Posted on 25 Jul 2025
Brazilian miner Vale has reiterated full-year guidance for nickel and copper production after posting strong increases for both metals in the second quarter.
This year’s nickel output is estimated to come in at 160,000-175,000 tonnes, compared to 159,900 t in 2024, and copper at 340,000-370,000 t, versus 348,200 t last year.
Analysts at Jefferies say that Q2 “was a relatively solid operational quarter for Vale in base metals.” Nickel production surged 44% year-on-year to 40,300 t, driven by stronger asset performance in Canada and Onça Puma in Brazil, plus lower planned maintenance activity.
It was the highest Q2 production for the nickel segment since 2021, Kallanish learns.
Copper output was 18% higher at 92,600 t after the company achieved higher grades at the Sossego mine and nominal capacity at the Salobo complex, which are both located in the Brazilian state of Pará. Vale says this is the highest Q2 output since 2019.
Q2 nickel sales rose by 21% to 41,400 t and copper sales increased by 17% to 89,000 t. Realised prices for nickel and copper were $15,800/t and $8,985/t, respectively, representing declines of 15% and 2% compared to the same period last year.
New York-listed shares in Vale closed 2.5% higher after the announcement.
Source:Kallanish
