VALE 6-K
Vale S.A. (VALE)
United States
Securities and Exchange Commission
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the
Securities Exchange Act of 1934
For the month of
April 2025
Vale S.A.
Praia de Botafogo nº 186, 18º andar, Botafogo
22250-145 Rio de Janeiro, RJ, Brazil
(Address of principal executive office)
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
(Check One) Form 20-F x Form 40-F ¨
| • Vale's performance in Q1 was marked by higher y/y iron ore sales and progress in the commissioning of the VGR1 and Capanema projects, ensuring greater operational flexibility and adherence to the 2025 production guidance. Copper and Nickel operational performance was strong, reflecting the consistent performance across all assets, as well as the ramp-up of the VBME project in Canada. |
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| • Iron ore production totaled 67.7 Mt, 4% (3.2 Mt) lower y/y, as per Vale’s mine plan, while high rainfall levels further impacted the Northern System. S11D continued to perform well, reaching the highest production ever for a first quarter. Pellets production totaled 7.2 Mt, 15% (1.3 Mt) lower y/y, due to lower pellet feed availability. Iron ore sales totaled 66.1 Mt, 4% (2.3 Mt) higher y/y, driven by Vale’s supply chain flexibility using advanced inventories. |
| • Copper production totaled 90.9 kt, 11% (9.0 kt) higher y/y, with a strong operational performance at Salobo, Sossego and Voisey’s Bay following the ramp-up of Salobo 3 and Voisey’s Bay’s underground mines. |
| • Nickel production totaled 43.9 kt, 11% (4.4 kt) higher y/y, mainly reflecting higher production at Onça Puma after the furnace rebuild in 1Q24 and stronger asset performance in Canada, further fueled by VBME’s ramp-up. |
Highlights
| Production Summary | ||||||
|---|---|---|---|---|---|---|
| 000’ metric tons | 1Q25 | 1Q24 | ∆ y/y | 4Q24 | ∆ q/q | 2025 guidance |
| Iron ore^1^ | 67,664 | 70,826 | -4.5% | 85,279 | -20.7% | 325-335 Mt |
| Pellets | 7,183 | 8,467 | -15.2% | 9,167 | -21.6% | 38-42 Mt^2^ |
| Copper | 90.9 | 81.9 | 11.0% | 101.8 | -10.7% | 340-370 kt |
| Nickel | 43.9 | 39.5 | 11.1% | 45.5 | -3.5% | 160-175 kt |
^1^ Including third-party purchases, run-of-mine and feed for pelletizing plants. ^2^ Iron ore agglomerates guidance, including iron ore pellets and briquettes.
| Sales Summary | |||||
|---|---|---|---|---|---|
| 000’ metric tons | 1Q25 | 1Q24 | ∆ y/y | 4Q24 | ∆ q/q |
| Iron ore | 66,141 | 63,826 | 3.6% | 81,196 | -18.5% |
| Fines^1^ | 56,762 | 52,546 | 8.0% | 69,912 | -18.8% |
| Pellets | 7,493 | 9,225 | -18.8% | 10,067 | -25.6% |
| ROM | 1,886 | 2,056 | -8.3% | 1,216 | 55.1% |
| Copper | 81.9 | 76.8 | 6.6% | 99.0 | -17.3% |
| Nickel | 38.9 | 33.1 | 17.5% | 47.1 | -17.4% |
^1^ Including third-party purchases.
| Price Realization Summary | |||||
|---|---|---|---|---|---|
| US$/t | 1Q25 | 1Q24 | ∆ y/y | 4Q24 | ∆ q/q |
| Iron ore fines (CFR/FOB, wmt) | 90.8 | 100.7 | -9.8% | 93.0 | -2.4% |
| Iron ore pellets (CFR/FOB, wmt) | 140.8 | 171.9 | -18.1% | 143.0 | -1.5% |
| Copper^1^ | 8,891 | 7,687 | 15.7% | 9,187 | -3.2% |
| Nickel | 16,106 | 16,848 | -4.4% | 16,163 | -0.4% |
^1^ Average realized price for copper operations only (Salobo and Sossego). Average realized copper price for all operations, including copper sales originated from nickel operations, was US$ 8,630/t in 1Q25.
