v3.26.1
Acquisitions and divestitures (Tables)
 12 Months Ended
Dec. 31, 2025
Acquisitions And Divestitures  
Schedule of effects on the income statement
       
Year ended December 31, Notes 2025 2024 2023
Aliança Geração de Energia S.A. 31(a) (206) 305 –
Anglo American Minério de Ferro Brasil S.A. 31(b) – 626 –
Vale Oman Distribution Center 31(c) – 1,222 –
PT Vale Indonesia Tbk 31(d) – 1,059 –
Mineração Rio do Norte 31(f) – – (87)
Companhia Siderúrgica do Pecém 31(h) – – 31
    (206) 3,212 (56)
Schedule of effects on cash flow from investing activities
       
Year ended December 31, Notes 2025 2024 2023
Proceeds from partial disposal of Aliança shares 31(a) 891 – –
Cash paid for the acquisition of Aliança shares 31(a) – (493) –
Cash paid for the purchase of Anglo American Brasil shares 31(b) – (30) –
Proceeds from partial disposal of VODC shares 31(c) – 600 –
Proceeds from the partial disposal of PTVI shares 31(d) – 155 –
Proceeds from the partial disposal of VBML shares 31(e) – 2,455 –
Disbursement related to MRN sale 31(f) – – (72)
Proceeds from the divestment of Companhia Siderúrgica do Pecém 31(h) – – 1,082
Cash contribution to Companhia Siderúrgica do Pecém 31(h) – – (1,149)
Cash received (paid) from disposal and acquisition of investments, net   891 2,687 (139)
Schedule of fair value of identifiable assets acquired and liabilities assumed result of acquisition
   
    Aliança Energia
  Notes August 13, 2024
Identifiable assets acquired    
Cash and cash equivalents   95
Intangibles 15 828
Property, plant, and equipment 13 573
Other   40
Total Identifiable assets acquired    1,536
     
Liabilities assumed    
Loans and borrowings 21(c) 245
Deferred income taxes 5(b) 312
Other   140
Total Liabilities assumed    697
Net assets acquired   839

As disclosed below, the deferred tax liability recognized on the difference between the fair value and the book value of the net assets acquired resulted in goodwill, which is not deductible for tax purposes.

     
  Notes August 13, 2024
Consideration transferred for acquisition of the 45% equity interest held by Cemig GT   493
Fair value of the 55% stake previously held by Vale   603
Total [A]   1,096
     
Fair value of net assets acquired   1,096
(-) Deferred tax liability on the difference between the fair value and the book value of net assets   (257)
Total net assets [B]   839
     
Goodwill [A-B] 15 257
Schedule of divestment effects of transactions are summarized
 
  September, 2025
Cash received 1,006
Fair value of 30% interest retained 238
(-) Derecognition of Aliança’s net assets (1,333)
Loss on the transaction (89)
Schedule of effect of transaction
 
  September 26, 2024
Sale of the 50% equity interest  
Cash received 600
Derecognition of VODC’s net assets (45)
Gain on sale of equity interest 555
   
Remeasurement of the 50% interest retained  
Fair value of 50% interest retained 600
Derecognition of VODC’s net assets (45)
Gain on remeasurement of equity interest 555
   
Other effects of the deconsolidation  
Gain on the reclassification of cumulative translation adjustments 112
Gain on the transaction recorded in the income statement 1,222
Schedule of effect of transaction
 
  June 28, 2024
Cash consideration received 155
Fair value of 33.9% interest retained (i) 1,910
   
Effects of the deconsolidation:  
Derecognition of net assets of PTVI (3,697)
Gain on derecognition of noncontrolling shareholders 1,628
Gain on the reclassification of cumulative translation adjustments 1,063
Gain on the transaction recorded in the income statement 1,059

 

(i) The fair value of the 33.9% retained interest was estimated based on a third-party valuation report. The valuation considered the discounted cash flow method. The key assumptions considered were (i) discount rate of 7.75% with incremental risk premium of around 1.00% on certain assets, (ii) asset life through to 2065, and (iii) range of expected nickel prices from US$/t 17,501 to US$/t 21,000.