33,172
Impairment and other results on non-current assets (42 ) 877 (224 ) (68 )
Revenue from the construction of own assets 5,023 3,144 3,422 2,875
Allowance for doubtful accounts (17 ) (14 ) (4 ) 6
Other revenues 7,057 264 3,107 195
Less:
Acquisition of products (781 ) (1,027 ) (356 ) (343 )
Material, service and maintenance (15,474 ) (12,423 ) (8,917 ) (8,165 )
Oil and gas (2,523 ) (1,967 ) (1,652 ) (1,348 )
Energy (1,661 ) (1,434 ) (839 ) (674 )
Freight (6,353 ) (4,566 ) (75 ) (42 )
Impairment and other results in associates and joint ventures (1,591 ) (301 ) (1,591 ) (292 )
Other costs and expenses (8,430 ) (3,051 ) (4,980 ) (1,085 )
Gross value added 35,160 30,302 22,569 24,231
Depreciation, amortization and depletion (5,946 ) (5,758 ) (2,903 ) (2,693 )
Net value added 29,214 24,544 19,666 21,538
Received from third parties
Equity results from entities 450 142 4,023 1,758
Financial income 669 571 105 212
Monetary and exchange variation of assets 2,276 156 2,623 18
Total value added from continuing operations to be distributed 32,609 25,413 26,417 23,526
Value added from discontinued operations to be distributed 63 251 — —
Total value added to be distributed 32,672 25,664 26,417 23,526
Personnel 4,385 3,651 2,289 1,720
Taxes and contributions 5,142 4,247 2,688 3,045
Current income tax 755 1,807 — 1,066
Deferred income tax (709 ) 253 (2,170 ) 911
Financial expense (excludes capitalized interest) 5,614 5,138 5,397 6,165
Monetary and exchange variation of liabilities 10,289 1,750 10,344 1,009
Other remunerations of third party funds 1,628 469 2,451 1,659
Reinvested net income 5,418 7,951 5,418 7,951
Net income attributable to noncontrolling interest 87 147 — —
Distributed value added from continuing operations 32,609 25,413 26,417 23,526
Distributed value added from discontinued operations 63 251 — —
Distributed value added 32,672 25,664 26,417 23,526

The accompanying notes are an integral part of these interim financial statements.

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*Selected Notes to the Interim Financial Statements*

*Expressed in millions of Brazilian reais, unless otherwise stated*

*1. Corporate information*

Vale S.A. (the “Parent Company”) is a public company headquartered in the city of Rio de Janeiro, Brazil with securities traded on the stock exchanges of São Paulo — B3 S.A. (Vale3), New York - NYSE (VALE), Paris - NYSE Euronext (Vale3) and Madrid — LATIBEX (XVALO).

Vale S.A. and its direct and indirect subsidiaries (“Vale” or “Company”) are global producers of iron ore and iron ore pellets, key raw materials for steelmaking, and producers of nickel, which is used to produce stainless steel and metal alloys employed in the production of several products. The Company also produces copper, metallurgical and thermal coal, manganese ore, ferroalloys, platinum group metals, gold, silver and cobalt. The information by segment is presented in note 3.

*2. Basis for preparation of the interim financial statements*

*a) Statement of compliance*

The condensed consolidated and individual interim financial statements of the Company (“interim financial statements”) have been prepared and are being presented in accordance with IAS 34 Interim Financial Reporting (CPC 21) of the International Financial Reporting Standards (“IFRS”) as implemented in Brazil by the Brazilian Accountant Pronouncements Committee (“CPC”), approved by the Brazilian Securities Exchange Commission (“CVM”) and by the Brazilian Federal Accounting Council (“CFC”). All relevant information from its own interim financial statements, and only this information, are being presented and correspond to those used by the Company’s Management.

The selected notes of the Parent Company are presented in a summarized form in note 26.

*b) Basis of presentation*

The interim financial statements have been prepared to update users about relevant events and transactions occurred in the period and should be read in conjunction with the financial statements for the year ended December 31, 2017. The accounting policies, accounting estimates and judgments, risk management and measurement methods are the same as those applied when preparing the last annual financial statements, except for new accounting policies related to the application of IFRS 9 — Financial instrument (CPC 48) and IFRS 15 — Revenue from contracts with customers (CPC 47), which are adopted by the Company from January 1, 2018. The accounting policy for recognizing and measuring income taxes in the interim period is described in note 7.

The interim financial statements of the Company and its associates and joint ventures are measured using the currency of the primary economic environment in which the entity operates (“functional currency”), which in the case of the Parent Company is the Brazilian real (“R$”). For presentation purposes, these interim financial statements are presented in Brazilian Reais.

The exchange rates used by the Company to translate its foreign operations are as follows :

Closing rate Average rate — Three-month period ended Six-month period ended
June 30, 2018 December 31, 2017 June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017
US Dollar (“US$”) 3.8558 3.3080 3.6056 3.2174 3.4274 3.1807
Canadian dollar (“CAD”) 2.9344 2.6344 2.7928 2.3937 2.6807 2.3847
Australian dollar (“AUD”) 2.8529 2.5849 2.7280 2.4154 2.6407 2.3986
Euro (“EUR” or “€”) 4.5032 3.9693 4.2944 3.5480 4.1430 3.4479

The issue of these interim financial statements was authorized by the Board of Directors on July 25, 2018.

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*c) Accounting standards issued but not yet effective*

The standards and interpretations issued by IASB relevant to the Company but not yet effective are the same as those applicable when preparing the financial statements for the year ended December 31, 2017.

*d) Restatement of corresponding figures*

The amounts corresponding to the Parent Company’s statements of cash flows, for the six-month period ended June 30, 2017, originally presented in the interim financial statements for that period, have been restated for reclassification from financing activities in the amount of R$4,096 to investing activities. This amount relates to intercompany loans between the Parent Company and its subsidiary and was presented as cash flows from financing activities in the aforementioned period. This reclassification aligns the Company’s accounting practice with its cash management policy, which aims to manage at the Parent Company the cash generated by its subsidiaries, including sale of investments and planning for future investments.

The effects of these restatements are as follows:

Parent company
Six-month period ended June 30, 2017
Original balance Reclassification Restated
Statement of cash flows
Net cash provided by operating activities 24,803 — 24,803
Cash flow from investing activities
Loans and advances - net receipts (payments) (432 ) (4,096 ) (4,528 )
Net cash used in investing activities (4,794 ) (4,096 ) (8,890 )
Cash flow from financing activities
Loans and borrowings
Additions 6,742 (6,421 ) 321
Repayments (19,414 ) 10,517 (8,897 )
Net cash used in financing activities (17,332 ) 4,096 (13,236 )
Increase in cash and cash equivalents 2,677 — 2,677

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*3. Information by business segment and by geographic area*

The information presented to the Executive Board on the performance of each segment is derived from the accounting records, adjusted for reclassifications between segments.

*a) Adjusted LAJIDA (EBITDA)*

Management uses adjusted LAJIDA (EBITDA) to assess each segment’s contribution to the Company’s performance and to support the decision making process. Adjusted LAJIDA (EBITDA) is calculated for each segment using operating income or loss plus dividends received and interest from associates and joint ventures, and adding back the amounts charged as (i) depreciation, depletion and amortization and (ii) special events (additional information can be found in note 4).

In 2018, the Company has allocated general and corporate expenses to “Others” as these expenses are not directly related to the performance of each business segment. Therefore, “Others” includes unallocated corporate expenses. The comparative period was restated in order to reflect this change in the criteria for allocation.

Consolidated
Three-month period ended June 30, 2018
Net operating revenue Cost of goods sold and services rendered Sales, administrative and other operating expenses (i) Research and evaluation Pre operating and operational stoppage Dividends received and interest from associates and joint ventures Adjusted LAJIDA (EBITDA)
Ferrous minerals
Iron ore 16,608 (7,785 ) (96 ) (91 ) (98 ) 2 8,540
Iron ore Pellets 5,469 (2,910 ) (21 ) (20 ) (21 ) 391 2,888
Ferroalloys and manganese 415 (237 ) (5 ) (2 ) — — 171
Other ferrous products and services 428 (304 ) 4 (2 ) (1 ) — 125
22,920 (11,236 ) (118 ) (115 ) (120 ) 393 11,724
Coal 1,287 (1,186 ) (25 ) (21 ) — 105 160
Base metals
Nickel and other products 4,858 (2,923 ) (62 ) (33 ) (25 ) — 1,815
Copper 1,916 (883 ) (2 ) (14 ) — — 1,017
6,774 (3,806 ) (64 ) (47 ) (25 ) — 2,832
Others 253 (247 ) (480 ) (147 ) (20 ) 112 (529 )
Total of continuing operations 31,234 (16,475 ) (687 ) (330 ) (165 ) 610 14,187
Discontinued operations (Fertilizers) 109 (121 ) (11 ) — — — (23 )
Total 31,343 (16,596 ) (698 ) (330 ) (165 ) 610 14,164

(i) Adjusted for the special events occurred in the period, which represents a loss of R$98.

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Consolidated
Three-month period ended June 30, 2017
Net operating revenue Cost of goods sold and services rendered Sales, administrative and other operating expenses Research and evaluation Pre operating and operational stoppage Dividends received and interest from associates and joint ventures Adjusted LAJIDA (EBITDA)
Ferrous minerals
Iron ore 11,484 (6,104 ) (79 ) (72 ) (130 ) — 5,099
Iron ore Pellets 4,285 (2,293 ) 10 (16 ) (4 ) 119 2,101
Ferroalloys and manganese 373 (258 ) (4 ) — (3 ) — 108
Other ferrous products and services 394 (246 ) 43 (2 ) (1 ) — 188
16,536 (8,901 ) (30 ) (90 ) (138 ) 119 7,496
Coal 1,544 (980 ) (7 ) (11 ) (15 ) — 531
Base metals
Nickel and other products 3,251 (2,640 ) (27 ) (36 ) (36 ) — 512
Copper 1,622 (794 ) (4 ) (7 ) — — 817
4,873 (3,434 ) (31 ) (43 ) (36 ) — 1,329
Others 410 (407 ) (558 ) (111 ) (3 ) 147 (522 )
Total of continuing operations 23,363 (13,722 ) (626 ) (255 ) (192 ) 266 8,834
Discontinued operations (Fertilizers) 1,291 (1,194 ) (62 ) (11 ) (34 ) — (10 )
Total 24,654 (14,916 ) (688 ) (266 ) (226 ) 266 8,824
Consolidated
Six-month period ended June 30, 2018
Net operating revenue Cost of goods sold and services rendered Sales, administrative and other operating expenses (i) Research and evaluation Pre operating and operational stoppage Dividends received and interest from associates and joint ventures Adjusted LAJIDA (EBITDA)
Ferrous minerals
Iron ore 31,886 (14,541 ) (137 ) (156 ) (211 ) 2 16,843
Iron ore Pellets 10,611 (5,548 ) (26 ) (36 ) (31 ) 391 5,361
Ferroalloys and manganese 821 (479 ) (8 ) (3 ) — — 331
Other ferrous products and services 800 (541 ) (5 ) (2 ) (1 ) — 251
44,118 (21,109 ) (176 ) (197 ) (243 ) 393 22,786
Coal 2,521 (2,272 ) (19 ) (32 ) — 298 496
Base metals
Nickel and other products 8,533 (5,214 ) (110 ) (62 ) (52 ) — 3,095
Copper 3,543 (1,687 ) (5 ) (26 ) — — 1,825
12,076 (6,901 ) (115 ) (88 ) (52 ) — 4,920
Others 451 (472 ) (981 ) (236 ) (38 ) 145 (1,131 )
Total of continuing operations 59,166 (30,754 ) (1,291 ) (553 ) (333 ) 836 27,071
Discontinued operations (Fertilizers) 397 (393 ) (15 ) — — — (11 )
Total 59,563 (31,147 ) (1,306 ) (553 ) (333 ) 836 27,060

(i) Adjusted for the special events occurred in the period, which represents a loss of R$244.

