6-K 1 vale20250415_6k.htm 6-K

 

 

 

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

•           Northern System: production decreased by 0.9 Mt y/y, impacted by Serra Norte’s licensing restrictions, already considered in the production plan, intensified by higher rainfall levels. These effects were partially offset by solid operational performance at S11D, achieving the highest production ever for a Q1, driven by the ongoing asset reliability initiatives.
•Southeastern System: output decreased by 1.2 Mt y/y, driven by a 49-day corrective maintenance period at the Cauê plant, which impacted Itabira’s production. This decline was partially offset by (i) improved performance at Fazendão as a result of enhancements implemented at the processing plant throughout 2024, and (ii) increased third-party purchases. The Capanema project is ramping-up on schedule and is expected to reach full capacity in the first quarter of 2026.
•Southern System: production was 1.1 Mt lower y/y, mainly driven by our plan to prioritize the production of higher-margin products in response to current market conditions. The VGR1 project ramp-up continues to advance and is expected to be completed in the second quarter of 2026.
•Pellets: production was 1.3 Mt lower y/y, due to (i) lower production at the Tubarão plants resulting from lower pellet feed availability from Itabira and (ii) increased rainfall levels in the Northern System, which impacted the moisture grade of the pellet feed and, as a result, the performance of the São Luis plant.
•           Iron ore sales totaled 66.1 Mt, 2.3 Mt higher y/y, supported by the sale of advanced inventories formed in previous quarters to counterbalance the shipment restrictions due to rains in the Northern System. Given current market conditions, Vale has prioritized offering medium-grade products such as our 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/t1, US$ 2.8/t lower q/q, driven by the lower iron ore fines premiums (US$ -1.3/t vs. US$1.0/t in 4Q24), impacted by seasonally lower availability of Northern System ores and lower market premiums.
•The average realized iron ore fines price was US$ 90.8/t, US$ 2.2/t lower q/q mainly driven by lower premiums. The average realized pellet price also decreased by US$ 2.2/t q/q, totaling US$ 140.8/t, 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- 
 

Copper operations

•Salobo: copper production increased by 3.9 kt y/y, as a result of consistent operational performance, with the Salobo complex's throughput exceeding an average of 35 Mtpy over 90 days.
•Sossego: copper production increased by 3.7 kt y/y, due to a lower base from last year, as a scheduled maintenance shutdown impacted 1Q24’s performance.
•Canada: copper production increased by 1.3 kt y/y, mainly reflecting the ramp-up and stable performance of the Voisey’s Bay operation.
•Payable copper sales2 totaled 81.9 kt in the quarter, 5.1 kt higher y/y, in line with the increase in production.
•The average copper realized price was US$ 8,891/t, US$ 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: own sourced finished nickel production slightly decreased by 0.3 kt y/y mainly due to a timing mismatch between mined material and refined production.
•Voisey’s Bay: own sourced finished nickel production increased by 2.1 kt y/y driven 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 finished nickel production increased by 1.2 kt y/y, driven by additional volume delivered to Sudbury.
•Onça Puma: finished nickel production increased by 5.4 kt y/y as furnace 1 was halted for rebuilding in 1Q24.
•Nickel sales totaled 38.9 kt in the quarter, 5.0 kt lower than production, due to inventories build-up to meet committed sales during planned maintenance at the Canadian refineries in Q2.
•The average nickel realized price was US$ 16,106/t in the quarter, 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- 
 

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