| Significant events and transactions related to 2025 financial statements |
2. Significant events and transactions related
to 2025 financial statements
| • | Impairment loss on
Nickel Assets (Vale Base Metals) – In
the last quarter of 2025, the Company identified impairment triggers for its nickel cash-generating units ("CGUs"). Thus, Vale
carried out impairment tests for those CGUs, resulting in the recognition of impairment losses related to the Newfoundland and Labrador
CGU, located in Canada, in the amount of US$1,745. In addition, the impairment test of the goodwill allocated to the Canadian nickel CGUs
resulted in the recognition of an impairment loss in the amount of US$1,735. These losses are presented as ‘Impairment and result
on disposals of non-current assets, net’ in the income statement for the year. Further details are disclosed in Note 12 to these
financial statements. |
| • | Repurchase of participative
shareholders' debentures – In November
2025, Vale completed the partial repurchase of its participative shareholders' debentures for US$703,
including the payment of a premium of US$15, which is presented in the income statement as
"Financial expenses". Further details are disclosed in Note 23(b) to these financial statements. |
| • | Issuance of subordinated
notes – In November 2025, Vale issued
subordinated notes in the amount of US$750, maturing in 2056. Further details are presented in note 23(a) to these financial statements. |
| • | Debentures public
offering – In June 2025, the Company
issued Debentures of US$1,080 (R$6 billion), maturing in 2032, 2035 and 2037. Further details are presented in note 24 to these financial
statements. |
| • | Bond issuance and
repurchase - In February 2025, the Company
issued bonds in the amount of US$750 maturing in 2054. In March 2025, these proceeds were partially used to redeem bonds maturing in 2034,
2036 and 2039 in the total amount of US$329. As a result of the early redemption, Vale paid a premium of US$44, which was recorded in
the income statement as "Financial expenses". Further details are presented in note 24 to these financial statements. |
| Provision and contingencies |
| • | Claim in the United
Kingdom – In November 2025, the English
court confirmed BHP’s liability for the failure of the Fundão dam in 2015, which was operated by Samarco, a joint venture
of Vale and BHP. As a result, Vale recognized an additional provision of US$449, presented in the income statement as “Equity results
and other results in associates and joint ventures.” Further details are presented in note 26(c) to these financial statements. |
| • | Shareholder remuneration
– During 2025, the Company approved
dividends and interest on shareholders’ equity to its shareholders in the amount of US$5,923. Further details are presented in note
29(e) to these financial statements. |
| • | Divestment of Aliança
Geração de Energia S.A. (“Aliança”) – In
September 2025, the Company completed the sale of a 70% interest in Aliança to Global Infrastructure Partners (“GIP”)
for US$871. As a result, Aliança became an associate, and Vale recognized a loss of US$206 in the income statement, presented as
‘Impairment and result on disposals of non-current assets, net’ . Further details are disclosed in note 31(a) to these financial
statements. |
|