Vale S.A 6-K, filed Apr 16, 2025
Vale S.A. (VALE)
About this 6-K
Vale S.A filed this 6-K on April 16, 2025.
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. | ||
| • 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 ore1 | 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 Mt2 | |
| 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% | |
| Fines1 | 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$/t | 1Q25 | 1Q24 | ∆ y/y | 4Q24 | ∆ q/q | |
| Iron ore fines (CFR/FOB, wmt) | 90.8 | 100.7 | -9.8% | 93.0 | -2.4% | |
| Iron ore pellets (CFR/FOB, wmt) | 140.8 | 171.9 | -18.1% | 143.0 | -1.5% | |
| Copper1 | 8,891 | 7,687 | 15.7% | 9,187 | -3.2% | |
| Nickel | 16,106 | 16,848 | -4.4% | 16,163 | -0.4% | |
1 Average realized price for copper operations only (Salobo and Sossego). Average realized copper price for all operations, including copper sales originated from nickel operations, was US$ 8,630/t in 1Q25.
| -1- |  |
Iron ore and pellets operations
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- | |
Copper operations
Nickel operations
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- | |
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 Production1 | 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 Sales2 | 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- | |
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 parties1 | 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-parties1 | 4.3 | 3.8 | 12.6% | 4.4 | -2.8% | |
| PTVI offtake2 | 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% | |
| Others3 | 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- | |
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- | |
| Investor 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. |
| Vale.RI@vale.com | |
| Thiago Lofiego | |
| thiago.lofiego@vale.com | |
| Mariana Rocha | |
| mariana.rocha@vale.com | |
| Luciana Oliveti | |
| luciana.oliveti@vale.com | |
| Pedro Terra | |
| pedro.terra@vale.com | |
| Patricia Tinoco | |
| patricia.tinoco@vale.com |
| -7- | |
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. (Registrant) | ||
| By: | /s/ Thiago Lofiego | |
| Date: April 15, 2025 | Director of Investor Relations | |