Imagem de header interno Imagem de header interno
com.liferay.portal.kernel.util.DateUtil_IW@696489c8
Photographer: Vale Archive
com.liferay.portal.kernel.util.DateUtil_IW@696489c8
Photographer: Vale Archive

Vale's Production and Sales report for 3Q25 is now available.

The 3Q25 report was released this Tuesday, October 21st. Below are the key highlights and the full report.
Vale delivered a strong operational performance in the third quarter. In Iron Ore, production reached its highest level since 2018, while price realization improved, reflecting the successful execution of our product portfolio strategy. In Copper, Salobo drove y/y growth, while polymetallic assets delivered steady performance. In Nickel, ore mined at Sudbury increased by 45% y/y, while Onça Puma's 2nd furnace started operations, paving the way for production growth in the following quarters. All three businesses are tracking towards the upper end of the 2025 production guidance ranges.
Foto de placeholder Foto de placeholder

Fotógrafo: Ricardo Teles

Highlights

  • Iron ore production totaled 94.4 Mt, 4% (3.4 Mt) higher y/y, supported by a new quarterly record at S11D and the continued ramp-up of key projects. Iron ore sales reached 86.0 Mt, up 5% (4.2 Mt) y/y, while price realization improved, led by higher realized iron ore fines premiums (US$ 1.8/t higher q/q). Pellets output totaled 8.0 Mt, 23% (2.4 Mt) lower y/y, reflecting market conditions. 

  • Nickel production totaled 46.8 kt, largely flat y/y, with record production in Long Harbour refinery offsetting maintenance performed at the Copper Cliff refinery in Sudbury. 

  • Copper production totaled 90.8 kt, 6% (4.9 kt) higher y/y, driven mainly by consistent output from Salobo and higher concentrate volumes from Voisey's Bay and Sudbury. 

Check out the results of our key products below

  • Northern System: S11D delivered its highest ever third-quarter output, reaching 23.6 Mt (up 1.5 Mt y/y), supported by continued improvements in asset performance and reliability. This increase was offset by lower, but expected, production at Serra Norte (down 1.5 Mt y/y), which remains impacted by run-ofmine availability, partly offset by the positive effects of the product portfolio adjustment in the mine plan. 

  • Southeastern System: production increased by 1.1 Mt y/y, driven by the commissioning of Brucutu's fourth processing line and the Capanema project ramp-up, which reached 2.9 Mt output in the quarter, in line with plan. These positive effects were partially offset by lower production at the Itabira Complex, impacted by increased maintenance activities. 

  • Southern System: output was 1.0 Mt higher y/y, as a result of improved performance at the Vargem Grande Complex, driven by the VGR1 project ramp-up and reduced maintenance downtime. 

  • Pellets: output was 2.4 Mt lower y/y, reflecting adjustments in production levels in response to current market conditions. The pellet feed, which would have been used as input for the pelletizing plants, was redirected to iron ore fines sales, optimizing value generation across the product portfolio. As previously announced, the São Luis pelletizing plant was placed under maintenance during the quarter and is not expected to return to operations in 2025. 

  • Iron ore sales totaled 86.0 Mt, 4.2 Mt higher y/y, in line with the production increase. The 4.5 Mt inventory build-up is mainly attributed to cargoes in transit along the value chain, driven by higher volumes of concentrated products in China (PFC). These inventories are expected to be converted into sales in the following quarters. 

  • Vale's product portfolio strategy optimization led to an improvement in iron ore fines premiums, which increased US$ 1.8/t q/q, reaching US$ 0.7/t, supported by higher contribution from low-alumina products such as BRBF, mid-Grade Carajás and IOCJ. The all-in premium reached US$ 2.1/t, up US$ 1.0/t q/q, reflecting the combination of higher fines premiums and a lower contribution from the pellets business. 

  • The average realized iron ore fines price was US$ 94.4/t, US$ 9.3/t higher q/q, mainly driven by higher iron ore prices (US$ 4.2/t higher q/q) and higher fines premiums (US$ 1.8/t higher q/q). The average realized pellet price decreased by US$ 3.3/t q/q, totaling US$ 130.8/t, driven by lower quarterly pellet premiums. 

  • Salobo: copper production increased by 6.4 kt y/y, driven by operating stability at the Salobo complex, with continued solid performance of the mine-mill operations. 

  • Sossego: copper production decreased by 0.4 kt y/y, virtually flat in the period, while going through ~1 week of scheduled maintenance during the quarter. 

  • Canada: copper production decreased by 1.2 kt y/y, explained by the discontinuation of copper precipitates recovery in Thompson in early 2025. On the other hand, the polymetallic assets delivered solid performance, with 11% y/y growth in copper production. 

  • Payable copper sales¹ totaled 90.0 kt, 14.8 kt higher y/y, mainly reflecting the production increase. 

  • The average copper realized price was US$ 9,818/t, US$ 833/t higher q/q in line with higher LME prices and lower TC/RC discounts.

¹Sales volumes are lower than production volumes due to payable copper vs. contained copper: part of the copper contained in the concentrates is lost in the smelting and refining process, hence payable quantities of copper are approximately 3.5% lower than contained volumes. 

  • Sudbury: own sourced finished nickel production decreased by 3.8 kt y/y, driven by maintenance activities at the Copper Cliff refinery. Mining operations continue to perform well, underscored by a 45% y/y increase in ore mined in Q3, and reaching a total of 3.6 Mt year-to-date.  

  • Voisey’s Bay: own sourced finished nickel production increased by 4.6 kt y/y, underpinned by the continued ramp-up of the underground mines, with the Eastern Deeps and Reid Brook mines achieving an average annual run rate of approximately 2.5 Mt in July and August before scheduled maintenance in September. This supported a new all-time production record at the Long Harbour refinery.  

  • Thompson: own sourced finished nickel production decreased by 0.2 kt y/y, staying largely in line y/y, with the decrease in Thompson's concentrates consumption in Long Harbour refinery, offset by a higher consumption in Sudbury.  

  • Onça Puma: finished nickel production decreased by 0.3 kt y/y, staying largely in line y/y, driven by maintenance activities brought forward in preparation for the second furnace start-up. In late September, Vale Base Metals successfully commenced operations of the second furnace, which adds 15 ktpy to the site's production capacity, raising the total capacity to 40 ktpy, paving the way for increased nickel output in the upcoming quarters.  

  • Nickel sales totaled 42.9 kt, 2.3 kt higher y/y. In the quarter, Nickel sales were 3.9 kt lower than production as part of inventory management, ensuring availability for committed sales in Q4.  

  • The average nickel realized price was US$ 15,445/t, US$ 355/t lower q/q, driven by lower LME prices. 

Vale's Performance in 3Q25

The 3Q25 financial statements will be released on October 30th. Following the release, our executives will host, on October 31st, a webcast (real-time audio teleconference) with analysts and investors to discuss 3Q25 earnings. 

Photographer: Vale Archive