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com.liferay.portal.kernel.util.DateUtil_IW@7953c0c7
Photo: Vale Archive
com.liferay.portal.kernel.util.DateUtil_IW@7953c0c7
Photo: Vale Archive

Vale released, this Thursday, April 24th, its performance for the first quarter of 2025. 

  • Sales performance improved across all business segments. Iron ore sales increased by 4% (2.3 Mt) y/y, while copper and nickel sales increase by 7% (5.1 kt) and 18% (5.8 kt), respectively.
     
  • The average realized iron ore fines price was US$ 90.8/t,remaining almost flat q/q while decreased by 10% y/y, driven by lower 62%Fe price index.  
  • Proforma EBITDA decreased by 8% y/y, totaling US$ 3.2 billion. Higher sales volumes and lower unit costs in iron ore, combined with the improved performance of Vale Base Metals partly offset the impact of lower iron ore and nickel prices.  
     
  • Iron ore fines’ C1 cash cost, excluding third-party purchases, decreased by 11% y/y, reaching US$ 21.0/t, continuing the downward trajectory. Vale remains highly confident in achieving its 2025 C1 cash cost guidance of US$ 20.5-22.0/t. 
     
  • Copper all-in costs were 63% lower y/y, reaching US$ 1,212/t, driven by consistent operating performance and higher by-products revenues. Nickel all-in costs (PTVI-adjusted), were 4% lower y/y, totaling US$ 15,730/t.  
     
  • Capital expenditures of US$ 1.2 billion were US$ 221 million lower y/y, and in line with the revised implementation plan for 2025. CAPEX guidance for 2025 remains at US$ 5.9 billion.  
     
  • Recurring free cash flow generation was US$ 504 million, US$ 1.7 billion lower y/y, reflecting lower EBITDA and higher working capital.  
     
  • Expanded net debt of US$ 18.2 billion as of March 31stwas US$ 1.8 billion higher q/q, impacted by dividends and interest on capital payments. 

We had a consistent start to the year, aligned with our objectives for 2025. We are seeing good momentum in cost management, with our C1 reaching US$ 21/t in Q1, continuing the year-on-year downward trajectory. Our value-accretive projects continue to progress, being essential elements towards enhancing our portfolio flexibility and improving operational and cost efficiency. At Vale Base Metals, the benefits of the Asset Review initiatives are emerging and we are laser-focused on delivering. Additionally, we have been consistently optimizing our balance sheet through asset-light solutions, such as the transaction that created the strategic joint venture at Alianca Energia, which will also help us deliver on our long term decarbonization goals. The current macroeconomic environment and market volatility reinforce the importance of our Vale 2030 strategy, whereby we are building an even more competitive company that can thrive in any market condition. With this approach, I’m confident we’ll generate significant value for all of our stakeholders. 

Gustavo Pimenta

CEO 
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Fotógrafo: Ricardo Teles

Highlights

Iron Ore Solutions

  • Vale continues to advance its autonomous program and has recently completed the implementation of the autonomous operating system for three yard machines at the Terminal Ilha da Guaíba (TIG port) in Brazil. The adoption of this technology enhances safety and improves operational efficiency. Vale invested USD 10 million in implementing the technology at the TIG port.  
  • The commissioning of the Vargem Grande 1 and Capanema projects is progressing, adding operational and product portfolio flexibility for Vale. Both projects will reach full capacity in the first half of 2026, representing a significant step towards achieving the production guidance for 2025 (325- 335 Mt) and 2026 (340-360 Mt).
 

Energy Transition Metals.

  • Salobo successfully completed the second throughput test for the Salobo 3 project, with the Salobo complex exceeding an average of 35 Mtpa over a 90-day period, in March. Under the terms of the agreement with Wheaton, Salobo received, in April, US$ 144 million for achieving this milestone. In addition, Wheaton will be required to make annual payments of US$ 8.0 million for a 10-year period should Salobo achieve specific mining rates and copper feed grades.
     
Recent developments.
  • Vale has entered into an agreement with Global Infrastructure Partners (“GIP”) to establish a joint venture in Aliança Geração de Energia S.A., a privately held company operating in the Brazilian energy market. Once the transaction is completed, Vale will receive approximately US$ 1 billion in cash and hold a 30% stake in the joint venture, while GIP will have the remaining 70%. With the transaction, Vale grants competitive energy costs, with prices defined in US dollars without inflation adjustment. The transaction completion is expected in 2H25, subject to customary precedent conditions.   
Decarbonization  
  • Vale and Green Energy Park's project has been selected as one of the flagship projects of the European Union's Global Gateway Program in the Climate and Energy category. The project seeks to enable the construction of a green hydrogen unit to supply the future development of a Mega Hub in Brazil and is part of the “Brazil North-East Green Energy Parks and Green Shipping Corridors” initiative. The Global Gateway is a European Union initiative that aims to commit up to € 300 billion in global sustainable investments between 2021 and 2027.  
     
Transparency

  • Vale has published its Integrated report for 2024, available here, reinforcing our commitment to transparent and comparable reporting on our ESG progress and challenges.  

  • The annual edition of the Tax Transparency Report will be released in May. Referring to fiscal year 2024, the document details how Vale's tax contributions foster and drive social and economic development in the jurisdictions in which it operates.  

  • Vale is an early adopter of ISSB standards, aiming at enhancing transparency related to climate risks and opportunities. The first report is expected to be published in the first semester of 2025. 

Brumadinho 
  • The Brumadinho Integral Reparation Agreement continues to progress, with approximately 75% of the agreed-upon commitments completed by 1Q25 and in accordance with the deadlines outlined in the settlement. In addition, R$ 3.9 billion has been paid in individual compensation since 2019.
     
Mariana 
  • The Samarco reparation continues to progress, with R$ 48 billion disbursed and more than 450 thousand people compensated by the end of March 2025. 

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