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Consolidated
Six-month period ended June 30, 2017
Net operating revenue Cost of goods sold and services rendered Sales, administrative and other operating expenses Research and evaluation Pre operating and operational stoppage Dividends received and interest from associates and joint ventures Adjusted LAJIDA (EBITDA)
Ferrous minerals
Iron ore 26,629 (11,361 ) 133 (123 ) (257 ) — 15,021
Iron ore Pellets 8,870 (4,343 ) 10 (26 ) (8 ) 119 4,622
Ferroalloys and manganese 646 (397 ) (7 ) — (12 ) — 230
Other ferrous products and services 789 (485 ) 33 (3 ) (1 ) — 333
36,934 (16,586 ) 169 (152 ) (278 ) 119 20,206
Coal 2,564 (1,759 ) (19 ) (21 ) (15 ) — 750
Base metals
Nickel and other products 6,809 (5,352 ) (68 ) (65 ) (157 ) — 1,167
Copper 3,086 (1,515 ) (6 ) (12 ) — — 1,553
9,895 (6,867 ) (74 ) (77 ) (157 ) — 2,720
Others 712 (714 ) (1,247 ) (211 ) (6 ) 147 (1,319 )
Total of continuing operations 50,105 (25,926 ) (1,171 ) (461 ) (456 ) 266 22,357
Discontinued operations (Fertilizers) 2,453 (2,260 ) (111 ) (16 ) (67 ) — (1 )
Total 52,558 (28,186 ) (1,282 ) (477 ) (523 ) 266 22,356

Adjusted LAJIDA (EBITDA) is reconciled to net income (loss) as follows:

*From continuing operations*

Consolidated
Three-month period ended June 30, Six-month period ended June 30,
2018 2017 2018 2017
Net income from continuing operations 370 557 5,815 8,756
Depreciation, depletion and amortization 3,112 2,907 5,946 5,758
Income taxes (2,293 ) (156 ) 46 2,060
Financial results, net 10,930 4,341 13,001 6,235
LAJIDA (EBITDA) 12,119 7,649 24,808 22,809
Items to reconciled adjusted LAJIDA (EBITDA)
Special events (note 4) 88 726 286 (877 )
Equity results in associates and joint ventures (177 ) 83 (450 ) (142 )
Impairment and other results in associates and joint ventures 1,547 110 1,591 301
Dividends received and interest from associates and joint ventures 610 266 836 266
Adjusted LAJIDA (EBITDA) from continuing operations 14,187 8,834 27,071 22,357

*From discontinued operations*

Consolidated
Three-month period ended June 30, Six-month period ended June 30,
2018 2017 2018 2017
Loss from discontinued operations (39 ) (388 ) (310 ) (645 )
Depreciation, depletion and amortization — 3 — 3
Income taxes (30 ) (493 ) (134 ) (588 )
Financial results, net 6 12 18 26
LAJIDA (EBITDA) (63 ) (866 ) (426 ) (1,204 )
Items to reconciled underlying LAJIDA (EBITDA)
Equity results in associates and joint ventures — (1 ) — (2 )
Impairment of non-current assets 40 857 415 1,205
Underlying LAJIDA (EBITDA) from discontinued operations (23 ) (10 ) (11 ) (1 )

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*b) Assets by segment*

Consolidated
June 30, 2018 December 31, 2017
Product inventory Investments in associates and joint ventures Property, plant and equipment and intangible (i) Product inventory Investments in associates and joint ventures Property, plant and equipment and intangible (i)
Ferrous minerals 6,860 6,617 121,084 5,859 6,357 119,429
Coal 526 1,264 7,079 271 1,048 5,686
Base metals 4,391 54 84,550 3,336 43 78,080
Others 55 4,506 5,908 20 4,354 6,434
Total 11,832 12,441 218,621 9,486 11,802 209,629
Three-month period ended Six-month period ended
June 30, 2018
Additions to property, plant and equipment and intangible (ii) Additions to property, plant and equipment and intangible (ii)
Sustaining investments Capital expenditures Depreciation, depletion and amortization (iii) Sustaining investments Capital expenditures Depreciation, depletion and amortization (iii)
Ferrous minerals 1,050 612 1,532 2,095 1,689 2,938
Coal 67 53 200 146 81 412
Base metals 682 69 1,328 1,271 118 2,465
Others 7 — 52 10 15 131
Total 1,806 734 3,112 3,522 1,903 5,946
Three-month period ended Six-month period ended
June 30, 2017
Additions to property, plant and equipment and intangible (ii) Additions to property, plant and equipment and intangible (ii)
Sustaining investments Capital expenditures Depreciation, depletion and amortization (iii) Sustaining investments Capital expenditures Depreciation, depletion and amortization (iii)
Ferrous minerals 790 1,188 1,376 1,744 2,849 2,684
Coal 26 21 238 104 120 567
Base metals 796 16 1,279 1,430 46 2,477
Others 5 10 14 7 39 30
Total 1,617 1,235 2,907 3,285 3,054 5,758

(i) Goodwill is allocated mainly to ferrous minerals and base metals segments in the amount of R$7,133 and R$7,316 in June 30, 2018 and R$7,133 and R$6,460 in December 31, 2017, respectively.

(ii) Includes only cash outflows .

(iii) Refers to amounts recognized in the income statement.

*Base Metals*

*(i) Onça Puma*

In September 2017, the Federal Court granted an injunction suspending certain of nickel mining operations at Onça Puma. The Company has appealed this decision to seek a suspension of this injunction, but it is not possible to anticipate when Onça Puma activities will resume. In December 31, 2017, the Company has calculated the recoverable amount and no losses were identified. The Company has assessed the impairment risk related to this specific cash-generating unit and concluded that no significant changes occurred that could lead to a loss that should be recognized in the income statement for the period ended June 30, 2018.

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*(ii) Cobalt streaming transactions*

In June 2018, the Company entered into two different agreements, one with Wheaton Precious Metals Corp (“Wheaton”) and other with Cobalt 27 Capital Corp. (“Cobalt 27”), to sell a stream equivalent to 75% of the cobalt extracted as a by-product from the Voisey’s Bay mine, in Canada, starting on January 1, 2021. Furthermore, the Company restarted the Voisey’s Bay underground mine expansion project, which is going to increase the expected useful life of Voisey’s Bay mine from 2023 to 2034. The first year of underground production is expected to be 2021, when the current operations on the open pit mine begins to ramp down.

Upon completion of the transaction, the Company received an upfront payment of R$2,603 (US$690 millions) in cash, R$1,471 (US$390 millions) from Wheaton and R$1,132 (US$300 millions) from Cobalt 27, has been recorded as others non-current liabilities. Vale will receive additional payments of 20%, on average, of the market reference price for cobalt, for each pound of finished cobalt delivered.

Thus, from January 1, 2021 onwards, Wheaton and Cobalt 27 will be entitled to receive 42.4% and 32.6%, respectively, of cobalt equivalent to the production from the Voisey’s Bay mine, while Vale remains exposed to approximately 40% of the cobalt economic exposure, as Vale retains the rights to 25% of the future cobalt production and will receive 20% additional payments for the cobalt stream. The result of the sale of the mineral rights will be accounted for once certain production thresholds have been met at Voisey’s Bay mine and is not expected to be significant.

*c) Net operating revenue by geographic area*

Consolidated
Three-month period ended June 30, 2018
Ferrous minerals Coal Base metals Others Total
Americas, except United States and Brazil 702 — 659 — 1,361
United States of America 315 — 957 1 1,273
Germany 1,028 — 519 — 1,547
Europe, except Germany 2,078 322 1,665 — 4,065
Middle East/Africa/Oceania 1,814 119 21 — 1,954
Japan 2,225 — 524 — 2,749
China 11,131 — 755 — 11,886
Asia, except Japan and China 1,523 797 1,420 — 3,740
Brazil 2,104 49 254 252 2,659
Net operating revenue 22,920 1,287 6,774 253 31,234
Consolidated
Three-month period ended June 30, 2017
Ferrous minerals Coal Base metals Others Total
Americas, except United States and Brazil 445 — 609 174 1,228
United States of America 392 — 609 42 1,043
Germany 625 — 279 — 904
Europe, except Germany 1,578 360 1,392 45 3,375
Middle East/Africa/Oceania 1,142 118 9 — 1,269
Japan 1,412 142 289 — 1,843
China 8,044 — 278 — 8,322
Asia, except Japan and China 960 790 1,265 — 3,015
Brazil 1,938 134 143 149 2,364
Net operating revenue 16,536 1,544 4,873 410 23,363

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Consolidated
Six-month period ended June 30, 2018
Ferrous minerals Coal Base metals Others Total
Americas, except United States and Brazil 1,413 — 1,168 — 2,581
United States of America 582 — 1,749 25 2,356
Germany 2,081 — 748 — 2,829
Europe, except Germany 3,606 653 3,285 — 7,544
Middle East/Africa/Oceania 3,738 259 35 — 4,032
Japan 3,708 107 897 — 4,712
China 22,137 — 1,432 — 23,569
Asia, except Japan and China 2,647 1,284 2,226 — 6,157
Brazil 4,206 218 536 426 5,386
Net operating revenue 44,118 2,521 12,076 451 59,166
Consolidated
Six-month period ended June 30, 2017
Ferrous minerals Coal Base metals Others Total
Americas, except United States and Brazil 887 — 1,565 174 2,626
United States of America 558 — 1,193 182 1,933
Germany 1,593 — 443 51 2,087
Europe, except Germany 3,405 642 2,818 45 6,910
Middle East/Africa/Oceania 2,486 280 18 — 2,784
Japan 2,639 246 566 — 3,451
China 19,526 — 781 — 20,307
Asia, except Japan and China 1,759 1,106 2,242 — 5,107
Brazil 4,081 290 269 260 4,900
Net operating revenue 36,934 2,564 9,895 712 50,105

*Provisionally priced commodities sales —* As at June 30, 2018, there were 21 million metric tons of iron ore (2017: 26 million metric tons) and 71 thousand metric tons of copper (2017: 106 thousand metric tons) provisionally priced based on forward prices. The final price of these sales will be determined during the third quarter of 2018. A 10% change in the realized prices compared to the provisionally priced sales, all other factors held constant, would increase or reduce iron ore net income by R$544 and copper net income by R$204.

*4. Special events occurred during the period*

The special events occurred during the period are those that, in the Company’s judgment, have non-operational effect on the performance of the period due to their size and nature. To determine whether an event or transaction should be disclosed as “special events”, the Company considers quantitative and qualitative factors, such as frequency and magnitude.

The special events identified by the Company are as follows:

Three-month period ended June 30, — 2018 2017 Six-month period ended June 30, — 2018 2017
Gain (loss) with disposals of assets 10 (298 ) (42 ) (305 )
Provision for litigation (98 ) — (244 ) —
Nacala Logistic Corridor — — — 1,610
Impairment of non-current assets — (428 ) — (428 )
Total (88 ) (726 ) (286 ) 877

*Result in disposals of assets -* The Company recognized a gain of R$10 and a loss of R$42 in the income statement during the three and six-month periods ended June 30, 2018, respectively, as “Impairment and other results on noncurrent assets” due to non-viable projects and operating assets written off through sale or obsolescence.

*Provision for litigation —* During the three and six month-periods ended June 30, 2018, the Company’s assessment of the likelihood of loss for various litigations have been updated and a net impact of R$98 and R$244, respectively, was charged to the income statement.

*Nacala Logistic Corridor —* In March 2017, the Company concluded the transaction with Mitsui to sell 15% of its stake in Vale Moçambique and 50% of its stake in the Nacala Logistics Corridor and recognized a gain in the income statement of R$1,610.

*Impairment of non-current assets —* In the second quarter of 2017, the Company placed an underground mine in Sudbury in “care and maintenance” and an impairment of R$428 was recognized in the income statement.

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*5. Costs and expenses by nature*

*a) Cost of goods sold and services rendered*

Consolidated — Three-month period ended June 30, Six-month period ended June 30,
2018 2017 2018 2017
Personnel 2,076 1,791 3,870 3,512
Materials and services 3,500 2,894 6,369 5,350
Fuel oil and gas 1,362 997 2,509 1,966
Maintenance 2,438 2,430 4,831 4,700
Energy 865 747 1,639 1,423
Acquisition of products 364 512 763 1,027
Depreciation and depletion 2,988 2,740 5,679 5,401
Freight 3,422 2,500 6,353 4,566
Others 2,448 1,851 4,420 3,382
Total 19,463 16,462 36,433 31,327
Cost of goods sold 18,877 15,960 35,368 30,387
Cost of services rendered 586 502 1,065 940
Total 19,463 16,462 36,433 31,327

*b) Selling and administrative expenses*

Consolidated — Three-month period ended June 30, Six-month period ended June 30,
2018 2017 2018 2017
Personnel 145 199 347 367
Services 63 60 126 99
Depreciation and amortization 57 72 114 162
Others 175 95 255 186
Total 440 426 842 814

*c) Other operating expenses, net*

Consolidated — Three-month period ended June 30, Six-month period ended June 30,
2018 2017 2018 2017
Provision for litigation 98 55 244 93
Profit sharing program 216 98 370 221
Others 78 118 184 204
Total 392 271 798 518

*6. Financial result*

Consolidated
Three-month period ended June 30, Six-month period ended June 30,
2018 2017 2018 2017
Financial income
Short-term investments 182 166 264 277
Derivative financial instruments 321 229 698 1,232
Others 105 205 405 294
608 600 1,367 1,803
Financial expenses
Loans and borrowings gross interest (1,059 ) (1,447 ) (2,149 ) (3,026 )
Capitalized loans and borrowing costs 160 265 354 587
Derivative financial instruments (1,422 ) (513 ) (1,514 ) (852 )
Participative stockholders’ debentures (1,032 ) (285 ) (1,622 ) (1,581 )
Expenses of REFIS (185 ) (347 ) (372 ) (742 )
Others (615 ) (508 ) (1,052 ) (830 )
(4,153 ) (2,835 ) (6,355 ) (6,444 )
Other financial items
Net foreign exchange losses on loans and borrowings (8,522 ) (2,387 ) (8,938 ) (790 )
Other net foreign exchange gains (losses) 1,532 420 1,714 (410 )
Net indexation losses (395 ) (139 ) (789 ) (394 )
(7,385 ) (2,106 ) (8,013 ) (1,594 )
Financial results, net (10,930 ) (4,341 ) (13,001 ) (6,235 )

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*7. Income taxes*

*a) Deferred income tax assets and liabilities*

Changes in deferred tax are as follows:

Consolidated — Assets Liabilities Deferred taxes, net
Balance at March 31, 2018 20,298 5,665 14,633
Effect in income statement 2,813 60 2,753
Transfers between asset and liabilities 2 2 —
Translation adjustment 1,033 795 238
Other comprehensive income 1,044 (50 ) 1,094
Effect of discontinued operations
Effect in income statement 30 — 30
Transfer to net assets held for sale (21 ) — (21 )
Balance at June 30, 2018 25,199 6,472 18,727
Consolidated — Assets Liabilities Deferred taxes, net
Balance at March 31, 2017 22,582 5,314 17,268
Effect in income statement 202 (176 ) 378
Translation adjustment 438 323 115
Other comprehensive income 251 (282 ) 533
Effect of discontinued operations
Effect in income statement 493 — 493
Transfer to net assets held for sale (493 ) — (493 )
Balance at June 30, 2017 23,473 5,179 18,294
Consolidated — Assets Liabilities Deferred taxes, net
Balance at December 31, 2017 21,959 5,687 16,272
Effect in income statement 768 59 709
Transfers between asset and liabilities 29 29 —
Translation adjustment 1,016 718 298
Other comprehensive income 1,333 (21 ) 1,354
Effect of discontinued operations
Effect in income statement 134 — 134
Transfer to net assets held for sale (40 ) — (40 )
Balance at June 30, 2018 25,199 6,472 18,727
Consolidated — Assets Liabilities Deferred taxes, net
Balance at December 31, 2016 23,931 5,540 18,391
Effect in income statement (517 ) (264 ) (253 )
Translation adjustment 145 196 (51 )
Other comprehensive income (86 ) (293 ) 207
Effect of discontinued operations
Effect in income statement 588 — 588
Transfer to net assets held for sale (588 ) — (588 )
Balance at June 30, 2017 23,473 5,179 18,294

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*b) Income tax reconciliation — Income statement*

The total amount presented as income taxes in the income statement is reconciled to the rate established by law, as follows:

Consolidated
Three-month period ended June 30, Six-month period ended June 30,
2018 2017 2018 2017
Income (loss) before income taxes (1,923 ) 401 5,861 10,816
Income taxes at statutory rates - 34% 654 (136 ) (1,993 ) (3,677 )
Adjustments that affect the basis of taxes:
Income tax benefit from interest on stockholders’ equity 1,372 396 1,588 793
Tax incentives 563 3 651 561
Equity results 60 (28 ) 153 49
Unrecognized tax losses of the period (398 ) (297 ) (875 ) (852 )
Gain on sale of subsidiaries (note 4) — — — 548
Others 42 218 430 518
Income taxes 2,293 156 (46 ) (2,060 )

Income tax expense is recognized based on the estimate of the weithed average effective tax rate expected for the full year, adjusted for the tax effect of certain items recognized in full in the interim period. Therefore, the effective tax rate in the interim financial statement may differ from management’s estimate of the effective tax rate for the annual financial statement.

