Sao Paulo – Vale said on Tuesday it expects to produce between 325 million and 335 million tonnes of iron ore in 2025, following an output of about 328 million tonnes this year.
Vale, one of the world’s largest iron ore producers, released the estimates ahead of an investor day in New York, where executives are expected to detail the forecasts and comment on the firm’s strategic plans.
The Brazilian company reiterated it expects to keep increasing iron ore output in the coming years, estimating it to reach between 340 million and 360 million tonnes in 2026 and about 360 million tonnes in 2030.
Vale said it has started commissioning the so-called Capanema project at its Mariana complex, aiming to add about 15 million tons per year of iron ore, “an important milestone towards achieving the iron ore production guidance in 2026.”
The 2024 production figure came in within Vale’s previously announced forecast of 323 million to 330 million tonnes.
The company also said it expects to produce 340,000 to 370,000 tonnes of copper in 2025, after output of about 345,000 tonnes this year.
Vale’s chief executive Gustavo Pimenta took office in October pledging to boost copper production, conceding the Brazilian company had lost ground to competitors in output of the key industrial metal.
Vale’s copper production is expected to reach 350,000 to 380,000 tonnes in 2026, 420,000 to 500,000 tonnes in 2030, and about 700,000 tonnes in 2035.
Nickel production, meanwhile, is seen rising from around 160,000 tonnes this year to a range of 160,000 to 175,000 tonnes next year, 175,000 to 210,000 tonnes in 2026, and 210,000 to 250,000 tonnes in 2030, Vale added in a securities filing.
The mining giant also said its sees its capital expenditure (CAPEX) totaling about $6.1 billion this year and around $6.5 billion in 2025 and beyond.
(Reporting by Gabriel Araujo; Editing by Andrew Heavens, Louise Heavens and Chizu Nomiyama )