| -1- |  |
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Iron ore and pellets operations
| • | Northern System: production decreased<br>by 0.9 Mt y/y, impacted by Serra Norte’s<br>licensing restrictions, already considered in the production plan, intensified by higher rainfall levels. These effects were partially<br>offset by solid operational performance at S11D, achieving the highest production ever for a Q1, driven by the ongoing asset reliability<br>initiatives. |
|---|---|
| • | Southeastern<br>System: output decreased by 1.2 Mt y/y,<br>driven by a 49-day corrective maintenance period at the Cauê plant, which impacted Itabira’s production. This decline was<br>partially offset by (i) improved performance at Fazendão as a result of enhancements implemented at the processing plant throughout<br>2024, and (ii) increased third-party purchases. The Capanema project is ramping-up on schedule and is expected to reach full capacity<br>in the first quarter of 2026. |
| --- | --- |
| • | Southern<br>System: production was 1.1 Mt lower y/y,<br>mainly driven by our plan to prioritize the production of higher-margin products in response to<br>current market conditions. The VGR1 project ramp-up continues to advance and is expected to be completed in the second quarter of 2026. |
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| • | Pellets: production<br>was 1.3 Mt lower y/y,<br>due to (i) lower production at the Tubarão plants resulting from lower pellet feed availability from Itabira and (ii) increased<br>rainfall levels in the Northern System, which impacted the moisture grade of the pellet feed and, as a result, the performance of the<br>São Luis plant. |
| --- | --- |
| • | Iron ore sales totaled 66.1 Mt,<br>2.3 Mt higher y/y, supported by the sale of advanced inventories formed in previous quarters to counterbalance the shipment restrictions<br>due to rains in the Northern System. Given current market conditions, Vale has prioritized offering medium-grade products such as our<br>blended products (BRBF) and concentrated products in China (PFC1), aiming at maximizing value generation of our portfolio. |
| --- | --- |
| • | The all-in premium totaled US$ 1.8/t^1^,<br>US$ 2.8/t lower q/q, driven by the lower iron ore fines premiums (US$ -1.3/t vs. US$1.0/t in 4Q24), impacted by seasonally lower availability<br>of Northern System ores and lower market premiums. |
| --- | --- |
| • | The average realized<br>iron ore fines price was US$ 90.8/t,<br>US$ 2.2/t lower q/q mainly driven by lower premiums. The<br>average realized pellet price also<br>decreased by US$ 2.2/t q/q, totaling US$ 140.8/t,<br>due to lower quarterly contractual premiums. |
| --- | --- |
^1^ Iron ore fines premium of US$ -1.3/t and the weighted average contribution of the pellet business of US$ 3.1/t.
| -2- | |
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Copper operations
| • | Salobo: copper production<br>increased by 3.9 kt y/y, as a result<br>of consistent operational performance, with the Salobo complex's throughput exceeding an average of 35 Mtpy over 90 days. |
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| • | Sossego: copper production<br>increased by 3.7 kt y/y, due to a lower<br>base from last year, as a scheduled maintenance shutdown impacted 1Q24’s performance. |
| --- | --- |
| • | Canada: copper production<br>increased by 1.3 kt y/y, mainly reflecting<br>the ramp-up and stable performance of the Voisey’s Bay operation. |
| --- | --- |
| • | Payable<br>copper sales^2^ totaled 81.9 kt in the quarter,<br>5.1 kt higher y/y, in line with the increase in production. |
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| • | The average copper<br>realized price was US$ 8,891/t, US$<br>296/t lower q/q, due to timing of final pricing, which was partially offset by higher average LME prices and lower TC/RC discounts. |
| --- | --- |
Nickel operations
| • | Sudbury:<br>own sourced finished nickel production slightly decreased by 0.3 kt y/y mainly<br>due to a timing mismatch between mined material and refined production. |
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| • | Voisey’s Bay:<br>own sourced finished nickel production increased by 2.1 kt y/y driven<br>by the consistent ramp-up of Voisey’s Bay’s underground operations. The full ramp up is expected to be concluded in 2H26. |
| --- | --- |
| • | Thompson: own sourced<br>finished nickel production increased by 1.2 kt y/y, driven<br>by additional volume delivered to Sudbury. |
| --- | --- |
| • | Onça Puma:<br>finished nickel production increased by 5.4 kt y/y as<br>furnace 1 was halted for rebuilding in 1Q24. |
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| • | Nickel sales totaled<br>38.9 kt in the quarter, 5.0 kt lower than production,<br>due to inventories build-up to meet committed sales during planned maintenance at the Canadian refineries in Q2. |
| --- | --- |
| • | The average nickel<br>realized price was US$ 16,106/t in the quarter,<br>down US$ 57/t q/q, reflecting lower LME prices. |
| --- | --- |
^2^ 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.