*c) Income taxes - Settlement program (“REFIS”)*

The balance mainly relates to REFIS to settle most of the claims related to the collection of income tax and social contribution on equity gains of foreign subsidiaries and affiliates from 2003 to 2012. As at June 30, 2018, the balance of R$17,335 (R$1,638 as current and R$15,696 as non-current) is due in 124 remaining monthly installments, bearing interest at the SELIC rate (Special System for Settlement and Custody).

*8. Basic and diluted earnings (loss) per share*

The basic and diluted earnings (loss) per share are presented below:

Three-month period ended June 30, — 2018 2017 (i) Six-month period ended June 30, — 2018 2017 (i)
Net income (loss) attributable to Vale’s stockholders:
Net income from continuing operations 345 458 5,728 8,609
Loss from discontinued operations (39 ) (398 ) (310 ) (658 )
Net income 306 60 5,418 7,951
Thousands of shares
Weighted average number of shares outstanding — common shares 5,197,432 5,197,432 5,197,432 5,197,432
Basic and diluted earnings per share from continuing operations:
Common share (R$) 0.07 0.09 1.10 1.67
Basic and diluted loss per share from discontinued operations:
Common share (R$) (0.01 ) (0.08 ) (0.06 ) (0.13 )
Basic and diluted earnings per share:
Common share (R$) 0.06 0.01 1.04 1.54

(i) Restated to reflect the conversion of the class “A” preferred shares into common shares.

The Company does not have potential outstanding shares or other instruments with dilutive effect on the earnings per share.

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*9. Accounts receivable*

Consolidated — June 30, 2018 December 31, 2017
Accounts receivable 9,278 8,802
Impairment of accounts receivable (226 ) (200 )
9,052 8,602
Accounts receivable related to the steel sector - % 75.20 % 82.90 %
Consolidated
Three-month period ended June 30, Six-month period ended June 30,
2018 2017 2018 2017
Impairment of trade receivables recorded in the income statement (17 ) (14 ) (17 ) (14 )

There is no customer that individually represents over 10% of accounts receivable or revenues.

*10. Inventories*

Consolidated — June 30, 2018 December 31, 2017
Finished products 9,283 7,324
Work in progress 2,549 2,162
Consumable inventory 3,586 3,501
Total 15,418 12,987
Consolidated
Three-month period ended June 30, Six-month period ended June 30,
2018 2017 2018 2017
Reversal (Provision) for net realizable value (61 ) 50 (67 ) 186

Finished and work in progress product inventory by segments is presented in note 3(b).

*11. Other financial assets and liabilities*

Consolidated — Current Non-Current
June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017
Other financial assets
Financial investments 68 61 — —
Loans — — 593 498
Derivative financial instruments (note 20) 484 351 1,368 1,497
Investments in equity securities (note 12) — — 3,689 —
Related parties - Loans (note 25) 1,298 6,277 6,078 8,695
1,850 6,689 11,728 10,690
Other financial liabilities
Derivative financial instruments (note 20) 967 344 2,382 2,269
Related parties - Loans (note 25) 2,103 2,916 3,713 3,226
Participative stockholders’ debentures — — 5,444 4,080
3,070 3,260 11,539 9,575

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*12. Non-current assets and liabilities held for sale and discontinued operations*

Consolidated
December 31, 2017
Fertilizers
Assets
Accounts receivable 297
Inventories 1,522
Other current assets 363
Investments in associates and joint ventures 274
Property, plant and equipment and Intangible 7,110
Other non-current assets 2,299
Total assets 11,865
Liabilities
Suppliers and contractors 1,070
Other current liabilities 711
Other non-current liabilities 2,118
Total liabilities 3,899
Net non-current assets held for sale 7,966

*a) Fertilizers (discontinued operations)*

In December 2016, the Company entered into an agreement with The Mosaic Company (“Mosaic”) to sell (i) the phosphate assets located in Brazil, except for the assets located in Cubatão, Brazil; (ii) the control of Compañia Minera Miski Mayo S.A.C., in Peru; (iii) the potassium assets located in Brazil; and (iv) the potash projects in Canada.

In January 2018, the Company and Mosaic concluded the transaction and the Company received R$3,495 (US$1,080 million) in cash and 34.2 million common shares, corresponding to 8.9% of Mosaic’s equity after the issuance of these shares (R$2,907 (US$899 million), based on the Mosaic’s quotation at closing date of the transaction) and a loss of R$184 was recognized in the income statement from discontinued operations.

Mosaic shares received was accounted for an equity investment measured at fair value through other comprehensive income. For the three and six-month period ended June 30, 2018, the Company recognized a gain of R$285 and R$171 in other comprehensive income as “Fair value adjustment to investment in equity securities”.

*b) Cubatão (part of the fertilizer segment)*

In November 2017, the Company entered into an agreement with Yara International ASA (“Yara”) to sell its assets located in Cubatão, Brazil. In May 2018, the transaction was concluded and the Company received R$882 (US$255 million) in cash and a loss of R$231 was recognized for the six-month period ended June 30, 2018, in the income statement from discontinued operations.

The results and cash flows of discontinued operations of the Fertilizer segment for the three and six-month period ended June 30, 2018 and 2017 are presented as follows:

*Income statement*

Consolidated
Three-month period ended June 30, Six-month period ended June 30,
2018 2017 2018 2017
Discontinued operations
Net operating revenue 109 1,291 397 2,453
Cost of goods sold and services rendered (121 ) (1,194 ) (393 ) (2,260 )
Operating expenses (11 ) (110 ) (15 ) (197 )
Impairment of non-current assets (40 ) (857 ) (415 ) (1,205 )
Operating loss (63 ) (870 ) (426 ) (1,209 )
Financial Results, net (6 ) (12 ) (18 ) (26 )
Equity results in associates and joint ventures — 1 — 2
Loss before income taxes (69 ) (881 ) (444 ) (1,233 )
Income taxes 30 493 134 588
Loss from discontinued operations (39 ) (388 ) (310 ) (645 )
Net income attributable to noncontrolling interests — 10 — 13
Loss attributable to Vale’s stockholders (39 ) (398 ) (310 ) (658 )

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*Statement of cash flow*

Consolidated
Three-month period ended June 30, Six-month period ended June 30,
2018 2017 2018 2017
Discontinued operations
Cash flow from operating activities
Loss before income taxes (69 ) (881 ) (444 ) (1,233 )
Adjustments:
Equity results in associates and joint ventures — (1 ) — (2 )
Depreciation, amortization and depletion — 3 — 3
Impairment of non-current assets 40 857 415 1,205
Others 18 — 18 —
Increase (decrease) in assets and liabilities 4 26 (110 ) 321
Net cash provided by (used in) operating activities (7 ) 4 (121 ) 294
Cash flow from investing activities
Additions to property, plant and equipment — (263 ) (36 ) (460 )
Net cash used in investing activities — (263 ) (36 ) (460 )
Cash flow from financing activities
Loans and borrowings
Additions (Repayments) — 107 — (1 )
Net cash provided by (used in) financing activities — 107 — (1 )
Net cash used in discontinued operations (7 ) (152 ) (157 ) (167 )

*13. Investments in associates and joint ventures*

*a) Changes during the period*

Changes in investments in associates and joint ventures are as follows:

Consolidated — Associates Joint ventures Total
Balance at December 31, 2017 4,774 7,028 11,802
Additions — 76 76
Translation adjustment 219 124 343
Equity results in income statement 10 440 450
Dividends declared — (525 ) (525 )
Transfer from non-current assets held for sale (i) 280 — 280
Others 21 (6 ) 15
Balance at June 30, 2018 5,304 7,137 12,441

(i) Refers to 18% interest held by Vale Fertilizantes at Ultrafertil which was transferred to Vale as part of the final settlement in January 2018 (note 12).

Consolidated — Associates Joint ventures Total
Balance at December 31, 2016 4,683 7,363 12,046
Additions — 103 103
Translation adjustment 17 14 31
Equity results in income statement 63 79 142
Dividends declared (134 ) (265 ) (399 )
Others 3 — 3
Balance at June 30, 2017 4,632 7,294 11,926

*b) Guarantees provided*

As of June 30, 2018, corporate guarantees provided by Vale (within the limit of its direct or indirect interest) for the companies Norte Energia S.A. and Companhia Siderúrgica do Pecém S.A. were R$1,272 and R$5,603, respectively.

The investments by segments are presented in note 3(b).

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*Investments in associates and joint ventures (continued)*

Consolidated
Investments in associates and joint ventures Equity results in the income statement Dividends received
Three-month period ended June 30, Six-month period ended June 30, Three-month period ended June 30, Six-month period ended June 30,
Associates and joint ventures % ownership % voting capital June 30, 2018 December 31, 2017 2018 2017 2018 2017 2018 2017 2018 2017
Ferrous minerals
Baovale Mineração S.A. 50.00 50.00 97 87 5 6 10 12 2 — 2 —
Companhia Coreano-Brasileira de Pelotização 50.00 50.00 335 295 63 41 113 78 56 — 56 —
Companhia Hispano-Brasileira de Pelotização (i) 50.89 51.00 261 270 30 35 78 68 87 18 87 18
Companhia Ítalo-Brasileira de Pelotização (i) 50.90 51.00 308 263 54 42 106 63 122 54 122 54
Companhia Nipo-Brasileira de Pelotização (i) 51.00 51.11 556 453 113 76 211 145 127 47 127 47
MRS Logística S.A. 48.16 46.75 1,764 1,711 67 70 105 118 — — — —
VLI S.A. 37.60 37.60 3,207 3,202 48 61 5 21 — — — —
Zhuhai YPM Pellet Co. 25.00 25.00 89 76 1 — 1 — — — — —
6,617 6,357 381 331 629 505 394 119 394 119
Coal
Henan Longyu Energy Resources Co., Ltd. 25.00 25.00 1,264 1,048 28 20 41 51 — — — —
1,264 1,048 28 20 41 51 — — — —
Base metals
Korea Nickel Corp. 25.00 25.00 54 43 1 (1 ) 4 1 — — — —
54 43 1 (1 ) 4 1 — — — —
Others
Aliança Geração de Energia S.A. (i) 55.00 55.00 1,882 1,889 19 26 81 47 55 36 88 36
Aliança Norte Energia Participações S.A. (i) 51.00 51.00 605 529 11 1 33 11 — — — —
California Steel Industries, Inc. 50.00 50.00 868 663 74 52 141 79 56 43 56 43
Companhia Siderúrgica do Pecém 50.00 50.00 461 867 (267 ) (423 ) (407 ) (456 ) — — — —
Mineração Rio do Norte S.A. 40.00 40.00 334 333 (31 ) 4 (21 ) 2 — 68 — 68
Others 356 73 (39 ) (93 ) (51 ) (98 ) — — — —
4,506 4,354 (233 ) (433 ) (224 ) (415 ) 111 147 144 147
Total 12,441 11,802 177 (83 ) 450 142 505 266 538 266

(i) Although the Company held a majority of the voting capital, the entities are accounted under equity method due to the stockholders’ agreement where relevant decisions are shared with other parties.

