Vale Beats Guidance, Posts Highest Iron Ore Output Since 2019

Vale, one of the world’s largest iron ore suppliers, produced more of the steelmaking raw material last year than at any point since the 2019 Brumadinho tailings dam disaster led to production restrictions at key operations.

The company produced 336.1 million metric tonnes of iron ore in 2025, according to a regulatory filing released late Tuesday (Jan. 27). Vale’s previous production record was set in 2018, before the disaster.

Vale exceeded the production guidance set at the beginning of last year for iron ore, copper and nickel.

Shares of the miner were up more than 2% early Wednesday afternoon (Jan. 28) on Brazil’s B3 exchange.

Vale produced 90.4 million tonnes of iron ore in the fourth quarter. That compares with an average estimate of 89.1 million tonnes from analysts surveyed by Bloomberg.

Output declined from the previous quarter but exceeded levels seen in the same period a year earlier, supported by increased production at some mines in southeastern Brazil.

The following chart compares monthly Brazilian iron ore exports from January to November over the last four years, according to DataLiner data. It is worth noting that Vale is the primary owner and agent for these shipments.

Iron Ore Exports | Jan-Nov | 2022-2025 | WTMT

Source: DataLiner (click here to request a demo)

Vale generates most of its profits from its iron ore business, with China as its largest customer. Rio Tinto is its main competitor among producers of the steelmaking raw material.

Last week, Rio Tinto reported annual production of 327.3 million tonnes in 2025, on a 100% basis.

Vale’s overall figures include third-party purchases, run-of-mine ore — material extracted and ready for processing — and feedstock for pellet plants.

The figures were released as Vale investigates water overflows at two of its mines in Minas Gerais state during Brazil’s rainy season. The company said iron ore production will not be affected.

Vale’s annual production guidance for 2026, set at between 335 million and 345 million tonnes, was unchanged.

In December, the company cut its annual forecast amid concerns about oversupply and slowing demand from China, the world’s largest iron ore consumer, as the Asian country grapples with a prolonged property sector crisis.

Base metals

Vale’s copper production rose 6.2% in the fourth quarter, reaching a total of 382,400 tonnes in 2025 — the highest annual level since 2018.

The company has said it is focused on accelerating the development of its assets in Brazil and Canada, rather than taking part in the recent wave of mergers in the copper market.

Vale is scheduled to release its fourth-quarter earnings on Feb. 12.

Source: Bloomberg Linea

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