| -3- | |
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Annex 1: Production and sales summary
Iron ore
| 000’ metric tons | 1Q25 | 1Q24 | ∆ y/y | 4Q24 | ∆ q/q |
|---|---|---|---|---|---|
| Northern System | 34,981 | 35,929 | -2.6% | 51,942 | -32.7% |
| Serra Norte and Serra Leste | 15,615 | 18,218 | -14.3% | 28,274 | -44.8% |
| S11D | 19,366 | 17,711 | 9.3% | 23,667 | -18.2% |
| Southeastern System | 18,396 | 19,551 | -5.9% | 22,097 | -16.7% |
| Itabira (Cauê, Conceição and others) | 5,494 | 7,599 | -27.7% | 7,722 | -28.9% |
| Minas Centrais (Brucutu and others) | 6,751 | 6,397 | 5.5% | 8,083 | -16.5% |
| Mariana (Alegria, Timbopeba and others) | 6,150 | 5,555 | 10.7% | 6,292 | -2.3% |
| Southern System | 14,287 | 15,347 | -6.9% | 11,241 | 27.1% |
| Paraopeba (Mutuca, Fábrica and others) | 4,774 | 6,525 | -26.8% | 4,214 | 13.3% |
| Vargem Grande (VGR, Pico and others) | 9,513 | 8,822 | 7.8% | 7,027 | 35.4% |
| Iron Ore Production^1^ | 67,664 | 70,826 | -4.5% | 85,279 | -20.7% |
| Own production | 61,111 | 65,013 | -6.0% | 79,609 | -23.2% |
| Third-party purchases | 6,553 | 5,813 | 12.7% | 5,671 | 15.6% |
| Iron Ore Sales | 66,141 | 63,826 | 3.6% | 81,196 | -18.5% |
| Fines Sales^2^ | 56,762 | 52,546 | 8.0% | 69,912 | -18.8% |
| IOCJ | 4,596 | 9,400 | -51.1% | 9,287 | -50.5% |
| BRBF | 36,391 | 25,915 | 40.4% | 43,890 | -17.1% |
| Pellet feed – China (PFC1)^3^ | 3,809 | 2,536 | 50.2% | 3,585 | 6.2% |
| Lump | 1,679 | 1,809 | -7.2% | 1,535 | 9.4% |
| High-silica products | 1,957 | 7,163 ⁴ | -72.7% | 852 | 129.7% |
| Other fines (60-62% Fe) | 8,329 | 5,723 ⁴ | 45.5% | 10,764 | -22.6% |
| Pellet Sales | 7,493 | 9,225 | -18.8% | 10,067 | -25.6% |
| ROM Sales | 1,886 | 2,056 | -8.3% | 1,216 | 55.1% |
| Sales from 3rd party purchase | 6,222 | 5,648 | 10.2% | 5,290 | 17.6% |
^1^ Including third party purchases, run-of-mine and feed for pelletizing plants. Vale’s product portfolio Fe content reached 61.7%, alumina 1.3% and silica 6.8% in 1Q25. ^2^ Including third-party purchases. ^3^ Products concentrated in Chinese facilities. ^4^ Restated from historical figures.