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*14. Intangibles*

Changes in intangibles are as follows:

Consolidated — Goodwill Concessions Right of use Software Total
Balance at December 31, 2017 13,593 13,236 506 759 28,094
Additions — 2,167 — 15 2,182
Disposals — (35 ) — — (35 )
Amortization — (224 ) (12 ) (205 ) (441 )
Translation adjustment 856 77 53 19 1,005
Balance at June 30, 2018 14,449 15,221 547 588 30,805
Cost 14,449 18,920 827 5,250 39,446
Accumulated amortization — (3,699 ) (280 ) (4,662 ) (8,641 )
Balance at June 30, 2018 14,449 15,221 547 588 30,805
Consolidated — Goodwill Concessions Right of use Software Total
Balance at December 31, 2016 10,041 10,759 480 1,115 22,395
Additions — 1,614 — 58 1,672
Disposals — (7 ) — — (7 )
Amortization — (284 ) (3 ) (233 ) (520 )
Translation adjustment 286 3 18 9 316
Balance at June 30, 2017 10,327 12,085 495 949 23,856
Cost 10,327 16,110 762 5,119 32,318
Accumulated amortization — (4,025 ) (267 ) (4,170 ) (8,462 )
Balance at June 30, 2017 10,327 12,085 495 949 23,856

*15. Property, plant and equipment*

Changes in property, plant and equipment are as follows:

Consolidated — Land Building Facilities Equipment Mineral properties Others Constructions in progress Total
Balance at December 31, 2017 2,375 40,028 38,986 22,803 29,999 27,104 20,240 181,535
Additions (i) — — — — — — 3,443 3,443
Disposals (1 ) (121 ) (125 ) (52 ) (15 ) (185 ) (26 ) (525 )
Assets retirement obligation — — — — (50 ) — — (50 )
Depreciation, amortization and depletion — (1,035 ) (1,210 ) (1,490 ) (993 ) (1,177 ) — (5,905 )
Translation adjustment 87 1,707 1,372 1,795 2,660 993 704 9,318
Transfers 24 1,372 3,837 1,999 913 2,177 (10,322 ) —
Balance at June 30, 2018 2,485 41,951 42,860 25,055 32,514 28,912 14,039 187,816
Cost 2,485 68,696 66,957 47,677 61,175 42,264 14,039 303,293
Accumulated depreciation — (26,745 ) (24,097 ) (22,622 ) (28,661 ) (13,352 ) — (115,477 )
Balance at June 30, 2018 2,485 41,951 42,860 25,055 32,514 28,912 14,039 187,816
Consolidated — Land Building Facilities Equipment Mineral properties Others Constructions in progress Total
Balance at December 31, 2016 2,360 34,790 30,866 22,141 27,312 24,494 38,653 180,616
Additions (i) — — — — — — 4,098 4,098
Disposals (1 ) (2 ) (112 ) (22 ) (401 ) (247 ) (50 ) (835 )
Assets retirement obligation — — — — 4 — — 4
Depreciation, amortization and depletion — (846 ) (1,099 ) (1,259 ) (990 ) (1,104 ) — (5,298 )
Translation adjustment 12 357 270 238 931 405 23 2,236
Transfers 54 3,788 5,269 2,258 2,074 3,410 (16,853 ) —
Balance at June 30, 2017 2,425 38,087 35,194 23,356 28,930 26,958 25,871 180,821
Cost 2,425 59,442 56,072 41,700 55,342 40,159 25,871 281,011
Accumulated depreciation — (21,355 ) (20,878 ) (18,344 ) (26,412 ) (13,201 ) — (100,190 )
Balance at June 30, 2017 2,425 38,087 35,194 23,356 28,930 26,958 25,871 180,821

(i) Includes capitalized borrowing costs.

There are no material changes to the net book value of consolidated property, plant and equipment pledged to secure judicial claims and loans and borrowings (note 16(c)) compared to those disclosed in the financial statements as at December 31, 2017.

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*16. Loans, borrowings, cash and cash equivalents and financial investments*

*a) Net debt*

The Company evaluates the net debt with the objective of ensuring the continuity of its business in the long term.

Consolidated — June 30, 2018 December 31, 2017
Debt contracts in the international markets 53,410 57,187
Debt contracts in Brazil 15,633 17,205
Total of loans and borrowings 69,043 74,392
(-) Cash and cash equivalents 24,557 14,318
(-) Financial investments (note 11) 68 61
Net debt 44,418 60,013

*b) Cash and cash equivalents*

Cash and cash equivalents includes cash, immediately redeemable deposits and short-term investments with an insignificant risk of change in value. They are readily convertible to cash, part in R$, indexed to the Brazilian Interbank Interest rate (“DI Rate”or”CDI”) and part denominated in US$, mainly time deposits.

*c) Loans and borrowings*

*i) Total debt*

Consolidated — Current liabilities Non-current liabilities
June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017
Debt contracts in the international markets
Floating rates in:
US$ 2,355 1,027 9,198 9,142
EUR — — 900 794
Fixed rates in:
US$ 24 — 36,011 41,642
EUR — — 3,377 2,977
Other currencies 130 57 639 682
Accrued charges 776 866 — —
3,285 1,950 50,125 55,237
Debt contracts in Brazil
Floating rates in:
R$, indexed to TJLP, TR, IPCA, IGP-M and CDI 1,464 1,478 9,196 10,570
Basket of currencies and US$ indexed to LIBOR 1,186 1,121 2,196 2,341
Fixed rates in:
R$ 222 225 462 572
Accrued charges 870 859 37 39
3,742 3,683 11,891 13,522
7,027 5,633 62,016 68,759

The future flows of debt payments principal, per nature of funding and interest are as follows:

Consolidated
Principal Estimated future
Bank loans Capital markets Development agencies Total interest payments (i)
2018 360 — 1,510 1,870 4,491
2019 2,285 — 2,721 5,006 3,715
2020 2,223 1,100 2,826 6,149 3,552
2021 1,470 1,383 2,844 5,697 3,212
Between 2022 and 2026 5,285 17,628 3,944 26,857 11,376
2027 onwards 306 21,163 312 21,781 16,182
11,929 41,274 14,157 67,360 42,528

(i) Estimated future payments of interest, calculated based on interest rate curves and foreign exchange rates applicable as at June 30, 2018 and considering that all amortization payments and payments at maturity on loans and borrowings will be made on their contracted payments dates. The amount includes the estimated values of future interest payments (not yet accrued), in addition to interest already recognized in the financial statements.

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At June 30, 2018, the average annual interest rates by currency are as follows:

Consolidated — Average interest rate (i) Total debt
Loans and borrowings
US$ 5.58 % 51,699
R$ (ii) 8.12 % 12,219
EUR (iii) 3.34 % 4,346
Other currencies 2.93 % 779
69,043

(i) In order to determine the average interest rate for debt contracts with floating rates, the Company used the rate applicable at June 30, 2018.

(ii) R$ denominated debt that bears interest at IPCA, CDI, TR or TJLP, plus spread. For a total of R$5,795 the Company entered into derivative transactions to mitigate the exposure to the cash flow variations of the floating rate debt denominated in R$, resulting in an average cost of 2,548% per year in US$.

(iii) Eurobonds, for which the Company entered into derivatives to mitigate the exposure to the cash flow variations of the debt denominated in EUR, resulting in an average cost of 4,291% per year in US$.

*ii) Reconciliation of debt to cash flows arising from financing activities*

Consolidated
Cash flow Non-cash changes
December 31, 2017 Additions Repayments Interest paid Transferences Effect of exchange rate Interest accretion June 30, 2018
Loans and borrowings
Current 5,633 — (16,813 ) (2,231 ) 17,111 522 2,805 7,027
Non-current 68,759 2,814 — — (17,111 ) 7,543 11 62,016
Total 74,392 2,814 (16,813 ) (2,231 ) — 8,065 2,816 69,043

*iii) Credit and financing lines*

Type Contractual currency Date of agreement Period of the — agreement Total amount Available amount — June 30, 2018
Credit lines
Revolving credit facilities US$ May 2015 5 years 11,567 11,567
Revolving credit facilities US$ June 2017 5 years 7,712 7,712
Financing lines
BNDES - CLN 150 R$ September 2012 10 years 3,883 —
BNDES - S11D e S11D Logística R$ May 2014 10 years 6,163 1,008

*iv) Repayments*

During the first half of 2018, the Company conducted a cash tender offer for Vale Overseas’ 5.875% guaranteed notes due 2021, 4.375% guaranteed notes due 2022 and a cash tender offer for Vale S.A.’ 5.625% guaranteed notes due 2042 and repurchased a total of R$9,431 (US$2,730 million). The Company also redeemed all of Vale Overseas’ 4.625% guaranteed notes due 2020 totaling R$1,698 (US$499 million).

*v) Guarantees*

As at June 30, 2018 and December 31, 2017, loans and borrowings are secured by property, plant and equipment in the amount of R$868 and R$910, respectively.

The securities issued through Vale’s 100%-owned finance subsidiary Vale Overseas Limited are fully and unconditionally guaranteed by Vale.

*vi) Covenants*

Some of the Company’s debt agreements with lenders contain financial covenants. The primary financial covenants in those agreements require maintaining certain ratios, such as debt to EBITDA (Earnings before Interest Taxes, Depreciation and Amortization) and interest coverage. The Company has not identified any instances of noncompliance as at June 30, 2018.

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*17. Liabilities related to associates and joint ventures*

The movements of the provision to comply with the obligations under the agreement related to the dam failure of Samarco Mineração S.A. (“Samarco”), which is a Brazilian joint venture between Vale S.A. and BHP Billiton Brasil Ltda. (“BHPB”), in the six-month periods ended June 30, 2018 and 2017 are as follows:

Balance at January 01, 2018 — 3,296 2017 — 3,511
Payments (431 ) (441 )
Present value valuation 159 299
Provision increase 1,476 —
Balance at June 30, 4,500 3,369
Current liabilities 1,051 975
Non-current liabilities 3,449 2,394
Liabilities 4,500 3,369

During the second quarter of 2018, the Fundação Renova reviewed the estimates for the expenditures required to mitigate and compensate for the impacts of the disruption from Samarco’s tailing dam. As a result of this revision, Vale S.A. recognized an additional provision of R$1,476, which amounts to the present value of Vale’s new estimated secondary responsibility to support the Renova Foundation works and is equivalent to 50% of Samarco’s additional obligations over the next 12 years.

In addition to the provision above, Vale S.A. made available in the three and six-month period ended June 30, 2018 the amount of R$71 and R$115, respectively, which was fully used to fund Samarco’s working capital and was recognized in Vale´s income statement as “Impairment and other results in associates and joint ventures”. Vale S.A. intends to make available until December 31, 2018 up to R$204 to support Samarco’s working capital requirements, without any binding obligation to Samarco in this regard. Such amounts will be released by the shareholders, simultaneously and pursuant to the same terms and conditions, subject to the fulfillment of certain milestones.

Under Brazilian legislation and the terms of the joint venture agreement, Vale does not have an obligation to provide funding to Samarco. Therefore, Vale’s investment in Samarco was impaired in full and no provision was recognized in relation to the Samarco’s negative reserves.

The contingencies related to the Samarco dam failure are disclosed in note 22.

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*18. Financial instruments classification*

Consolidated
June 30, 2018 December 31, 2017
Financial assets Amortized cost At fair value through OCI At fair value through profit or loss Total Amortized cost At fair value through profit or loss Total
Current
Cash and cash equivalents 24,557 — — 24,557 14,318 — 14,318
Financial investments 68 — — 68 61 — 61
Derivative financial instruments — — 484 484 — 351 351
Accounts receivable 9,680 — (628 ) 9,052 8,025 577 8,602
Related parties 1,298 — — 1,298 6,277 — 6,277
35,603 — (144 ) 35,459 28,681 928 29,609
Non-current
Derivative financial instruments — — 1,368 1,368 — 1,497 1,497
Investments in equity securities — 3,689 — 3,689 — — —
Loans 593 — — 593 498 — 498
Related parties 6,078 — — 6,078 8,695 — 8,695
6,671 3,689 1,368 11,728 9,193 1,497 10,690
Total of financial assets 42,274 3,689 1,224 47,187 37,874 2,425 40,299
Financial liabilities
Current
Suppliers and contractors 13,832 — — 13,832 13,367 — 13,367
Derivative financial instruments — — 967 967 — 344 344
Loans and borrowings 7,027 — — 7,027 5,633 — 5,633
Related parties 2,103 — — 2,103 2,916 — 2,916
22,962 — 967 23,929 21,916 344 22,260
Non-current
Derivative financial instruments — — 2,382 2,382 — 2,269 2,269
Loans and borrowings 62,016 — — 62,016 68,759 — 68,759
Related parties 3,713 — — 3,713 3,226 — 3,226
Participative stockholders’ debentures — — 5,444 5,444 — 4,080 4,080
65,729 — 7,826 73,555 71,985 6,349 78,334
Total of financial liabilities 88,691 — 8,793 97,484 93,901 6,693 100,594

*19. Fair value estimate*

*a) Assets and liabilities measured and recognized at fair value:*

Consolidated
June 30, 2018 December 31, 2017
Level 1 Level 2 Level 3 Total Level 2 Level 3 Total
Financial assets
Derivative financial instruments — 950 902 1,852 954 894 1,848
Investments in equity securities 3,689 — — 3,689 — — —
Total 3,689 950 902 5,541 954 894 1,848
Financial liabilities
Derivative financial instruments — 2,679 670 3,349 1,923 690 2,613
Participative stockholders’ debentures — 5,444 — 5,444 4,080 — 4,080
Total — 8,123 670 8,793 6,003 690 6,693

The Company changed its accounting estimate on the calculation of the participative stockholders’ debentures from January 1, 2018. The Company has replaced on the calculation the assumption of spot price at the reporting date used to the weighted average price traded on the market within the last month of the quarter.

There were no transfers between Level 1 and Level 2, or between Level 2 and Level 3 for the six-month period ended in June 30, 2018.

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The following table presents the changes in Level 3 assets and liabilities for the six-month period ended in June 30, 2018:

Consolidated
Derivative financial instruments
Financial assets Financial liabilities
Balance at December 31, 2017 894 690
Gain and losses recognized in income statement 8 (20 )
Balance at June 30, 2018 902 670

*Methods and techniques of evaluation*

*Derivative financial instruments*

Financial instruments are evaluated by calculating their present value through the use of instrument yield curves at the closing dates. The curves and prices used in the calculation for each group of instruments are detailed in the “market curves”.

The pricing method used for European options is the Black & Scholes model. In this model, the fair value of the derivative is a function of the volatility in the price of the underlying asset, the exercise price of the option, the interest rate and period to maturity. In the case of options which income is a function of the average price of the underlying asset over the period of the option, the Company uses Turnbull & Wakeman model. In this model, in addition to the factors that influence the option price in the Black-Scholes model, the formation period of the average price is also considered.

In the case of swaps, both the present value of the assets and liability are estimated by discounting the cash flow by the interest rate of the currency in which the swap is denominated. The difference between the present value of assets and liability of the swap generates its fair value.

For the TJLP swaps, the calculation of the fair value assumes that TJLP is constant, that is the projections of future cash flow in Brazilian Reais are made on the basis of the last TJLP disclosed.

Contracts for the purchase or sale of products, inputs and costs of selling with future settlement are priced using the forward yield curves for each product. Typically, these curves are obtained on the stock exchanges where the products are traded, such as the London Metals Exchange (“LME”), the Commodity Exchange (“COMEX”) or other providers of market prices. When there is no price for the desired maturity, Vale uses an interpolation between the available maturities.

