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Photographer: Vale Archive
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Photographer: Vale Archive

Vale's Production and Sales report for 1Q25 is now available.

The 1Q25 report was released this Tuesday, April 15th. Below are the key highlights and the full report.  
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Fotógrafo: Ricardo Teles

Highlights 

  • Vale's performance in Q1 was marked by higher y/y iron ore sales and progress in the commissioning of the VGR1 and Capanema projects, ensuring greater operational flexibility and adherence to the 2025 production guidance. Copper and Nickel operational performance was strong, reflecting the consistent performance across all assets, as well as the ramp-up of the VBME project in Canada.  

  • Iron ore production totaled 67.7 Mt, 4% (3.2 Mt) lower y/y, as per Vale’s mine plan, while high rainfall levels further impacted the Northern System. S11D continued to perform well, reaching the highest production ever for a first quarter. Pellets production totaled 7.2 Mt, 15% (1.3 Mt) lower y/y, due to lower pellet feed availability. Iron ore sales totaled 66.1 Mt, 4% (2.3 Mt) higher y/y, driven by Vale’s supply chain flexibility using advanced inventories.  

  • Copper production totaled 90.9 kt, 11% (9.0 kt) higher y/y, with a strong operational performance at Salobo, Sossego and Voisey’s Bay following the ramp-up of Salobo 3 and Voisey’s Bay’s underground mines.  

  • Nickel production totaled 43.9 kt, 11% (4.4 kt) higher y/y, mainly reflecting higher production at Onça Puma after the furnace rebuild in 1Q24 and stronger asset performance in Canada, further fueled by VBME’s ramp-up. 

Check out the results of our key products below  

  • Northern System: production decreased by 0.9 Mt y/y, impacted by Serra Norte’s licensing restrictions, already considered in the production plan, intensified by higher rainfall levels. These effects were partially offset by solid operational performance at S11D, achieving the highest production ever for a Q1, driven by the ongoing asset reliability initiatives.  

  • Southeastern System: output decreased by 1.2 Mt y/y, driven by a 49-day corrective maintenance period at the Cauê plant, which impacted Itabira’s production. This decline was partially offset by (i) improved performance at Fazendão as a result of enhancements implemented at the processing plant throughout 2024, and (ii) increased third-party purchases. The Capanema project is ramping-up on schedule and is expected to reach full capacity in the first quarter of 2026.  

  • Southern System: production was 1.1 Mt lower y/y, mainly driven by our plan to prioritize the production of higher-margin products in response to current market conditions. The VGR1 project ramp-up continues to advance and is expected to be completed in the second quarter of 2026.  

  • Pellets: production was 1.3 Mt lower y/y, due to (i) lower production at the Tubarão plants resulting from lower pellet feed availability from Itabira and (ii) increased rainfall levels in the Northern System, which impacted the moisture grade of the pellet feed and, as a result, the performance of the São Luis plant.  

  • Iron ore sales totaled 66.1 Mt, 2.3 Mt higher y/y, supported by the sale of advanced inventories formed in previous quarters to counterbalance the shipment restrictions due to rains in the Northern System. Given current market conditions, Vale has prioritized offering medium-grade products such as our blended products (BRBF) and concentrated products in China (PFC1), aiming at maximizing value generation of our portfolio.  

  • The all-in premium totaled US$ 1.8/t¹, US$ 2.8/t lower q/q, driven by the lower iron ore fines premiums (US$ -1.3/t vs. US$1.0/t in 4Q24), impacted by seasonally lower availability of Northern System ores and lower market premiums.  

  • The average realized iron ore fines price was US$ 90.8/t, US$ 2.2/t lower q/q mainly driven by lower premiums. The average realized pellet price also decreased by US$ 2.2/t q/q, totaling US$ 140.8/t, due to lower quarterly contractual premiums. 

¹Iron ore fines premium of US$ -1.3/t and the weighted average contribution of the pellet business of US$ 3.1/t. 

  • Salobo: copper production increased by 3.9 kt y/y, as a result of consistent operational performance, with the Salobo complex's throughput exceeding an average of 35 Mtpy over 90 days.  

  • Sossego: copper production increased by 3.7 kt y/y, due to a lower base from last year, as a scheduled maintenance shutdown impacted 1Q24’s performance.  

  • Canada: copper production increased by 1.3 kt y/y, mainly reflecting the ramp-up and stable performance of the Voisey’s Bay operation.  

  • Payable copper sales¹ totaled 81.9 kt in the quarter, 5.1 kt higher y/y, in line with the increase in production.  

  • The average copper realized price was US$ 8,891/t, US$ 296/t lower q/q, due to timing of final pricing, which was partially offset by higher average LME prices and lower TC/RC discounts. 

¹Sales volumes are lower than production volumes due to payable copper vs. contained copper: part of the copper contained in the concentrates is lost in the smelting and refining process, hence payable quantities of copper are approximately 3.5% lower than contained volumes. 

  • Sudbury: own sourced finished nickel production slightly decreased by 0.3 kt y/y mainly due to a timing mismatch between mined material and refined production.  

  • Voisey’s Bay: own sourced finished nickel production increased by 2.1 kt y/y driven by the consistent ramp-up of Voisey’s Bay’s underground operations. The full ramp up is expected to be concluded in 2H26.  

  • Thompson: own sourced finished nickel production increased by 1.2 kt y/y, driven by additional volume delivered to Sudbury.  

  • Onça Puma: finished nickel production increased by 5.4 kt y/y as furnace 1 was halted for rebuilding in 1Q24.  

  • Nickel sales totaled 38.9 kt in the quarter, 5.0 kt lower than production, due to inventories build-up to meet committed sales during planned maintenance at the Canadian refineries in Q2.  

  • The average nickel realized price was US$ 16,106/t in the quarter, down US$ 57/t q/q, reflecting lower LME prices. 

Vale's Performance in 1Q25

The 1Q25 financial statements will be released on April 24th. Following the release, our executives will host, on April 25th, a webcast (real-time audio teleconference) with analysts and investors to discuss 1Q25 earnings.

Fotógrafo: Arquivo Vale