29. Related parties
The Company’s related parties are subsidiaries, joint ventures, associates, shareholders and its related entities and key management personnel of the Company.
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.
Net operating revenue relates mainly to sale of iron ore and right to use capacity on railroads. Cost and operating expenses mostly relate to the variable lease payments of the pelletizing plants. In June 2026, Vale renewed its contract with MRS for the rail transportation of iron ore, pellets, and related products from loading terminals in Minas Gerais to port terminals in Rio de Janeiro. The contract, effective until 2041, includes a take-or-pay clause under which Vale guarantees MRS the payment of 85% of the annual budgeted revenue based on the approved transportation program. The estimated nominal value of the contract is approximately US$8.4 billion (R$43.5 billion) over 15 years.
Purchases, accounts receivable and other assets, and accounts payable and other liabilities relate largely to amounts charged by joint ventures and associates related to the pelletizing plants operational lease and railway transportation services.
The effects arising from the failure of the Fundão tailings dam, owned by the joint venture Samarco Mineração S.A., are presented in note 23, and the other effects associated with investments in joint ventures and associates are presented in note 26.
a) Transactions with related parties
| Three-month period ended June 30, | 2026 | 2025 | ||||
| Net operating revenue | Cost and other operating revenues and expenses | Financial result | Net operating revenue | Cost and other operating revenues and expenses | Financial result | |
| Associates and Joint Ventures | ||||||
| Pelletizing companies (i) | – | (46) | (8) | – | (3) | (10) |
| MRS Logística S.A. | – | (128) | – | – | (112) | – |
| Norte Energia S.A. | – | (25) | – | – | (15) | – |
| Vale Oman Distribution Center | – | (86) | – | – | (62) | – |
| VLI | 94 | (9) | – | 97 | (10) | (1) |
| PTVI | – | (154) | – | – | (138) | – |
| Anglo American | – | (94) | 5 | – | (48) | 7 |
| Aliança Geração de Energia S.A. | – | (49) | – | – | – | – |
| Others | 7 | – | – | 9 | – | (6) |
| 101 | (591) | (3) | 106 | (388) | (10) | |
| Shareholders | ||||||
| Bradesco | – | – | (22) | – | – | 105 |
| Mitsui | 30 | – | – | 27 | – | – |
| Cosan | – | – | – | 1 | (8) | – |
| Banco do Brasil | – | – | 27 | – | – | – |
| 30 | – | 5 | 28 | (8) | 105 | |
| Total | 131 | (591) | 2 | 134 | (396) | 95 |
| Six-month period ended June 30, | 2026 | 2025 | ||||
| Net operating revenue | Cost and other operating revenues and expenses | Financial result | Net operating revenue | Cost and other operating revenues and expenses | Financial result | |
| Associates and Joint Ventures | ||||||
| Pelletizing companies (i) | – | (77) | (17) | – | (29) | (20) |
| MRS Logística S.A. | – | (217) | – | – | (214) | – |
| Norte Energia S.A. | – | (52) | – | – | (28) | – |
| Vale Oman Distribution Center | – | (127) | – | – | (127) | – |
| VLI | 173 | (17) | – | 165 | (22) | (2) |
| PTVI | – | (313) | – | – | (297) | – |
| Anglo American | – | (166) | 9 | – | (48) | 7 |
| Aliança Geração de Energia S.A. | – | (107) | – | – | – | – |
| Others | 14 | – | – | 16 | – | (3) |
| 187 | (1,076) | (8) | 181 | (765) | (18) | |
| Shareholders | ||||||
| Bradesco | – | – | 18 | – | – | 234 |
| Mitsui | 64 | – | – | 61 | – | – |
| Cosan | – | – | – | 8 | (16) | – |
| Banco do Brasil | – | – | 53 | – | – | – |
| 64 | – | 71 | 69 | (16) | 234 | |
| Total | 251 | (1,076) | 63 | 250 | (781) | 216 |
(i) Aggregated entities: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização and Companhia Nipo-Brasileira de Pelotização.
b) Outstanding balances with related parties
| Assets | ||||||
| June 30, 2026 | December 31, 2025 | |||||
| Cash and cash equivalents | Accounts receivable | Dividends receivable and other assets | Cash and cash equivalents | Accounts receivable | Dividends receivable and other assets | |
| Associates and Joint Ventures | ||||||
| Pelletizing companies (i) | – | – | – | – | – | 7 |
| MRS Logística S.A. | – | – | 43 | – | – | 9 |
| VLI | – | 74 | – | – | 41 | – |
| PTVI | – | – | – | – | 1 | – |
| Anglo American | – | – | 253 | – | – | 254 |
| Others | – | 7 | 9 | – | 6 | 9 |
| – | 81 | 305 | – | 48 | 279 | |
| Shareholders | ||||||
| Bradesco | 786 | – | 78 | 1,003 | – | 82 |
| Banco do Brasil | 41 | – | 63 | 186 | – | 9 |
| Mitsui | – | 28 | – | – | 49 | – |
| 827 | 28 | 141 | 1,189 | 49 | 91 | |
| Pension plan | – | 27 | – | – | 18 | – |
| Total | 827 | 136 | 446 | 1,189 | 115 | 370 |
| Liabilities | ||||
| June 30, 2026 | December 31, 2025 | |||
| Supplier and contractors | Other liabilities | Supplier and contractors | Other liabilities | |
| Associates and Joint Ventures | ||||
| Pelletizing companies (i) | 66 | 216 | 28 | 235 |
| MRS Logística S.A. | 19 | – | 25 | – |
| Vale Oman Distribution Center | 45 | – | 49 | – |
| VLI | 2 | 113 | 3 | 81 |
| PTVI | 50 | – | 58 | – |
| Anglo American | 55 | – | 28 | – |
| Others | 40 | – | 43 | – |
| 277 | 329 | 234 | 316 | |
| Shareholders | ||||
| Bradesco | – | – | – | 24 |
| Banco do Brasil | – | 1 | – | – |
| – | 1 | – | 24 | |
| Total | 277 | 330 | 234 | 340 |
(i) Aggregated entities: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização and Companhia Nipo-Brasileira de Pelotização.
c) Key management personnel compensation
During the six-month period ended June 30, 2026, the compensation of the Company’s key management personnel, including share-based payments, was US$ (2025: US$).