The fair value for derivatives are within level 3 are measured using discounted cash flows and option model valuation techniques with main unobservable inputs discount rates, stock prices and commodities prices.

*b) Fair value of financial instruments not measured at fair value*

The fair values and carrying amounts of loans and borrowings (net of interest) are as follows:

Consolidated — Balance Fair value Level 1 Level 2
Financial liabilities
June 30, 2018
Debt principal 67,360 68,158 42,436 25,722
December 31, 2017
Debt principal 72,628 76,377 49,406 26,971

Due to the short-term cycle, the fair value of cash and cash equivalents balances, financial investments, accounts receivable and accounts payable approximate their book values.

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*20. Derivative financial instruments*

*a) Derivatives effects on statement of financial position*

Consolidated
Assets
June 30, 2018 December 31, 2017
Current Non-current Current Non-current
Derivatives not designated as hedge accounting
Foreign exchange and interest rate risk
CDI & TJLP vs. US$ fixed and floating rate swap 43 — 125 —
IPCA swap 18 267 30 271
Eurobonds swap — 94 — 89
Pré-dolar swap 67 9 73 106
128 370 228 466
Commodities price risk
Nickel 71 3 73 10
Bunker oil 285 — 50 —
356 3 123 10
Others — 995 — 1,021
— 995 — 1,021
Total 484 1,368 351 1,497
Consolidated
Liabilities
June 30, 2018 December 31, 2017
Current Non-current Current Non-current
Derivatives not designated as hedge accounting
Foreign exchange and interest rate risk
CDI & TJLP vs. US$ fixed and floating rate swap 746 1,373 314 1,356
IPCA swap 140 194 — 136
Eurobonds swap 19 — 13 —
Pré-dolar swap 35 139 17 79
940 1,706 344 1,571
Commodities price risk
Nickel 22 — — —
Bunker oil 5 — — —
27 — — —
Others — 676 — 698
— 676 — 698
Total 967 2,382 344 2,269

*b) Effects of derivatives on the income statement and cash flow*

Consolidated
Gain (loss) recognized in the income statement
Three-month period ended June 30, Six-month period ended June 30,
2018 2017 2018 2017
Derivatives not designated as hedge accounting
Foreign exchange and interest rate risk
CDI & TJLP vs. US$ fixed and floating rate swap (824 ) (303 ) (717 ) 277
IPCA swap (237 ) (60 ) (180 ) 16
Eurobonds swap (141 ) 97 (40 ) 14
Euro forward — — — 144
Pré-dolar swap (190 ) (42 ) (129 ) 33
(1,392 ) (308 ) (1,066 ) 484
Commodities price risk
Nickel 19 (11 ) 32 (11 )
Bunker oil 239 (53 ) 239 (290 )
258 (64 ) 271 (301 )
Others 33 88 (21 ) 197
Total (1,101 ) (284 ) (816 ) 380

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Consolidated
Financial settlement inflows (outflows)
Three-month period ended June 30, Six-month period ended June 30,
2018 2017 2018 2017
Derivatives not designated as hedge accounting
Foreign exchange and interest rate risk
CDI & TJLP vs. US$ fixed and floating rate swap (55 ) 5 (199 ) (133 )
IPCA swap 22 — 22 —
Eurobonds swap (13 ) — (13 ) (121 )
Pré-dolar swap 52 (4 ) 49 (4 )
6 1 (141 ) (258 )
Commodities price risk
Nickel 35 (16 ) 73 (20 )
Bunker oil (4 ) — 25 (75 )
31 (16 ) 98 (95 )
Total 37 (15 ) (43 ) (353 )

The maturity dates of the derivative financial instruments are as follows:

Last maturity dates
Currencies and interest rates January 2024
Bunker oil September 2018
Nickel December 2019
Others December 2027

*c) Hedge in foreign operations*

As at June 30, 2018 the carrying value of the debts designated as instrument hedge of the Company’s investment in foreign operations (Vale International S.A. and Vale International Holding GmbH; hedging objects) are R$15,903 (US$4,124 million) and R$3,777 (EUR750 million), respectively. The foreign exchange loss of R$3,075 (R$2,030, net of taxes), was recognized in the “Cumulative translation adjustments” in stockholders’ equity for the six-month period ended June 30, 2018. This hedge was highly effective throughout the period ended June 30, 2018.

*Additional information about derivatives financial instruments*

*In millions of Brazilian reais, except as otherwise stated*

The risk of the derivatives portfolio is measured using the delta-Normal parametric approach, and considers that the future distribution of the risk factors and its correlations tends to present the same statistic properties verified in the historical data. The value at risk estimate considers a 95% confidence level for a one-business day time horizon.

The following tables detail the derivatives positions for Vale and its controlled companies as of June 30, 2018, with the following information: notional amount, fair value including credit risk, gains or losses in the period, value at risk and the fair value breakdown by year of maturity.

*a) Foreign exchange and interest rates derivative positions*

*(i) Protection programs for the R$ denominated debt instruments*

In order to reduce cash flow volatility, swap transactions were implemented to convert into US$ the cash flows from certain debt instruments denominated in R$ with interest rates linked mainly to CDI, TJLP and IPCA. In those swaps, Vale pays fixed or floating rates in US$ and receives payments in R$ linked to the interest rates of the protected debt instruments.

The swap transactions were negotiated over-the-counter and the protected items are the cash flows from debt instruments linked to R$. These programs transform into US$ the obligations linked to R$ to achieve a currency offset in the company’s cash flows, by matching its receivables - mainly linked to US$ - with its payables.

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Flow Notional — June 30, 2018 December 31, 2017 Index Average rate Fair value — June 30, 2018 December 31, 2017 Financial settlement Inflows (Outflows) — June 30, 2018 Value at Risk — June 30, 2018 Fair value by year — 2018 2019 2020+
CDI vs. US$ fixed rate swap (211 ) (108 ) (58 ) 27 (48 ) (35 ) (128 )
Receivable R$ 1,690 R$ 3,540 CDI 101.33 %
Payable US$ 509 US$ 1,104 Fix 3.35 %
TJLP vs. US$ fixed rate swap (1,642 ) (1,262 ) (132 ) 99 (229 ) (1,173 ) (240 )
Receivable R$ 2,623 R$ 2,982 TJLP + 1.23 %
Payable US$ 1,154 US$ 1,323 Fix 1.51 %
TJLP vs. US$ floating rate swap (223 ) (175 ) (9 ) 9 (13 ) (210 ) —
Receivable R$ 195 R$ 216 TJLP + 0.86 %
Payable US$ 115 US$ 123 Libor + -1.23 %
R$ fixed rate vs. US$ fixed rate swap (98 ) 80 49 74 (15 ) (4 ) (79 )
Receivable R$ 1,118 R$ 1,158 Fix 7.31 %
Payable US$ 368 US$ 385 Fix -0.72 %
IPCA vs. US$ fixed rate swap (325 ) (113 ) 22 28 — (132 ) (193 )
Receivable R$ 1,000 R$ 1,000 IPCA + 6.55 %
Payable US$ 434 US$ 434 Fix 3.98 %
IPCA vs. CDI swap 276 280 — 1 9 1 266
Receivable R$ 1,350 R$ 1,350 IPCA + 6.62 %
Payable R$ 1,350 R$ 1,350 CDI 98.58 %

*(ii) Protection program for EUR denominated debt instruments*

In order to reduce the cash flow volatility, swap transactions were implemented to convert into US$ the cash flows from certain debt instruments issued in Euros by Vale. In those swaps, Vale receives fixed rates in EUR and pays fixed rates in US$.

The swap transactions were negotiated over-the-counter and the protected items are the cash flows from debt instruments linked to EUR. The financial settlement inflows/outflows are offset by the protected items’ losses/gains due to EUR/US$ exchange rate.

Flow Notional — June 30, 2018 December 31, 2017 Index Average rate Fair value — June 30, 2018 December 31, 2017 Financial settlement Inflows (Outflows) — June 30, 2018 Value at Risk — June 30, 2018 Fair value by year — 2018 2019 2020+
EUR fixed rate vs. US$ fixed rate swap 75 76 (13 ) 33 — (17 ) 92
Receivable € 500 € 500 Fix 3.75 %
Payable US$ 613 US$ 613 Fix 4.29 %

*b) Commodities derivative positions*

*(i) Bunker Oil purchase cash flows protection program*

In order to reduce the impact of bunker oil price fluctuation on maritime freight hiring/supply and, consequently, reducing the company’s cash flow volatility, bunker oil hedging transactions were implemented, through options contracts.

The derivative transactions were negotiated over-the-counter and the protected item is part of the Vale’s costs linked to bunker oil prices. The financial settlement inflows/outflows are offset by the protected items’ losses/gains due to bunker oil prices changes.

Flow Notional (ton) — June 30, 2018 December 31, 2017 Bought / Sold Average strike (US$/ton) Fair value — June 30, 2018 December 31, 2017 Financial Settlement Inflows (Outflows) — June 30, 2018 Value at Risk — June 30, 2018 Fair value by year — 2018
Call options 2,025,000 — B 442 254 — 5 53 254
Put options 2,025,000 — S 321 (3 ) — — 1 (3 )
Total 251 — 5 54 251

As at June 30, 2018 and December 31, 2017, includes R$29 and R$49, respectively, of transactions in which the financial settlement occurs subsequently of the closing month.

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*(ii) Protection programs for base metals raw materials and products*

In the operational protection program for nickel sales at fixed prices, derivatives transactions were implemented to convert into floating prices the contracts with clients that required a fixed price, in order to keep nickel revenues exposed to nickel price fluctuations. Those operations are usually implemented through the purchase of nickel forwards.

In the operational protection program for the purchase of raw materials and products, derivatives transactions were implemented, usually through the sale of nickel and copper forward or futures, in order to reduce the mismatch between the pricing period of purchases (concentrate, cathode, sinter, scrap and others) and the pricing period of the final product sales to the clients.

The derivative transactions are negotiated at London Metal Exchange or over-the-counter and the protected item is part of Vale’s revenues and costs linked to nickel and copper prices. The financial settlement inflows/outflows are offset by the protected items’ losses/gains due to nickel and copper prices changes.

Flow Notional (ton) — June 30, 2018 December 31, 2017 Bought / Sold Average strike (US$/ton) Fair value — June 30, 2018 December 31, 2017 Financial Settlement Inflows (Outflows) — June 30, 2018 Value at Risk — June 30, 2018 Fair value by year — 2018 2019
Fixed prices sales protection
Nickel forwards 11,374 9,621 B 13,385 67 80 76 20 44 23
Raw materials purchase protection
Nickel forwards 155 292 S 14,182 (0.4 ) (1.1 ) (2.5 ) 0.3 (0.4 ) —
Copper forwards 54 79 S 6,894 0.1 (0.1 ) (0.0 ) 0.0 0.1 —
Total (0.3 ) (1.2 ) (2.5 ) 0.3 (0.3 ) —

*c) Freight derivative positions*

In order to reduce the impact of maritime freight price volatility on the company’s cash flow, freight hedging transactions were implemented, through Forward Freight Agreements (FFAs). The protected item is part of Vale’s costs linked to maritime freight spot prices. The financial settlement inflows/outflows of the FFAs are offset by the protected items’ losses/gains due to freight prices changes.

The Forward Freight Agreements (FFAs) are contracts traded over the counter and can be cleared through a Clearing House, in this case subject to margin requirements.

Flow Notional (days) — June 30, 2018 December 31, 2017 Bought / Sold Average strike (US$/day) Fair value — June 30, 2018 December 31, 2017 Financial Settlement Inflows (Outflows) — June 30, 2018 Value at Risk — June 30, 2018 Fair value by year — 2018
Freight forwards 75 0 B 20,170 0 — (0 ) 0.4 0

*d) Wheaton Precious Metals Corp. warrants*

The company owns warrants of Wheaton Precious Metals Corp. (WPM), a Canadian company with stocks negotiated in Toronto Stock Exchange and New York Stock Exchange. Such warrants configure American call options and were received as part of the payment regarding the sale of part of gold payable flows produced as a sub product from Salobo copper mine and some nickel mines in Sudbury.

Flow Notional (quantity) — June 30, 2018 December 31, 2017 Bought / Sold Average strike (US$/share) Fair value — June 30, 2018 December 31, 2017 Financial Settlement Inflows (Outflows) — June 30, 2018 Value at Risk — June 30, 2018 Fair value by year — 2023
Call options 10,000,000 10,000,000 B 44 93 128 — 10 93

*e) Debentures convertible into shares of Valor da Logística Integrada (“VLI”)*

The company has debentures in which lenders have the option to convert the outstanding debt into a specified quantity of shares of VLI owned by the company.

Flow Notional (quantity) — June 30, 2018 December 31, 2017 Bought / Sold Average strike (R$/share) Fair value — June 30, 2018 December 31, 2017 Financial Settlement Inflows (Outflows) — June 30, 2018 Value at Risk — June 30, 2018 Fair value by year — 2027
Conversion options 140,239 140,239 S 8,549 (208 ) (188 ) — 12 (208 )

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*f) Options related to Minerações Brasileiras Reunidas S.A. (“MBR”) shares*

The company entered into a stock sale and purchase agreement that has options related to MBR shares. Mainly, the company has the right to buy back this non-controlling interest in the subsidiary. Moreover, under certain restrict and contingent conditions, which are beyond the buyer’s control, such as illegality due to changes in the law, the contract has a clause that gives the buyer the right to sell back its stake to the company. It this case, the company could settle through cash or shares.

Flow Notional (quantity, in millions) — June 30, 2018 December 31, 2017 Bought / Sold Average strike (R$/ação) Fair value — June 30, 2018 December 31, 2017 Financial Settlement Inflows (Outflows) — June 30, 2018 Value at Risk — June 30, 2018 Fair value by year — 2018+
Options 2,139 2,139 B/S 1.6 839 831 — 51 839

*g) Embedded derivatives in contracts*

The Company has some nickel concentrate and raw materials purchase agreements in which there are provisions based on nickel and copper future prices behavior. These provisions are considered as embedded derivatives.