Pellets
| ‘000 metric tons | 1Q25 | 1T24 | ∆ y/y | 4Q24 | ∆ q/q |
|---|---|---|---|---|---|
| Northern System | 370 | 766 | -51.7% | 521 | -29.0% |
| São Luis | 370 | 766 | -51.7% | 521 | -29.0% |
| Southeastern System | 3,722 | 4,852 | -23.3% | 5,328 | -30.1% |
| Itabrasco (Tubarão 3) | 754 | 557 | 35.4% | 789 | -4.4% |
| Hispanobras (Tubarão 4) | 187 | 688 | -72.8% | 921 | -79.7% |
| Nibrasco (Tubarão 5 and 6) | 621 | 1,153 | -46.1% | 1,612 | -61.5% |
| Kobrasco (Tubarão 7) | 835 | 852 | -2.0% | 896 | -6.8% |
| Tubarão 8 | 1,325 | 1,601 | -17.2% | 1,110 | 19.4% |
| Southern System | 1,118 | 1,219 | -8.3% | 638 | 75.2% |
| Vargem Grande | 1,118 | 1,219 | -8.3% | 638 | 75.2% |
| Oman | 1,974 | 1,629 | 21.2% | 2,680 | -26.3% |
| Pellet Production | 7,183 | 8,467 | -15.2% | 9,167 | -21.6% |
| Pellet Sales | 7,493 | 9,225 | –18.8% | 10,067 | -25.6% |
| -4- | |
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| --- | --- |
Copper - Finished production by source
| 000’ metric tons | 1Q25 | 1Q24 | ∆ y/y | 4Q24 | ∆ q/q |
|---|---|---|---|---|---|
| Brazil | 68.3 | 60.6 | 12.7% | 77.0 | -11.3% |
| Salobo | 52.3 | 48.4 | 8.1% | 58.9 | -11.2% |
| Sossego | 16.0 | 12.3 | 29.9% | 18.1 | -11.7% |
| Canada | 22.6 | 21.3 | 6.1% | 24.9 | -9.3% |
| Sudbury | 15.9 | 16.8 | -5.5% | 16.3 | -2.6% |
| Thompson | 1.0 | 0.4 | 155.4% | 3.6 | -71.6% |
| Voisey's Bay | 4.6 | 2.7 | 70.5% | 3.9 | 18.0% |
| Feed from third parties^1^ | 1.1 | 1.3 | -16.3% | 1.2 | -9.4% |
| Copper Production | 90.9 | 81.9 | 11.0% | 101.8 | -10.7% |
| Copper Sales | 81.9 | 76.8 | 6.6% | 99.0 | -17.3% |
| Copper Sales Brazil | 60.8 | 56.4 | 7.8% | 74.4 | -18.3% |
| Copper Sales Canada | 21.1 | 20.4 | 3.3% | 24.7 | -14.7% |
^1^ External feed purchased from third parties and processed into copper in our Canadian operation.
Nickel
| ‘000 metric tons | 1Q25 | 1Q24 | ∆ y/y | 4Q24 | ∆ q/q |
|---|---|---|---|---|---|
| Finished Production by Source | |||||
| Canada | 20.0 | 16.9 | 18.2% | 20.0 | -0.2% |
| Sudbury | 9.9 | 10.2 | -3.2% | 10.6 | -6.8% |
| Thompson | 3.6 | 2.4 | 50.8% | 2.9 | 24.8% |
| Voisey's Bay | 6.5 | 4.4 | 47.2% | 6.5 | -0.4% |
| Brazil | 5.4 | – | n.a. | 4.8 | 13.1% |
| Indonesia | – | 18.7 | -100.0% | – | n.a. |
| External feed | 18.5 | 3.8 | 386.8% | 20.7 | -10.6% |
| Feed from third-parties^1^ | 4.3 | 3.8 | 12.6% | 4.4 | -2.8% |
| PTVI offtake^2^ | 14.2 | – | n.a. | 16.3 | -12.8% |
| Finished Production by Site | |||||
| Sudbury | 15.4 | 13.8 | 11.5% | 14.8 | 3.9% |
| Voisey’s Bay & Long Harbour | 10.0 | 7.7 | 29.7% | 9.2 | 8.6% |
| Onça Puma | 5.4 | – | n.a. | 4.8 | 13.1% |
| Clydach | 8.4 | 10.2 | -17.2% | 10.5 | -19.6% |
| Matsusaka | 4.3 | 3.3 | 31.6% | 5.2 | -16.5% |
| Others^3^ | 0.3 | 4.5 | -93.2% | 1.0 | -69.6% |
| Nickel Production | 43.9 | 39.5 | 11.1% | 45.5 | -3.5% |
| Nickel Sales | 38.9 | 33.1 | 17.5% | 47.1 | -17.4% |
^1^ External feed purchased from third parties and processed into finished nickel in our Canadian operations. It does not include feed purchased from PTVI. ^2^ Starting from 3Q24, PTVI sourced production is reported as “External feed” and reflects solely the 80%-offtake attributable to Vale Base Metals processed at downstream facilities. Before, PTVI production was 100% consolidated by Vale. ^3^ Includes intermediates produced in Thompson and PTVI, tolling and others.
