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com.liferay.portal.kernel.util.DateUtil_IW@6b92e132
Photographer: Vale Archive
com.liferay.portal.kernel.util.DateUtil_IW@6b92e132
Photographer: Vale Archive

Vale's Production and Sales report for 4Q25 is now available.

The 4Q25 report was released this Tuesday, January 27st. Below are the key highlights and the full report.
Vale delivered strong operational results in 2025 across all business segments, exceeding its production guidances set at the beginning of the year. Iron ore and copper output reached their highest levels since 2018, at 336 Mt and 382 kt, respectively, and nickel production was the strongest since 2022, at 177 kt, supported by the ramp-up of key projects and continued operational stability.
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Fotógrafo: Ricardo Teles

Highlights

  • Iron ore production totaled 90.4 Mt in Q4, 6% (5.1 Mt) higher y/y, driven by Brucutu’s robust performance and the continued ramp-up of the Capanema and VGR1 projects. Pellets output totaled 8.3 Mt in Q4, 9% (0.8 Mt) lower y/y, reflecting market conditions. Iron ore sales reached 84.9 Mt in Q4, up 5% (3.7 Mt) y/y, consistent with higher production volumes.  

  • Copper production totaled 108.1 kt in Q4, 6% (6.3 kt) higher y/y, the highest quarterly production since 2018. This increase reflects the all-time-high production at Salobo and consistent operational performance at Sossego and Canadian polymetallic assets.

  • Nickel production totaled 46.2 kt in Q4, 2% (0.7 kt) higher y/y, driven by the successful commissioning of Onça Puma's 2nd furnace and Voisey's Bay underground mines ramp-up. 

Check out the results of our key products below

  • Northern System: production decreased by 6.5 Mt y/y, totaling 44.8 Mt in the quarter, impacted by (i) Serra Norte's run-of-mine availability, partly offset by the positive effects of the product portfolio adjustment in the mine plan, and (ii) scheduled maintenance activities at S11D. S11D achieved a record output of 86.0 Mt in 2025, driven by ongoing operational performance improvements. 

  • Southeastern System: production increased by 4.4 Mt y/y, reaching 23.9 Mt in the quarter, supported by the higher run-of-mine availability at Brucutu, and the ramp-up of the Capanema project, which delivered 3.0 Mt in the quarter, in line with plan. The Capanema project is expected to reach full capacity in 2Q26. 

  • Southern System: output was 4.6 Mt higher y/y at 13.5 Mt in the quarter, driven by (i) improved performance at the Vargem Grande Complex, supported by VGR1 project ramp-up and the solid performance at Pico and (ii) enhanced performance at the Paraopeba Complex, supported by the higher output at Fábrica and Mutuca.

  • Pellets: output was 0.8 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. The São Luís pellet plant remained under maintenance during the quarter, and Vale will assess the timing of a potential resumption based on market conditions. 

  • Iron ore sales totaled 84.9 Mt, 3.7 Mt higher y/y, in line with production growth. 

  • The all-in premium reached US$ 0.9/t, down US$ 1.2/t q/q, driven by a lower contribution from low‑alumina products as a result of lower market premiums during the quarter. Given current market conditions and flexibility of its product portfolio, Vale continues to prioritize offering medium-grade products such as our new Mid-grade Carajás, blended products (BRBF), and concentrated products in China (PFC), aiming at maximizing the margin and value generation. 

  • The average realized iron ore fines price was US$ 95.4/t, US$ 1.0/t higher q/q, driven by higher iron ore prices. The average realized pellet price increased by US$ 0.6/t q/q, totaling US$ 131.4/t, also driven by higher iron ore prices. 

  • 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 4.0 kt y/y, reaching 62.9 kt in the quarter, its highest quarterly production ever, as a result of stable operations at the Salobo Complex and sustained strong performance across mine and mill activities.  

  • Sossego: copper production increased by 0.5 kt y/y, reaching 18.6 kt in Q4, supported by strong asset utilization and stable operations.  

  • Canada: copper production increased by 1.8 kt y/y, reaching 26.7 kt in the quarter, supported by the Clarabelle mill availability, which achieved its highest copper output since 1Q21, along with an increase in production at Voisey’s Bay. Additionally, Sudbury recorded its strongest ore production since 2016.  

  • Payable copper sales¹ totaled 106.9 kt, 7.9 kt higher y/y, mainly reflecting the production increase.  

  • The average copper realized price was US$ 11,003/t, US$ 1,185/t higher q/q, reflecting higher LME prices, lower TC/RC discounts, and the favorable impact of final price settlements within the current pricing environment. 

¹ Sales 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 2.4 kt y/y, reaching 8.2 kt in the quarter, driven by unscheduled maintenance of the reactor #3, with ongoing preventive maintenance into Q1.  

  • Voisey’s Bay: own sourced finished nickel production increased by 0.9 kt y/y, totaling 7.4 kt in Q4, mainly due to a consistent performance by the underground mines, combined with a solid output from the Long Harbour Refinery.  

  • Thompson: own sourced finished nickel production decreased by 1.5 kt y/y, reaching 1.4 kt in the quarter, due to lower consumption by Sudbury downstream facilities.  

  • Onça Puma: finished nickel production increased by 5.2 kt y/y, totaling 10.0 kt in Q4, with the 2nd furnace reaching full capacity in November, closing the year with the highest quarterly production ever.  

  • Nickel sales totaled 49.6 kt, 2.5 kt higher y/y. In the quarter, nickel sales exceeded production by 3.4 kt, reversing the prior quarter’s inventory build through a planned drawdown to meet stronger sales.  

  • The average nickel realized price was US$ 15,015/t, US$ 430/t lower q/q, driven by lower LME prices. 

Vale's Performance in 4Q25

The 4Q25 financial statements will be released on February 12nd. Following the release, our executives will host, on February 13th, a webcast (real-time audio teleconference) with analysts and investors to discuss 4Q25 earnings.

Photographer: Vale Archive