Flow Notional (ton) — June 30, 2018 December 31, 2017 Bought / Sold Average strike (US$/ton) Fair value — June 30, 2018 December 31, 2017 Financial Settlement Inflows (Outflows) — June 30, 2018 Value at Risk — June 30, 2018 Fair value by year — 2018
Nickel Forward 4,584 2,627 S 14,281 (14 ) 3 8 (14 )
Copper Forward 2,043 2,718 S 6,866 (0.7 ) 0 1 (0.7 )
Total (15 ) 3 — 9 (15 )

The Company has also a natural gas purchase agreement in which there´s a clause that defines that a premium can be charged if the Company’s pellet sales prices trade above a pre-defined level. This clause is considered an embedded derivative.

Flow Notional (volume/month) — June 30, 2018 December 31, 2017 Bought / Sold Average strike (US$/ton) Fair value — June 30, 2018 December 31, 2017 Financial Settlement Inflows (Outflows) — June 30, 2018 Value at Risk — June 30, 2018 Fair value by year — 2018 2019+
Call options 746,667 746,667 S 233 (6 ) (6 ) — 4 (0 ) (6 )

In August 2014 the Company sold part of its stake in Valor da Logística Integrada (“VLI”) to an investment fund managed by Brookfield Asset Management (“Brookfield”). The sales contract includes a clause that establishes, under certain conditions, a minimum return guarantee on Brookfield’s investment. This clause is considered an embedded derivative, with payoff equivalent to that of a put option.

Flow Notional (quantity) — June 30, 2018 December 31, 2017 Bought / Sold Average strike (R$/share) Fair value — June 30, 2018 December 31, 2017 Financial Settlement Inflows (Outflows) — June 30, 2018 Value at Risk — June 30, 2018 Fair value by year — 2018+
Put option 1,105,070,863 1,105,070,863 S 3.86 (399 ) (439 ) — 34 (399 )

For sensitivity analysis of derivative financial instruments, Financial counterparties’ rating and market curves please see note 27.

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*21. Provisions*

Consolidated — Current liabilities Non-current liabilities
June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017
Payroll, related charges and other remunerations (i) 2,674 3,641 — —
Onerous contracts 443 337 1,164 1,203
Environment Restoration 89 99 326 262
Asset retirement obligations 279 289 11,272 10,191
Provisions for litigation (note 22) — — 5,143 4,873
Employee postretirement obligations (note 23) 390 244 7,412 6,714
Provisions 3,875 4,610 25,317 23,243

(i) Change mainly due to payment of profit sharing program.

*22. Litigation*

*a) Provision for litigation*

Vale is party to labor, civil, tax and other ongoing lawsuits, at administrative and court levels. Provisions for losses resulting from lawsuits are estimated and updated by the Company, based on analysis from the Company’s legal consultants.

Changes in provision for litigation are as follows:

Consolidated — Tax litigation Civil litigation Labor litigation Environmental litigation Total of litigation provision
Balance at December 31, 2017 2,483 432 1,924 34 4,873
Additions (reversals) 23 51 180 (10 ) 244
Payments (1 ) (60 ) (131 ) (5 ) (197 )
Additions - discontinued operations 56 3 59 1 119
Indexation and interest 44 47 (7 ) — 84
Translation adjustment 24 (4 ) — — 20
Balance at June 30, 2018 2,629 469 2,025 20 5,143
Consolidated — Tax litigation Civil litigation Labor litigation Environmental litigation Total of litigation provision
Balance at December 31, 2016 695 272 1,742 25 2,734
Additions (reversals) (35 ) (22 ) 145 5 93
Payments (277 ) (21 ) (150 ) — (448 )
Indexation and interest (3 ) 31 40 (5 ) 63
Translation adjustment 15 — — — 15
Balance at June 30, 2017 395 260 1,777 25 2,457

*b) Contingent liabilities*

Contingent liabilities are administrative and judicial claims, with expectation of loss classified as possible, and for which the recognition of a provision is not considered necessary by the Company, based on legal advice. The contingent liabilities are as follows:

Consolidated — June 30, 2018 December 31, 2017
Tax litigation 33,194 29,244
Civil litigation 6,616 5,371
Labor litigation 6,719 6,455
Environmental litigation 7,620 7,242
Total 54,149 48,312

*i - Tax litigation -* Our most significant tax-related contingent liabilities result from disputes related to (i) the deductibility of our payments of social security contributions on the net income (“CSLL”) from our taxable income, (ii) challenges of certain tax credits we deducted from our PIS and COFINS payments, (iii) assessments of CFEM (“royalties”), and (iv) charges of value-added tax on services and circulation of goods (“ICMS”), especially relating to certain tax credits we claimed from the sale and transmission of energy, ICMS charges to anticipate the payment in the entrance of goods to Pará State and ICMS/penalty charges on our own transportation. The changes reported in the period resulted, mainly, from new proceedings related to PIS, COFINS, CFEM, ICMS e ISS and the application interest and inflation adjustments to the disputed amounts.

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*ii - Civil litigation -* Most of those claims have been filed by suppliers for indemnification under construction contracts, primarily relating to certain alleged damages, payments and contractual penalties. A number of other claims related to contractual disputes regarding inflation index. The changes reported in the period resulted, mainly from review the process related to commercial divergences of supply contracts.

*iii - Labor litigation -* Represents individual claims by employees and service providers, primarily involving demands for additional compensation for overtime work, time spent commuting or health and safety conditions; and the Brazilian federal social security administration (“INSS”) regarding contributions on compensation programs based on profits.

*iv - Environmental litigation -* The most significant claims concern alleged procedural deficiencies in licensing processes, non-compliance with existing environmental licenses or damage to the environment.

*c) Judicial deposits*

In addition to the provisions and contingent liabilities, the Company is required by law to make judicial deposits to secure a potential adverse outcome of certain lawsuits. These court-ordered deposits are monetarily adjusted and reported as non-current assets until a judicial decision to draw the deposit occurs.

Consolidated — June 30, 2018 December 31, 2017
Tax litigation 4,074 3,971
Civil litigation 155 199
Labor litigation 2,448 2,359
Environmental litigation 49 42
Total 6,726 6,571

*d) Contingencies related to Samarco accident*

(i) Public civil claim filed by the Federal Government and others

The federal government, the two Brazilian states affected by the failure (Espirito Santo and Minas Gerais) and other governmental authorities have initiated a public civil lawsuit against Samarco and its shareholders, Vale S.A. and BHPB, with an estimated value indicated by the plaintiffs of R$20.2 billion.

The Framework Agreement signed in March 2016, was ratified by the Regional Federal Court (“TRF”) in May 2016. This ratification was suspended by the Superior Court of Justice (“STJ”) in June 2016 and resulted in the restoration of the public civil action, and maintained other measures, such as: (a) the prohibition of the defendants from transferring or conveying any of their interest in its Brazilian iron ore concessions, without, however, limiting their production and commercial activities and; (b) the order of the deposit with the court of R$1.2 billion by January 2017, which was provisionally replaced by the guarantees provided for under the agreements with Federal Prosecution Office (“MPF”), as detailed in the item (ii) below. This public civil action is currently suspended by the abovementioned agreement with the MPF.

On June 2018, the parties in the action jointly with the Minas Gerais State, Espírito Santo State and Federal Public Prosecution Offices along with the Federal and Minas Gerais and Espírito Santo States Public Defenders Offices, entered into a new agreement to settle the case, which was submitted to the 12 th Federal Lower Court and if and when homologated by the judge, it will terminate the action.

(ii) Public civil action filed by Federal Prosecution Office

On May 3, 2016, the Federal Prosecution Office (MPF) filed a public civil action against Samarco and its shareholders and presented several claims, including: (i) the adoption of measures for mitigating the social, economic and environmental impacts resulting from the dam failure and other emergency measures; (ii) the payment of compensation to the community; and (iii) payments for the collective moral damage. The action value indicated by the MPF is R$155 billion.

In January 2017 Samarco, Vale S.A. and BHPB entered into two preliminary agreements with the MPF. The first agreement (“First Agreement”) aims to outline the process and timeline for negotiations of a Final Agreement (“Final Agreement”), initially expected to occur by June 30, 2017, which was, nevertheless, extended by the parties to late June 2018.

This First Agreement establishes a timeline and actions to set the ground for conciliation of two public civil actions in the amounts of R$20.2 billion and R$155 billion, mentioned above, which are currently suspended.

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In addition, the First Agreement provides for: (a) the appointment of experts to give support to the Federal Prosecutors and paid for by the companies to conduct a diagnosis and monitor the progress of the programs under the Framework Agreement, and (b) holding at public hearings and the engagement of technical assistance to the affected people, in order to allow the communities to take part in the definition of the content of the Final Agreement.

Samarco, Vale S.A. and BHPB has agreed to provide a guarantee for fulfillment of the obligations regarding the financing and payment of the socio-environmental and socio-economic remediation programs resulting from the Fundão dam failure, pursuant to the two public civil actions, until the signing of the Final Agreement, amounting to R$2.2 billion, of which (i) R$100 in financial investments; (ii) R$1.3 billion in insurance bonds; and (iii) R$800 in assets of Samarco. If, by the deadline negotiated by the parties, the negotiations have not been completed, the Federal Prosecutor’s Office may require that the Court re-institute the order for the deposit of R$1.2 billion in relation to the R$20.2 billion public civil action and R$7.7 billion related R$155 billion, mentioned above, which are currently suspended.

On March 16, 2017, the 12th Judicial Federal Court of Belo Horizonte partially ratified the First Agreement, which decision includes: (i) ratification of the engagement of experts to perform a socio-environmental impact assessment and assessment of programs under the Framework Agreement and a period for the companies to engage an expert to perform the socio-economic impact assessment; (ii) the consolidation and suspension of related claims aiming to avoid contradictory or conflicting decisions and to establish a unified judicial procedure in order for the parties to be able to reach a final agreement; (iii) accepted the guarantees proposed by Samarco and its shareholders under the Preliminary Agreement on a temporary basis.

In addition, the Second Agreement (“Second Agreement”) was signed on January 19, 2017, which establishes a timetable to make funds available to remediate the social, economic and environmental damages caused by the Fundão dam failure in the municipalities of Barra Longa, Rio Doce, Santa Cruz do Escalvado and Ponte Nova, amounting to R$200. The 12th Judicial Federal Court of Belo Horizonte ratified this Second Agreement.

Parties are still negotiating an agreement regarding the choice of the expert to perform the socio-economic impact assessment. In this regard, on November 16, 2017, they signed an addendum to the First Agreement, in which the parties defined matters related to the socio-economic impact assessment, its institutional structure and the respective experts, which, in the period of 90 days from the signing of the addendum, shall present their technical and commercial proposals. As the deadline already expired the proposals are being negotiated for service agreements.

As mentioned before, on June 2018, the agreement on the Public civil action in the amount of R$20.2 billion was ratified, in which was submitted to the 12 th Federal Lower Court for confirmation. The claims of this public civil action which are contained in this new Agreement shall be dismissed with prejudice by the settlement, while the remaining claims will be suspended until the result of the technical analysis by the experts appointed out by the Prosecutors testing the satisfaction of the Programs or the proposal of the potential renegotiation of these programs.

(iii) U.S. Securities class action suits

Related to the Vale´s American Depositary Receipts

Vale S.A. and certain of its officers were named as defendants in securities class action suits in the Federal Court in New York brought by holders of Vale’s American Depositary Receipts under U.S. federal securities laws. The lawsuits allege that Vale S.A. made false and misleading statements or did not make disclosures concerning the risks and dangers of the operations of Samarco’s Fundão dam and the adequacy of related programs and procedures. The plaintiffs have not specified an amount of alleged damages or indemnities in these actions.

On March 23, 2017 the judge issued a decision rejecting a significant portion of the claims against Vale S.A. and the individual defendants, and determining the prosecution of the action with respect to more limited claims. The portion of plaintiffs’ case that remains is related to certain statements about procedures, policies and risk mitigation plans contained in Vale S.A.’s sustainability reports in 2013 and 2014, and certain statements regarding to the responsibility of Vale S.A. for the Fundão dam failure made in a conference call in November 2015.

This lawsuit is currently ongoing under discovery with the gathering of documents to be provided to the plaintiffs. In addition, depositions of some custodians indicated by the parties should take place in the next few months.

Vale S.A. continues to contest the outstanding points related to this lawsuit.

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Related to the Samarco bonds

In March 2017, holders of bonds issued by Samarco filed a class action suit in the Federal Court in New York against Samarco, Vale S.A. and BHPB under U.S. federal securities laws demanding for indemnification for alleged violation of U.S. federal securities laws. The plaintiffs allege that false and misleading statements were made or disclosures omitted concerning the risks and dangers of the operations of Samarco’s Fundão dam and the adequacy of related programs and procedures. It is alleged that with the Fundão dam collapse, the securities have dramatically decreased, in order that the investors who have purchased such securities in a misleading way should be compensated, without, however, specifying an amount for the alleged damages or indemnities in this action.

In June 2017 the defendants presented a joint motion to dismiss the claims requested by the plaintiffs. In March 2018, the Judge issued an order dismissing defendant’s motion to dismiss without prejudice and ordering leading plaintiff to submit a final amended complaint, which was presented by the plaintiffs on March 21, 2018. As a result, a second joint motion to dismiss the claims was filed by the defendants a new decision regarding the merits of the motion to dismiss is expected to be issued by the Judge on the following months.

Vale S.A. continues to contest this lawsuit.

(iv) Criminal lawsuit

On October 20, 2016, the MPF brought a criminal lawsuit in the Brazilian Federal Justice Court against Vale S.A., BHPB, Samarco, VogBr Recursos Hídricos e Geotecnia Ltda. and 22 individuals for alleged crimes against the environment, urban planning and cultural heritage, flooding, landslide, as well as for alleged crimes against the victims of the Fundão dam failure.

