VALE
Vale SA (Brazil)
Is VALE Halal?
Iron ore, nickel and copper mining are generally permissible; the latest annual asset-based ratios pass, while remediation and environmental governance remain material qualitative concerns.
What You Should Know
Vale's December 31, 2025 Form 20-F reports $86,525 million of assets, $18,134 million of outstanding debt, $7,372 million of cash, $194 million of short-term investments, $2,412 million of receivables and $38,403 million of net operating revenue. Debt/assets is 20.96%, liquidity/assets is 8.74% and receivables-plus-cash/assets is 11.31%; the examined asset-based ratios pass. Finance income was $501 million, or 1.30% of revenue, used conservatively for the income numerator.
⚠️ Concerns
- •Brumadinho dam-failure remediation and governance history
- •Environmental and community impacts of mining
- •Commodity-price and China-demand exposure
- •Finance income and purification remain school-dependent
- •No universal prohibited-revenue numerator is disclosed
Current quantitative Sharia screen
Based on 20-F figures for the period ended 2025-12-31; calculated 2026-07-15.
18,134 / 86,525
7,566 / 86,525
9,784 / 86,525
501 / 38,403
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 20.96%, liquidity/assets is 8.74%, receivables-plus-cash/assets is 11.31% and finance income is 1.30% of revenue; activity remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets, liquidity/assets and receivables-plus-cash/assets are below the examined MSCI limits; activity remains qualitative.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets and liquidity/assets are below the examined Malaysia limits; this is not an official classification.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed and reproducible historical market-cap series is not stored; filing-based asset ratios are documented.
Business-activity disclosure
Vale produces iron ore, nickel, copper and related mining products, generally permissible industrial materials. The filing does not disclose a complete universal prohibited-revenue numerator.
Limitation: No complete prohibited-activity revenue numerator is separately disclosed for all products, customers and associates.
Purification
Finance income is disclosed, but no scholar-approved purification percentage or complete prohibited-revenue numerator is asserted.
Inputs, assumptions and primary sources
- Amounts are USD millions from Vale's December 31, 2025 Form 20-F.
- Total outstanding debt is $18,134 million including accrued charges; cash is $7,372 million and short-term investments of $194 million are included as securities.
- Accounts receivable uses net current trade receivables of $2,297 million plus $115 million of related-party receivables.
- Net operating revenue is $38,403 million; finance income of $501 million is used as a conservative upper-bound income numerator.
- Iron ore, nickel and copper mining are generally permissible activities, while Brumadinho remediation, environmental stewardship and governance require qualitative review.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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