Vale’s performance in 2024 was marked by greater operational stability and the start-up of key projects. Iron ore production reached 328 Mt, the highest since 2018, surpassing the original guidance of 310-320 Mt1.

In Copper, the Salobo complex reached record annual production. In Nickel, a significant milestone was achieved with the VBME project construction completion.

Iron ore production totaled 85.3 Mt in Q4, 4.1 Mt (-5%) lower y/y, as per plan after the portfolio optimization decision, which prioritized production of higher-margin products. As a result, Southern System’s output decreased, while S11D achieved record production. Pellets production totaled 9.2 Mt, 0.7 Mt (-7%) lower y/y. Iron ore sales were 81.2 Mt, 9.1 Mt (-10%) lower y/y, driven by the decision to reduce high-silica products sales in the quarter, improving all-in premiums.

Copper production totaled 101.8 kt in Q4, 2.7 kt (+3%) higher y/y, positively impacted by stronger operational performance at Salobo and Sudbury and the ramp-up of the Voisey’s Bay underground mines.

Nickel production totaled 45.5 kt in Q4, 0.6 kt (+1%) higher y/y, even after PTVI deconsolidation, mainly reflecting higher output at Onça Puma after the furnace rebuild and stronger performance in Sudbury and Voisey’s Bay.

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