In November 2016, the Federal Court of Ponte Nova received the complaint and began the criminal action, with the first of several witnesses filed in June, 2018.

(v) Other lawsuits

In addition, Samarco and its shareholders were named and have been still named as defendants in several other lawsuits brought by individuals, corporations, governmental entities or public prosecutor seeking personal and property damages.

After the ratification by the judge of the 12 th Federal Lower Court of the new Agreement with public authorities and public prosecutors, some public civil actions shall be extinguished.

Given the status of these lawsuits, it is not possible at this time to provide a range of possible outcomes or a reliable estimates of potential exposures for Vale S.A. Consequently, no contingent liability has been quantified and no provision was recognized for lawsuits related to Samarco´s dam failure.

*e) Other*

In 2015, the Company filed an enforceable action in the amount of R$524 referring to the final court decision in favor of the Company of the accrued interest of compulsory deposits from 1987 to 1993.Currently it is not possible to estimate the economic benefit inflow as the counterparty can appeal on the calculation. Consequently, the asset was not recognized in the financial statements .

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*23. Employee postretirement obligations*

*Reconciliation of net liabilities recognized in the statement of financial position*

Consolidated
June 30, 2018 December 31, 2017
Overfunded pension plans Underfunded pension plans Other benefits Total Overfunded pension plans Underfunded pension plans Other benefits Total
Amount recognized in the statement of financial position
Present value of actuarial liabilities (11,182 ) (16,334 ) (5,156 ) (32,672 ) (11,239 ) (14,789 ) (4,661 ) (30,689 )
Fair value of assets 15,739 13,688 — 29,427 15,972 12,492 — 28,464
Effect of the asset ceiling (4,557 ) — — (4,557 ) (4,733 ) — — (4,733 )
Liabilities — (2,646 ) (5,156 ) (7,802 ) — (2,297 ) (4,661 ) (6,958 )
Current liabilities — (203 ) (187 ) (390 ) — (54 ) (190 ) (244 )
Non-current liabilities — (2,443 ) (4,969 ) (7,412 ) — (2,243 ) (4,471 ) (6,714 )
Liabilities — (2,646 ) (5,156 ) (7,802 ) — (2,297 ) (4,661 ) (6,958 )

*24. Stockholders’ equity*

*a) Share capital*

As at June 30, 2018, the share capital was R$77,300 corresponding to 5,284,474,782 shares issued and fully paid without par value.

Stockholders June 30, 2018 — ON PNE Total
Litel Participações S.A. and Litela Participações S.A. 1,108,483,410 — 1,108,483,410
BNDES Participações S.A. 401,457,757 — 401,457,757
Bradespar S.A. 332,965,266 — 332,965,266
Mitsui & Co., Ltd 286,347,055 — 286,347,055
Foreign investors - ADRs 1,272,455,795 — 1,272,455,795
Foreign institutional investors in local market 1,177,545,592 — 1,177,545,592
FMP - FGTS 57,463,205 — 57,463,205
PIBB - Fund 2,762,968 — 2,762,968
Institutional investors 271,253,464 — 271,253,464
Retail investors in Brazil 286,697,569 — 286,697,569
Brazilian Government (Golden Share) — 12 12
Outstanding shares 5,197,432,081 12 5,197,432,093
Shares in treasury 87,042,689 — 87,042,689
Total issued shares 5,284,474,770 12 5,284,474,782
Share capital per class of shares (in millions) 77,300 — 77,300
Total authorized shares 7,000,000,000 — 7,000,000,000

*b) Share buyback program*

On July 25, 2018 (subsequent event), the Board of Directors approved a share buyback program for Vale’s common share which will be limited to a maximum of 80,000,000 common shares, and their respective ADSs, and up to US$1 billion (R$3,746). The program will be carried out over a period of up to 12-month period and the repurchased shares will be cancelled after the expiration of the program and/or alienated through the executive compensation programs. The shares will be acquired in the stock market based on regular trading conditions.

*c) Remuneration to the Company’s stockholders*

On July 25, 2018 (subsequent event), the Board of Directors approved the payment of the stockholders’ remuneration in the amount of R$7,694 (R$1.480361544 per share), R$6,801 based on the interest on capital and R$893 based on dividends. This payment is due to the new policy of stockholders’ remuneration of the Company, approved in March 2018, which provides for a semi-annual payment of 30% of Adjusted LAJIDA ( EBITDA ) from continuing operations less sustaining investments. This amount will be reduced from the minimum mandatory remuneration for the year ended 2018 and deducted from the profit reserve, if necessary.

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*25. Related parties*

The Company’s related parties are subsidiaries, joint ventures, associates, shareholders and its related entities and key management personnel of the Company. Transactions between the parent company and its subsidiaries are eliminated on consolidation and are not disclosed in this note.

Related party transactions were made by the Company on terms equivalent to those that prevail in arm´s-length transactions, with respect to price and market conditions that are no less favorable to the Company than those arranged with third parties.

Purchases, accounts receivable and other assets, and accounts payable and other liabilities relates largely to amounts charged by joint ventures and associates related to the pelletizing plants operational lease and railway transportation services.

Information about related party transactions and effects on the interim financial statements is set out below:

*a) Transactions with related parties*

Consolidated
Three-month period ended June 30,
2018 2017
Joint Ventures Associates Major stockholders Total Joint Ventures Associates Major stockholders Others Total
Net operating revenue 256 279 189 724 192 261 113 22 588
Cost and operating expenses (1,834 ) (14 ) — (1,848 ) (1,596 ) (22 ) (21 ) (3 ) (1,642 )
Financial result 226 (1 ) (335 ) (110 ) 82 (1 ) (750 ) (5 ) (674 )
Consolidated
Six-month period ended June 30,
2018 2017
Joint Ventures Associates Major stockholders Total Joint Ventures Associates Major stockholders Others Total
Net operating revenue 594 531 346 1,471 599 517 206 44 1,366
Cost and operating expenses (3,469 ) (81 ) — (3,550 ) (2,631 ) (49 ) (38 ) (8 ) (2,726 )
Financial result 355 — (506 ) (151 ) 43 (1 ) (1,017 ) (31 ) (1,006 )

Net operating revenue relates to sale of iron ore to the steelmakers and right to use capacity on railroads. Cost and operating expenses mostly relates to the operational leases of the pelletizing plants.

*b) Outstanding balances with related parties*

Consolidated
June 30, 2018 December 31, 2017
Joint Ventures Associates Major stockholders Others Total Joint Ventures Associates Major stockholders Others Total
Assets
Cash and cash equivalents — — 5,201 — 5,201 — — 2,716 — 2,716
Accounts receivable 255 198 18 76 547 242 125 10 57 434
Dividends receivable 354 26 — — 380 371 48 — — 419
Loans 7,376 — — — 7,376 14,972 — — — 14,972
Derivatives financial instruments — — 924 — 924 — — 944 — 944
Other assets 63 — — — 63 57 — — — 57
Liabilities
Supplier and contractors 1,736 80 — 49 1,865 636 67 667 50 1,420
Loans 930 4,886 11,681 — 17,497 2,023 4,119 14,984 — 21,126
Derivatives financial instruments — — 411 — 411 — — 361 — 361
Other liabilities — 232 — — 232 — — 53 — 53

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*Major stockholders*

Refers to regular financial instruments with large financial institutions of which the stockholders are part of the controlling “shareholders’ agreement”.

*Coal segment transactions*

In March 2018, Nacala BV, a joint venture between Vale and Mitsui on the Nacala’s logistic corridor, closed the project financing and repaid a portion of the shareholders loans from Vale, in the amount of R$8,434 (US$2,572 million). The outstanding receivable of R$7,376 carries interest at 7.44% p.a. The Company has issued a financial guarantee in connection with the Project Finance of Nacala, in the proportion equivalent to its share in the Concessionaires (50%), and the fair value of this instrument is R$77 as at June 30, 2018.

The loan from related parties mainly relates to the loan from Pangea Emirates Ltd, part of the group of shareholders which owns 15% interest on Vale Moçambique, in the amount of R$4,627 (R$3,856 as at December 31, 2017), which carries interest at 6.54% p.a.

*26. Select notes to Parent Company information (individual interim information)*

*a) Investments*

Parent company — 2018 2017
Balance at January 1st, 117,387 107,539
Additions/Capitalizations 882 966
Translation adjustment 14,118 2,326
Equity results in income statement 4,023 1,758
Equity results in statement of comprehensive income (20 ) (936 )
Equity results in statement of non controlling — (329 )
Dividends declared (1,672 ) (1,586 )
Others (i) 3,981 155
Balance at June 30, 138,699 109,893

(i) Includes assets held for sale (Vale Fertilizantes) that were indirectly sold by the Parent Company.

*b) Intangibles*

Parent company — Concessions Right of use Software Total
Balance at December 31, 2017 12,773 111 587 13,471
Additions 2,151 — 13 2,164
Disposals (32 ) — — (32 )
Amortization (221 ) (3 ) (178 ) (402 )
Balance at June 30, 2018 14,671 108 422 15,201
Cost 18,292 223 4,056 22,571
Accumulated amortization (3,621 ) (115 ) (3,634 ) (7,370 )
Balance at June 30, 2018 14,671 108 422 15,201
Parent company — Concessions Right of use Software Total
Balance at December 31, 2016 10,278 118 918 11,314
Additions 1,585 — 57 1,642
Disposals (7 ) — — (7 )
Amortization (175 ) (4 ) (204 ) (383 )
Balance at June 30, 2017 11,681 114 771 12,566
Cost 15,178 223 4,098 19,499
Accumulated amortization (3,497 ) (109 ) (3,327 ) (6,933 )
Balance at June 30, 2017 11,681 114 771 12,566

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*c) Property, plant and equipment*

Parent company — Land Building Facilities Equipment Mineral properties Others Constructions in progress Total
Balance at December 31, 2017 1,739 25,315 27,204 9,716 5,367 18,205 15,432 102,978
Additions (i) — — — — — — 1,174 1,174
Disposals — (1 ) (125 ) (32 ) — (28 ) (15 ) (201 )
Assets retirement obligation — — — — 30 — — 30
Depreciation, amortization and depletion — (406 ) (602 ) (631 ) (139 ) (868 ) — (2,646 )
Transfers 22 1,143 3,370 1,280 622 2,110 (8,547 ) —
Balance at June 30, 2018 1,761 26,051 29,847 10,333 5,880 19,419 8,044 101,335
Cost 1,761 31,634 36,991 17,604 7,770 29,690 8,044 133,494
Accumulated depreciation — (5,583 ) (7,144 ) (7,271 ) (1,890 ) (10,271 ) — (32,159 )
Balance at June 30, 2018 1,761 26,051 29,847 10,333 5,880 19,419 8,044 101,335
Parent company — Land Building Facilities Equipment Mineral properties Others Constructions in progress Total
Balance at December 31, 2016 1,684 20,945 20,416 8,479 4,122 16,499 29,911 102,056
Additions (i) — — — — — — 2,692 2,692
Disposals (1 ) — (21 ) (16 ) — (6 ) (31 ) (75 )
Assets retirement obligation — — — — 14 — — 14
Depreciation, amortization and depletion — (364 ) (531 ) (572 ) (135 ) (767 ) — (2,369 )
Transfers 49 3,188 4,390 1,313 1,483 2,011 (12,434 ) —
Balance at June 30, 2017 1,732 23,769 24,254 9,204 5,484 17,737 20,138 102,318
Cost 1,732 27,977 31,063 15,478 7,073 26,617 20,138 130,078
Accumulated depreciation — (4,208 ) (6,809 ) (6,274 ) (1,589 ) (8,880 ) — (27,760 )
Balance at June 30, 2017 1,732 23,769 24,254 9,204 5,484 17,737 20,138 102,318

(i) Includes capitalized borrowing costs.

*d) Loans and borrowings*

Parent company — Current liabilities Non-current liabilities
June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017
Debt contracts in the international markets
Floating rates in:
US$ 2,037 708 8,474 8,410
Fixed rates in:
US$ — — 2,007 4,962
EUR — — 3,377 2,977
Accrued charges 207 298 — —
2,244 1,006 13,858 16,349
Debt contracts in Brazil
Floating rates in:
R$, indexed to TJLP, TR, IPCA, IGP-M and CDI 1,185 1,214 8,622 9,781
Basket of currencies and US$ indexed to LIBOR 1,186 1,121 2,196 2,341
Fixed rates in:
R$ 190 190 400 495
Accrued charges 850 847 — —
3,411 3,372 11,218 12,617
5,655 4,378 25,076 28,966

The future flows of debt payments (principal) are as follows:

Parent company
Debt principal
2018 1,567
2019 4,170
2020 5,491
2021 3,982
Between 2022 and 2026 12,073
2027 onwards 2,391
29,674

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*e) Provisions*

Parent company — Current liabilities Non-current liabilities
June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017
Payroll, related charges and other remunerations 1,747 2,541 — —
Environment Restoration 61 80 154 106
Asset retirement obligations 199 210 1,959 1,793
Provisions for litigation — — 4,463 4,219
Employee postretirement obligations 196 73 1,222 782
Provisions 2,203 2,904 7,798 6,900

*f) Provisions for litigation*

Parent company — Tax litigation Civil litigation Labor litigation Environmental litigation Total of litigation provision
Balance at December 31, 2017 2,117 308 1,770 24 4,219
Additions (Reversals) 4 32 169 (10 ) 195
Payments (5 ) (7 ) (114 ) — (126 )
Additions of disposals of subsidiaries 56 3 59 1 119
Indexation and interest 43 26 (14 ) 1 56
Balance at June 30, 2018 2,215 362 1,870 16 4,463
Parent company — Tax litigation Civil litigation Labor litigation Environmental litigation Total of litigation provision
Balance at December 31, 2016 53 247 1,621 23 1,944
Additions (Reversals) 1 (28 ) 139 5 117
Payments (6 ) (19 ) (148 ) (1 ) (174 )
Indexation and interest 3 31 35 (5 ) 64
Balance at June 30, 2017 51 231 1,647 22 1,951

