Vale's Production and Sales report for 2Q25 is now available.
The 2Q25 report was released this Tuesday, July 22nd. Below are the key highlights and the full report.
Vale's second quarter was marked by solid performance across all business segments. In Iron Ore, the combination of new assets ramping up and greater operational reliability is supporting stronger adherence to the 2025 production plan. Sustained operational improvements at both Nickel and Copper drove record Q2 output since 2021 and 2019, respectively, reinforcing the upward momentum. In June, the Bacaba project crossed a major threshold with the granting of its Preliminary License.
Fotógrafo: Ricardo Teles
Highlights
- Iron ore production totaled 83.6 Mt, 4% (3.0 Mt) higher y/y, mainly driven by the strong performance at the Brucutu plant, with the 4th processing line commissioning, and a new Q2 output record at S11D. Pellets production totaled 7.9 Mt, 12% (1.0 Mt) lower y/y, in line with the revised 2025 production guidance. Iron ore sales totaled 77.3 Mt, 3% (2.4 Mt) lower y/y, driven by the portfolio optimization strategy to prioritize medium-grade products offering.
- Copper production totaled 92.6 kt, 18% (14.0 kt) higher y/y, with higher grades achieved at Sossego along with nominal capacity achieved at the Salobo Complex and VBME’s ramp-up. This represents the highest Q2 output since 2019 and continues a 3-year pattern of continuous production growth.
- Nickel production totaled 40.3 kt, 44% (12.4 kt) higher y/y, driven by stronger asset performance in Canada and Onça Puma and lower planned maintenance activity, further fueled by VBME’s ramp-up. Long Harbour production of 11.0 kt marks the best quarter result in the refinery's history. Overall, Nickel recorded the highest production for Q2 since 2021.
Check out the results of our key products below
- Northern System: production increased by 2.2 Mt y/y, reaching the highest second-quarter output since 2021. The increase was driven by the continued improvement in operational performance at S11D, along with a slight increase in production at Serra Norte, supported by an optimized and flexible mine plan that reflects product portfolio adjustments in response to current market conditions.
- Southeastern System: output increased by 2.1 Mt y/y, driven by the commissioning of Brucutu's fourth processing line, resulting in the site's highest production since 3Q19 and the ramp-up of the Capanema project, which reached 0.6 Mt production in Q2, in line with the plan. This increase was partially offset by reduced ROM availability at the Itabira complex, as expected.
- Southern System: production was 2.2 Mt lower y/y, due to lower run-of-mine output from circularity initiatives in Vargem Grande and Paraopeba complexes.
- Pellets: production was 1.0 Mt lower y/y, in line with the revised guidance for 2025 (31-35 Mt) in light of current market conditions. In this context, Vale has decided to anticipate preventive maintenance at the São Luís pelletizing plant during 3Q25, suspending production during this period. The pellet feed, which would have been used as input for the pelletizing plants, will be redirected to iron ore fines sales, optimizing value generation in the product portfolio.
- Iron ore sales totaled 77.3 Mt, 2.4 Mt lower y/y, as part of the product portfolio optimization strategy, with ore concentration in China implying longer lead times and the rebuilding of inventories following production and shipment constraints in Q1.
- The all-in premium totaled US$ 1.1/t, US$ 0.7/t lower q/q, mainly driven by lower contribution of the pellet business (US$ 0.9/t lower q/q). The iron ore fines premiums improved US$ 0.2/t q/q as a result of the product portfolio strategy.
- The average realized iron ore fines price was US$ 85.1/t, US$ 5.7/t lower q/q, mainly driven by lower iron ore reference prices (US$ 5.9/t lower q/q). The average realized pellet price decreased by US$ 6.7/t q/q, totaling US$ 134.1/t, also reflecting the decrease of iron ore reference prices.
- Salobo: copper production increased by 4.5 kt y/y, driven by the full ramp-up of the Salobo complex after Salobo 3 implementation and consistently strong operational performance.
- Sossego: copper production increased by 5.2 kt y/y, due to increased copper feed grade and plant availability. In June, the Preliminary License for the Bacaba project was granted. The project is designed to extend the life of the Sossego Mining Complex, contributing with an average annual copper production of approximately 50 ktpa over an 8-year mine life. The start-up is expected for 1H28 with approximately US$ 290 million investment.
- Canada: copper production increased by 4.3 kt y/y, largely reflecting the continued ramp-up from the underground mines in Voisey’s Bay and consistent copper output from Sudbury mines.
- Payable copper sales1 totaled 89.0 kt, 12.9 kt higher y/y, in line with the production increase.
- The average copper realized price was US$ 8,985/t, US$ 94/t higher q/q due to higher average LME copper price and lower spot TC/RCs in the period, partially offset by timing effects.
- Sudbury: own sourced finished nickel production increased by 5.5 kt y/y, supported by a combination of productivity improvements at the Clarabelle mill, a 35% increase in mine output y/y and lower planned refinery maintenance y/y.
- Voisey’s Bay: own sourced finished nickel production increased by 6.2 kt y/y, driven by the 121% increase in underground mines output, contributing to record quarterly production at the Long Harbour refinery.
- Thompson: own sourced finished nickel production increased by 2.3 kt y/y, supported by stronger mine output and higher refining output from both the Sudbury and Long Harbour refineries.
- Onça Puma: finished nickel production increased by 1.8 kt y/y, with solid operational performance through 2Q25. The y/y improvement was also helped by a lower base in 2Q24, when the furnace was in the process of ramp-up after maintenance works.
- Nickel sales totaled 41.4 kt, 7.0 kt higher y/y, in line with the quarter’s production.
- The average nickel realized price was US$ 15,800/t, US$ 306/t lower q/q, driven by lower LME price.
Vale's Performance in 2Q25
The 2Q25 financial statements will be released on July 31st. Following the release, our executives will host, on August 1st, a webcast (real-time audio teleconference) with analysts and investors to discuss 2Q25 earnings.
Photographer: Vale Archive
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