Vale S.A. (NYSE:VALE) reported its highest quarterly iron ore output since 2018, signaling it is on track to hit the upper end of its 2025 production goals across major commodities.
The Brazilian mining giant produced 94.4 million metric tons of iron ore in the third quarter, a 3.8% increase from the same period last year and the strongest level since late 2018. The company credited the performance to record output at its S11D mine in northern Brazil and continued ramp-ups at other operations.
Vale reaffirmed its 2025 iron ore production guidance of 325–335 million tons, saying its iron ore, copper, and nickel segments “are tracking towards the upper end of the 2025 production guidance ranges.” Total output for the first nine months of 2025 reached 245.7 million tons.
Iron ore and pellet sales climbed 5.1% to 86 million tons, with average realized fines prices increasing 4.2% to $94.4 per ton.
Copper production grew 5.7% to 90,800 tons, supported by steady performance at the Salobo mine in Brazil and stronger concentrate volumes from Canadian operations. Nickel output dipped 0.6% to roughly 46,800 tons as maintenance at the Copper Cliff refinery partially offset record production at the Long Harbour plant in Canada.
RBC Capital Markets analyst Marina Calero said Vale “reported a solid set of results with volumes and realised prices ahead of expectations.” She added, “However, with shares outperforming BHP/ RIO ytd and quality/pellet premiums not expected to see a material rebound until 2027/2028, we think the near-term outlook remains neutral and may look to get more constructive should lower prices materialise.”
Vale plans to release its full earnings report on October 30.