Vale released, this Thursday, October 30th, its performance for the third quarter of 2025.
Corporation reports highest quarterly iron ore production since 2018; copper and nickel cost guidance revised downward. See the highlights below:
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Robust sales performance across all business segments. Iron ore, copper and nickel sales increased by 5% (+4 Mt), 20% (+15 kt) and 6% (+2 kt) y/y, respectively, supported by solid operational performance.
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The average realized iron ore fines price was US$ 94.4/t, 11% higher q/q and 4% higher y/y, outperforming the broader increase in iron ore reference price. This performance reflects quality premiums improvements driven by the product portfolio strategy.
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All-in costs for iron ore declined 4% y/y to US$ 52.9/t, driven by enhanced quality premiums and reduced freight costs.
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Iron ore fines’ C1 cash cost, excluding third-party purchases, remained largely flat y/y and on track to meet the 2025 guidance, reaching US$ 20.7/t in the quarter.
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Copper all-in costs were down 65% y/y (to US$ 994/t), while nickel all-in costs declined 32% y/y(to US$ 12,347/t). These improvements were driven by operational efficiencies, increased production and higher by-products revenues.
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Copper all-in cost guidance for 2025 further revised down to US$ 1,000-1,500/t (from US$ 1,500-2,000/t), driven by higher gold prices. Nickel all-in cost guidance for 2025 revised down to US$ 13,000-14,000/t, (from US$ 14,000-15,500/t), driven by solid operational performance and strong metals price, benefitting polymetallic assets.
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Proforma EBITDA totaled US$ 4.4 billion, up 17% y/y and 28% q/q, driven by higher volumes, cost efficiencies, and higher iron ore, copper and by-products prices.
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Capital expenditures of US$ 1.3 billion were US$ 0.1 billion lower y/y, on track to meet the guidance of US$ 5.4-5.7 billion set for 2025.
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Recurring Free Cash Flow generation was US$ 1.6 billion, US$ 1.0 billion higher y/y, primarily reflecting stronger EBITDA.
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Expanded net debt of US$ 16.6 billion at quarter-end, US$ 0.8 billion lower q/q, driven by robust FCF generation.
We delivered another strong quarter, marked by solid operational performance, continued progress on our strategic agenda and commitment to safety. Iron ore production reached its highest quarterly level since 2018 and copper had its best Q3 result since 2019, while we continued to improve our cost competitiveness on nickel. All of these reflect the operational consistency and relentless dedication of our teams. We advanced key growth projects under the New Carajás program and successfully started up the 2nd furnace at Onça Puma, unlocking growth and reinforcing our long-term value creation strategy. Our flexible iron ore portfolio, supported by an extended value chain, once again proved essential in enhancing our competitiveness and resilience across market cycles. Safety remains our priority, and we are very happy to have achieved an important milestone by having no dams classified at emergency level 3 - a fundamental step in our journey to become a trusted partner to society. These results strengthen my confidence in Vale’s future and in the value we are creating for all stakeholders.
Gustavo Pimenta
Fotógrafo: Ricardo Teles
Highlights
Iron Ore Solutions
- Successful execution of the portfolio strategy, with a US$ 2/t improvement in iron ore fines premiums q/q, supported by the increase in blended and concentrated products. In the quarter, Vale also officially launched its mid-grade Carajás product, which provides greater operational flexibility and optimization of the mining plan. The company remains focused on maximizing value through an optimized product portfolio enabled by its supply chain flexibility.
Energy Transition Metals
- Onça Puma 2nd furnace successfully started operations in September. Delivered on schedule and 13% below budget (US$ 480 million final CAPEX), the project adds 15 ktpy of nickel capacity, increasing the site's nameplate capacity to 40 ktpy.
Recents developments
- New Carajás Program continues to advance with (i) the operating license obtained for mine-related activities at the Serra Sul +20 Mtpy iron ore project, (ii) the operating license obtained for the Serra Leste expansion to 10 Mtpy of iron ore production, and (iii) progress on access works for the Bacaba copper project, which obtained its preliminary license in June and is awaiting installation license.
- Aliança Energia JV was completed in September after regulatory approvals. Following the completion, Vale received US$ 1 billion in proceeds and now holds a 30% stake in the JV, with GIP holding 70%. The transaction ensures Vale's continued access to renewable power at competitive costs, supporting its 100% renewable energy matrix in Brazil.
- Vale launched an optional offer to acquire up to all participative debentures in October. The initiative aims to optimize the company’s capital structure and reinforce its capital allocation strategy through proactive liability management.
Tailing Dams
- Forquilha III dam had its emergency level reduced from 3 to 2, following the approval by the Brazilian National Mining Agency (ANM). With this milestone, Vale no longer has any dams classified at emergency level 3. The structure, part of the Upstream Dam Decharacterization Program, will begin decharacterization works in 2026.
- Doutor and Dicão Leste dams had their emergency levels removed, following the approval by ANM. Both structures received a positive Declaration of Stability Condition (DCE), confirming their structural safety. Since 2022, 21 dams have been removed from emergency level status.
- Grupo dam, at the Fábrica mine in Minas Gerais, was fully eliminated, marking 60% completion of the Upstream Dam Decharacterization Program, with 18 structures eliminated since 2019.
- Vale successfully implemented the Global Industry Standard on Tailings Management (GISTM) at all tailings dams, as part of its ongoing commitment to the ICMM and its stakeholders. This significant achievement underscores the company’s dedication to safeguarding people and communities, reflecting its disciplined approach to applying the best dam management practices.
Brumadinho
- The execution of the Brumadinho Integral Reparation Agreement continues to progress, with approximately 79% of the agreed-upon commitments completed by 3Q25 and in accordance with the deadlines outlined in the settlement.
Mariana
- The Samarco reparation program continues to advance, with R$ 70 billion disbursed as of September 30, 2025. Progress under the definitive compensation program (PID) remains strong, with over 327 thousand individuals formally enrolled and more than 291 thousand agreements signed until mid-October, showing steady advancement in resolving the underlying claims.
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