Vale Q2 Iron Ore Output Rises, Copper and Nickel Production Surge

Brazilian mining giant Vale reported a 3.7% year-over-year increase in iron ore production for Q2 2025, totaling 83.6 million metric tons. The growth was mainly driven by record output at the S11D complex in northern Brazil and solid performance at the Brucutu mine in the southeast. The company credited the uptick to improved operational reliability and the ramp-up of new assets, aligning with its 2025 production target.

Despite the production increase, iron ore sales dipped 3.1% to 77.3 million tons, due to a portfolio shift prioritizing medium-grade ore and stock replenishment strategies. Vale's average realized price for iron ore fines was $85.10 per ton, marking a 13.3% drop from the previous year.

Analysts at Citi, including Alexander Hacking, described the results as a “solid quarter,” affirming Vale is on track to meet its full-year guidance of 325–335 million tons of iron ore output. They expect the company’s stock to trade in line with market expectations.

In base metals, Vale’s copper production surged nearly 18% to 92,600 tons, fueled by higher grades at the Sossego plant and the ramp-up of Brazil’s Salobo complex and Canada’s Voisey’s Bay. Copper sales rose 17% to 89,000 tons.

Nickel output saw an even steeper rise, jumping 44% to 40,300 tons. The increase was attributed to improved output from Canadian sites, Brazil’s Onça Puma project, and reduced maintenance downtime. Nickel sales climbed nearly 21% to 41,400 tons.

Vale is scheduled to release its full Q2 earnings report on July 31.