*g) Contingent liabilities*

Parent company — June 30, 2018 December 31, 2017
Tax litigation 30,534 26,510
Civil litigation 5,123 3,957
Labor litigation 6,394 6,118
Environmental litigation 7,423 7,058
Total 49,474 43,643

*h) Income taxes*

The total amount presented as income taxes in the income statement is reconciled to the rate established by law, as follows:

Parent company
Six-month period ended June 30,
2018 2017
Income before income taxes 3,558 10,586
Income taxes at statutory rates - 34% (1,210 ) (3,599 )
Adjustments that affect the basis of taxes:
Income tax benefit from interest on stockholders’ equity 1,588 793
Tax incentives 436 524
Equity results 1,366 598
Others (10 ) (293 )
Income taxes 2,170 (1,977 )

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*27. Additional information about derivatives financial instruments*

*a) Sensitivity analysis of derivative financial instruments .*

The following tables present the potential value of the instruments given hypothetical stress scenarios for the main market risk factors that impact the derivatives positions. The scenarios were defined as follows:

· Probable : the probable scenario was based on the estimated risk variables that were used on pricing the derivative instruments as at June 30, 2018

· Scenario I : fair value estimated considering a 25% deterioration in the associated risk variables

· Scenario II : fair value estimated considering a 50% deterioration in the associated risk variables

Instrument Instrument’s main risk events Probable Scenario I Scenario II
CDI vs. US$ fixed rate swap R$depreciation (211 ) (707 ) (1,203 )
US$interest rate inside Brazil decrease (211 ) (232 ) (254 )
Brazilian interest rate increase (211 ) (211 ) (211 )
Protected item: R$ denominated debt R$depreciation n.a. — —
TJLP vs. US$ fixed rate swap R$depreciation (1,642 ) (2,715 ) (3,788 )
US$interest rate inside Brazil decrease (1,642 ) (1,696 ) (1,752 )
Brazilian interest rate increase (1,642 ) (1,698 ) (1,752 )
TJLP interest rate decrease (1,642 ) (1,689 ) (1,738 )
Protected item: R$ denominated debt R$depreciation n.a. — —
TJLP vs. US$ floating rate swap R$depreciation (223 ) (330 ) (436 )
US$interest rate inside Brazil decrease (223 ) (229 ) (236 )
Brazilian interest rate increase (223 ) (228 ) (232 )
TJLP interest rate decrease (223 ) (227 ) (231 )
Protected item: R$ denominated debt R$depreciation n.a. — —
R$ fixed rate vs. US$ fixed rate swap R$depreciation (98 ) (388 ) (677 )
US$interest rate inside Brazil decrease (98 ) (145 ) (198 )
Brazilian interest rate increase (98 ) (176 ) (245 )
Protected item: R$ denominated debt R$depreciation n.a. — —
IPCA vs. US$ fixed rate swap R$depreciation (325 ) (752 ) (1,178 )
US$interest rate inside Brazil decrease (325 ) (347 ) (370 )
Brazilian interest rate increase (325 ) (367 ) (407 )
IPCA index decrease (325 ) (348 ) (371 )
Protected item: R$ denominated debt R$depreciation n.a. — —
IPCA vs. CDI swap Brazilian interest rate increase 276 182 96
IPCA index decrease 276 227 179
Protected item: R$ denominated debt linked to IPCA IPCA index decrease n.a. (227 ) (179 )
EUR fixed rate vs. US$ fixed rate swap EUR depreciation 75 (582 ) (1,240 )
Euribor increase 75 49 24
US$Libor decrease 75 1 (79 )
Protected item: EUR denominated debt EUR depreciation n.a. 582 1,240

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Instrument Instrument’s main risk events Probable Scenario I Scenario II
Bunker Oil protection
Options Bunker Oil price decrease 251 (102 ) (721 )
Protected item: Part of costs linked to bunker oil prices Bunker Oil price decrease n.a. 102 721
Maritime Freight protection
Forwards Freight price decrease 0 (1 ) (3 )
Protected item: Part of costs linked to maritime freight prices Freight price decrease n.a. 1 3
Nickel sales fixed price protection
Forwards Nickel price decrease 67 (93 ) (253 )
Protected item: Part of nickel revenues with fixed prices Nickel price fluctuation n.a. 93 253
Purchase protection program
Nickel forwards Nickel price increase (0 ) (3 ) (5 )
Protected item: Part of costs linked to nickel prices Nickel price increase n.a. 3 5
Copper forwards Copper price increase 0.1 (0.3 ) (0.6 )
Protected item: Part of costs linked to copper prices Copper price increase n.a. 0.3 0.6
WPM warrants WPM stock price decrease 93 39 8
Conversion options - VLI VLI stock value increase (208 ) (343 ) (517 )
Options - MBR MBR stock value decrease 839 554 313
Instrument Main risks Probable Scenario I Scenario II
Embedded derivatives - Raw material purchase (nickel) Nickel price increase (14 ) (81 ) (148 )
Embedded derivatives - Raw material purchase (copper) Copper price increase (1 ) (14 ) (28 )
Embedded derivatives - Gas purchase Pellet price increase (6 ) (14 ) (27 )
Embedded derivatives - Guaranteed minimum return (VLI) VLI stock value decrease (399 ) (857 ) (1,618 )

*b) Financial counterparties’ ratings*

The transactions of derivative instruments, cash and cash equivalents as well as investments are held with financial institutions whose exposure limits are periodically reviewed and approved by the delegated authority. The financial institutions credit risk is performed through a methodology that considers, among other information, ratings provided by international rating agencies.

The table below presents the ratings published by agencies Moody’s and S&P regarding the main financial institutions that we had outstanding positions as of June 30, 2018.

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Long term ratings by counterparty Moody’s S&P
ANZ Australia and New Zealand Banking Aa3 AA-
Banco ABC Ba3 BB-
Banco Bradesco Ba3 BB-
Banco do Brasil Ba3 BB-
Banco de Credito del Peru Baa1 BBB+
Banco do Nordeste Ba3 BB-
Banco Safra Ba3 BB-
Banco Santander A2 A
Banco Votorantim Ba3 BB-
Bank of America A3 A-
Bank of China A1 A
Bank of Mandiri Baa2 BB+
Bank of Nova Scotia A1 A+
Bank Rakyat Baa2 BB+
Bank of Tokyo Mitsubishi UFJ A1 A-
Banpará — BB-
Barclays Baa3 BBB
BBVA A3 A-
BNP Paribas Aa3 A
BTG Pactual Ba3 BB-
Caixa Economica Federal Ba3 BB-
Canadian Imperial Bank A1 A+
China Construction Bank A1 A
CIMB Bank A3 A-
Long term ratings by counterparty Moody’s S&P
Citigroup Baa1 BBB+
Credit Agricole A1 A
Credit Suisse Baa2 BBB+
Deutsche Bank Baa2 BBB+
Goldman Sachs A3 BBB+
HSBC A2 A
Intesa Sanpaolo Spa Baa1 BBB
Itaú Unibanco Ba3 BB
JP Morgan Chase & Co A3 A-
Macquarie Group Ltd A3 BBB
Mega Int. Commercial Bank A1 A
Mizuho Financial A1 A-
Morgan Stanley A3 BBB+
National Australia Bank NAB Aa3 AA-
National Bank of Oman Baa3 —
Natixis A1 A
Rabobank Aa3 A+
Royal Bank of Canada A1 AA-
Societe Generale A1 A
Standard Bank Group Ba1 —
Standard Chartered A2 BBB+
Sumitomo Mitsui Financial A1 A-
UBS Aa3 A-
Unicredit Baa1 BBB

*c) Market curves*

The curves used on the pricing of derivatives instruments were developed based on data from B3, Central Bank of Brazil, London Metals Exchange and Bloomberg.

*(i) Products*

Nickel — Maturity Price (US$/ton) Maturity Price (US$/ton) Maturity Price (US$/ton)
SPOT 14,910 DEC18 14,970 JUN19 15,064
JUL18 14,851 JAN19 14,988 JUN20 15,217
AUG18 14,879 FEB19 15,005 JUN21 15,339
SEP18 14,903 MAR19 15,023 JUN22 15,444
OCT18 14,928 APR19 15,039
NOV18 14,949 MAY19 15,053
Copper
Maturity Price (US$/lb) Maturity Price (US$/lb) Maturity Price (US$/lb)
SPOT 2.95 DEC18 3.01 JUN19 3.03
JUL18 3.01 JAN19 3.02 JUN20 3.04
AUG18 3.01 FEB19 3.02 JUN21 3.05
SEP18 3.01 MAR19 3.02 JUN22 3.05
OCT18 3.01 APR19 3.02
NOV18 3.01 MAY19 3.03
Bunker Oil
Maturity Price (US$/ton) Maturity Price (US$/ton) Maturity Price (US$/ton)
SPOT 461 DEC18 444 JUN19 422
JUL18 466 JAN19 441 JUN20 315
AUG18 466 FEB19 438 JUN21 289
SEP18 458 MAR19 434 JUN22 248
OCT18 452 APR19 431
NOV18 448 MAY19 427
Maritime Freight (Capesize 5TC)
Maturity Price (US$/day) Maturity Price (US$/day) Maturity Price (US$/day)
SPOT 8,339 DEC18 18,050 JUN19 13,970
JUL18 10,920 JAN19 21,150 Cal 2019 16,850
AUG18 14,020 FEB19 21,150 Cal 2020 16,270
SEP18 15,640 MAR19 21,150 Cal 2021 15,260
OCT18 16,350 APR19 13,970 Cal 2022 15,240
NOV18 17,020 MAY19 13,970

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*(ii) Foreign exchange and interest rates*

Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.)
08/01/18 4.25 06/03/19 4.33 10/01/21 4.88
09/03/18 3.66 07/01/19 4.38 01/03/22 4.90
10/01/18 3.63 10/01/19 4.57 04/01/22 4.95
11/01/18 3.70 01/02/20 4.67 07/01/22 4.97
12/03/18 3.66 04/01/20 4.70 10/03/22 5.03
01/02/19 3.81 07/01/20 4.73 01/02/23 5.03
02/01/19 3.92 10/01/20 4.76 04/03/23 5.08
03/01/19 4.08 01/04/21 4.80 07/03/23 5.12
04/01/19 4.08 04/01/21 4.84 01/02/24 5.22
05/02/19 4.20 07/01/21 4.87 07/01/24 5.33
Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.)
1M 2.10 6M 2.52 11M 2.60
2M 2.18 7M 2.54 12M 2.61
3M 2.33 8M 2.56 2Y 2.85
4M 2.42 9M 2.58 3Y 2.97
5M 2.48 10M 2.59 4Y 3.04
TJLP
Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.)
08/01/18 6.60 06/03/19 6.60 10/01/21 6.60
09/03/18 6.60 07/01/19 6.60 01/03/22 6.60
10/01/18 6.60 10/01/19 6.60 04/01/22 6.60
11/01/18 6.60 01/02/20 6.60 07/01/22 6.60
12/03/18 6.60 04/01/20 6.60 10/03/22 6.60
01/02/19 6.60 07/01/20 6.60 01/02/23 6.60
02/01/19 6.60 10/01/20 6.60 04/03/23 6.60
03/01/19 6.60 01/04/21 6.60 07/03/23 6.60
04/01/19 6.60 04/01/21 6.60 01/02/24 6.60
05/02/19 6.60 07/01/21 6.60 07/01/24 6.60
BRL Interest Rate
Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.)
08/01/18 6.40 06/03/19 7.50 10/01/21 10.00
09/03/18 6.53 07/01/19 7.60 01/03/22 10.18
10/01/18 6.51 10/01/19 7.99 04/01/22 10.35
11/01/18 6.58 01/02/20 8.32 07/01/22 10.53
12/03/18 6.70 04/01/20 8.58 10/03/22 10.68
01/02/19 6.83 07/01/20 8.82 01/02/23 10.80
02/01/19 6.92 10/01/20 9.10 04/03/23 10.92
03/01/19 7.07 01/04/21 9.31 07/03/23 11.00
04/01/19 7.23 04/01/21 9.52 01/02/24 11.21
05/02/19 7.37 07/01/21 9.77 07/01/24 11.39
Implicit Inflation (IPCA)
Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.)
08/01/18 3.65 06/03/19 4.72 10/01/21 4.66
09/03/18 3.77 07/01/19 4.82 01/03/22 4.73
10/01/18 3.75 10/01/19 4.61 04/01/22 4.81
11/01/18 3.83 01/02/20 4.54 07/01/22 4.91
12/03/18 3.94 04/01/20 4.43 10/03/22 4.99
01/02/19 4.07 07/01/20 4.40 01/02/23 5.05
02/01/19 4.15 10/01/20 4.41 04/03/23 5.12
03/01/19 4.30 01/04/21 4.42 07/03/23 5.16
04/01/19 4.45 04/01/21 4.46 01/02/24 5.29
05/02/19 4.60 07/01/21 4.56 07/01/24 5.41
EUR Interest Rate
Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.)
1M -0.39 6M -0.29 11M -0.25
2M -0.37 7M -0.28 12M -0.25
3M -0.36 8M -0.27 2Y -0.17
4M -0.32 9M -0.26 3Y -0.04
5M -0.30 10M -0.26 4Y 0.13
CAD Interest Rate
Maturity Rate (% p.a.) Maturity Rate (% p.a.) Maturity Rate (% p.a.)
1M 1.67 6M 1.94 11M 1.10
2M 1.71 7M 1.67 12M 1.02
3M 1.77 8M 1.49 2Y 2.30
4M 1.86 9M 1.34 3Y 2.44
5M 1.91 10M 1.21 4Y 2.54
Currencies - Ending rates
CAD/US$ 0.7610 US$/BRL 3.8558 EUR/US$ 1.1583

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*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.
(Registrant)
By: /s/ André Figueiredo
Date: July 25, 2018 Director of Investor Relations

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