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com.liferay.portal.kernel.util.DateUtil_IW@4066ff32
Photo: Vale Archive
com.liferay.portal.kernel.util.DateUtil_IW@4066ff32
Photo: Vale Archive

Vale released, this Thursday, July 31st, its performance for the second quarter of 2025.

  • Operational and cost performance improved across all business segments; all guidances on track. Copper and nickel sales increased 17% (12.9 kt) and 21% (7.0 kt) y/y, respectively. Iron ore shipments declined 3% (2.4 Mt) y/y, reflecting the ongoing portfolio optimization strategy.
     
  • The average realized iron ore fines price was US$ 85.1/t, 6% lower q/q and 13% lower y/y, in line with the broader decline in iron ore reference prices.  
  • The average realized iron ore fines price was US$ 85.1/t, 6% lower q/q and 13% lower y/y, in line with the broader decline in iron ore reference prices.
     
  • Iron ore fines’ C1 cash cost, excluding third-party purchases, decreased by 11% y/y, reaching US$ 22.2/t, marking the fourth consecutive quarter of year-over-year cost reduction. 
     
  • All-in costs were down 10% in iron ore (US$ 55.3/t), 60% in copper (US$ 1,450/t), and 30% in nickel (US$ 12,396/t) y/y, as a result of the implementation of efficiency initiatives and higher production. 
     
  • Copper all-in cost guidance for 2025 revised down to US$ 1,500-2,000/t (from US$ 2,800-3,300/t), driven by solid operational performance and higher-than-expected gold prices. 
     
  • Proforma EBITDA totaled US$ 3.4 billion, 7% higher q/q and 14% lower y/y. The strong performance of copper and nickel segments, along with lower C1 cash cost in iron ore, partly offset the impact of weaker commodity prices. 
     
  • Capital expenditures of US$ 1.1 billion were US$ 0.2 billion lower y/y, on track to meet the 2025 guidance of US$ 5.9 billion and reflecting ongoing efficiency initiatives.
     
  • Recurring free cash flow generation was US$ 1.0 billion, US$ 0.8 billion higher y/y, as a result of more favorable working capital variation and lower capital expenditures.
     
  • Expanded net debt of US$ 17.4 billion as of June 30th was US$ 0.8 billion lower q/q, mainly driven by free cash flow generation. 
     
  • Approval of US$ 1.448 billion in interest on capital to be paid in September 2025, implying an annualized yield of 7%.

We delivered another strong quarter, reflecting our focus on operational excellence and disciplined execution, keeping us on track to meet our 2025 guidances. Safety remains a core value, and we’re encouraged by the clear progress toward an accident-free work environment across our operations. As we advance in our strategy to strengthen our flexible product portfolio, we continue to lower costs and build resilience, which will help us navigate well in any market scenario. This quarter, we also reached a key milestone as our first copper mine project under the New Carajás program obtained its preliminary license, marking tangible progress toward future growth. These achievements reaffirm our strategy and demonstrate our commitment to building a leading mining platform that creates long-term value for all stakeholders.

Gustavo Pimenta

CEO 
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Fotógrafo: Ricardo Teles

Highlights

Iron Ore Solutions

  • The first shipment of the Capanema project was completed in Q2. The project will add 15 Mtpy of net iron ore capacity, with ramp-up completion expected in the first half of 2026. This expansion will support the company’s production guidance for 2025 (325-335 Mt). 
 

Energy Transition Metals.

  • Vale Base Metals obtained the Preliminary License for the Bacaba project in June. The project is designed to extend the life of the Sossego Mining Complex, contributing with an average annual copper production of around 50 ktpy over an 8-year mine life. Approximately US$ 290 million will be invested during the project’s implementation phase, and the production start-up is planned for the 1H28. 
     
  • Commissioning of the Onça Puma's 2nd furnace project began in July. Supported by a planned investment of US$ 555 million, the project is expected to contribute to cost reduction across the complex and increase nickel production capacity by 12–15 ktpy. With 94% of physical progress completed, initial metal production is anticipated in 4Q25.
Tailing Dams
  • The Grupo dam was removed from emergency level in May, following a stability declaration. In July, the Xingu dam’s emergency level was lowered from 2 to 1 after improved monitoring and structural evaluations. Grupo dam is expected to be fully decharacterized by late 2025, and Xingu dam by 2034. Vale's ongoing Decharacterization Program has decharacterized 17 of 30 upstream dams since 2019. 
Circular Mining 
  • Vale's Waste-to-Value program continues to advance, transforming waste and tailings into valuable resources. The program currently encompasses 150 initiatives, including the tailings reprocessing operation in Gelado and Vargem Grande dams and the WH wastepile in Capanema. In the 1H25, Vale produced around 9 Mt from circularity sources, 14% higher than the same period in 2024.
Forest protection 
  • Vale has achieved 200,000 hectares of forest conserved, representing 50% of its 2030 voluntary target. The company currently supports forest protection efforts across 1 million hectares worldwide, including 800,000 hectares in the Amazon in collaboration with ICMBio.
Transparency 
  • Vale published its sustainability-related financial disclosures report, available here , marking a significant step in alignment with international ISSB standards and Brazilian CBPS Sustainability Disclosure Pronouncements. The voluntary disclosure anticipates regulatory requirements under CVM Resolution 193/23 by two years, underscoring Vale’s commitment to transparency and the continued evolution of its climate and sustainability reporting practices.
Brumadinho 
  • The Brumadinho Integral Reparation Agreement continues to progress, with approximately 77% of the agreed-upon commitments completed by 2Q25 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 program continues to progress, with R$ 60 billion disbursed as of June 30, 2025. The definitive compensation program (PID) exceeded initial expectations with formal adherence from over 290,000 individuals. This strong level of engagement reflects the success of the agreement and highlights the effectiveness in resolving the underlying claims through a transparent and structured process. 

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