On Wednesday, August 12, 2026, Vale (VALE3) reported that its subsidiary Vale Base Metals Ltd. (VBM) is moving forward with the Coarse Particle Flotation (CPF) project at its Salobo Copper Complex in Pará, with start-up expected in the first half of 2028, approximately one year ahead of the original schedule.
The project is expected to add 6 million tonnes to Salobo plant’s annual ore processing capacity, increasing total capacity to 42 million tonnes per year. Annual copper production is expected to increase by up to approximately 30 thousand tonnes contained in concentrate, which will also contain around 15 thousand ounces of gold as a by-product, following record production achieved in 2024 and 2025.
Additionally, Wheaton Precious Metals has agreed to pay US$ 40 million to VBM to partially fund the project investments, in two tranches of US$ 20 million each tied to project milestones. These payments will replace future milestone payments under the Salobo streaming agreement, which could have required Wheaton to make annual payments of up to US$ 8 million for a period of 10 years if a higher-grade mine plan were implemented.
VBM has revised the CPF project plan and streamlined its scope, reducing the CAPEX estimate to approximately US$ 215 million, down from the initial projection of US$ 225–275 million. Considering the funds provided by Wheaton, VBM’s capital outlay is expected to be approximately US$ 175 million, assuming an exchange rate of R$ 5.20/US$.
The CPF project is part of VBM’s copper growth project portfolio in Brazil, supported by a mineral base of more than 53 million tonnes of copper contained in reserves and mineral resources, including inferred resources. The company’s growth strategy aims to increase copper production to approximately 700 thousand tonnes per year by 2035, supported mainly by its resource base and projects in the Carajás system, where VBM has an operational presence and installed infrastructure.