Energy Transition Metals by-products - Finished production
| 1Q25 | 1Q24 | ∆ y/y | 4Q24 | ∆ q/q | |
|---|---|---|---|---|---|
| Cobalt (metric tons) | 739 | 482 | 53.4% | 695 | 6.4% |
| Platinum (000’ oz troy) | 24 | 30 | -20.5% | 36 | -33.8% |
| Palladium (000’ oz troy) | 27 | 39 | -30.0% | 38 | -28.2% |
| Gold (000’ oz troy)^1^ | 115 | 104 | 10.1% | 136 | -15.8% |
| Total by-Products (000’ metric tons Cu eq.)^2 3^ | 47 | 38 | 23.7% | 54 | -13.0% |
^1^ Includes Gold from Copper and Nickel operations. ^2^ Includes Iridium, Rhodium, Ruthenium and Silver. ^3^ Copper equivalent tons calculated using average market metal prices for each quarter. Market reference prices: for copper and cobalt: LME spot; for Gold, Silver, Platinum, and Palladium: Bloomberg; for other PGMs: Johnson Matthey.
| -5- | |
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Annex 2: Energy Transition Metals
Maintenance scheduled in 2025
| Q1 | Q2 | Q3 | Q4 | |
|---|---|---|---|---|
| Copper operations | ||||
| Salobo | ||||
| Salobo I & II | < 1 week | < 1 week | < 1 week | |
| Salobo III | < 1 week | < 1 week | < 1 week | |
| Sossego | ||||
| Sossego | < 1 week | < 1 week | 1 week | < 1 week |
| Nickel operations | ||||
| Sudbury | ||||
| Coleman | 4 weeks | |||
| Creighton | 5 weeks | |||
| Copper Cliff North | 4 weeks | |||
| Copper Cliff South | 3 weeks | |||
| Garson | 4.5 weeks | |||
| Totten | 1.5 weeks | |||
| Clarabelle mill | 4 weeks | |||
| Sudbury Smelter | ||||
| Sudbury Refinery | ||||
| Port Colborne (Ni, Co & PGMs) | ||||
| Thompson | ||||
| Thompson mine | 4.5 weeks | |||
| Thompson mill | 4.5 weeks | |||
| Voisey’s Bay & Long Harbour | ||||
| Voisey’s Bay | 2 weeks | |||
| Long Harbour Refinery | 4.5 weeks | |||
| Standalone Refineries | ||||
| Clydach | ||||
| Matsusaka | 4.5 weeks | |||
| Brazil | ||||
| Onça Puma | 1.5 weeks | < 1 week |
Note: The maintenance schedule may be deliberately adjusted if it proves beneficial for operations and the overall business.
The number of weeks is rounded to 0.0 or 0.5 and may involve more than one maintenance activity within the quarter.
| -6- | |
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| Investor<br>Relations | This press release may include statements about Vale's current expectations about future events or results (forward-looking statements), including in particular expectations for production and sales of iron ore, nickel and copper on pages 1, 2, 3 and 4. Many of those forward-looking statements can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "estimate" “will” and "potential," among others. All forward-looking statements involve various risks and uncertainties. Vale cannot guarantee that these statements will prove correct. These risks and uncertainties include, among others, factors related to: (a) the countries where Vale operates, especially Brazil and Canada; (b) the global economy; (c) the capital markets; (d) the mining and metals prices and their dependence on global industrial production, which is cyclical by nature; and (e) global competition in the markets in which Vale operates. Vale cautions you that actual results may differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation. Vale undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information or future events or for any other reason. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports that Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM) and, in particular, the factors discussed under “Forward-Looking Statements” and “Risk Factors” in Vale’s annual report on Form 20-F. |
| --- | --- |
| [email protected] | |
| Thiago Lofiego | |
| [email protected] | |
| Mariana Rocha | |
| [email protected] | |
| Luciana Oliveti | |
| [email protected] | |
| Pedro Terra | |
| [email protected] | |
| Patricia Tinoco | |
| [email protected] | |
| -7- | |
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Vale S.A.<br><br>(Registrant) | ||
|---|---|---|
| By: | /s/ Thiago Lofiego | |
| Date: April 15, 2025 | Director of Investor Relations |