Vale (VALE3) presented, in its 3Q26 corporate release, an iron ore production projection of 335 to 345 Mt (million tonnes) in 2026 and of about 360 Mt in 2030. In 2025, production was 336 Mt, compared with 328 Mt in 2024.
For 2026, the miner estimates CAPEX (investments in assets) of US$ 5.4 bi to US$ 5.7 bi, compared with US$ 5.5 bi in 2025. Of the total, about US$ 4.5 bi is for maintenance and US$ 1.1 bi for growth. The company keeps CAPEX below US$ 6 bi from 2027 onward.
Projected 2026 iron ore costs are US$ 22.5 to US$ 23.5 per tonne (C1 cash cost) and US$ 58 to US$ 62 per tonne (all-in). In 2025, they were US$ 21.3 and US$ 54.2. For copper, the projected all-in cost is US$ 0 to US$ 500 per tonne, compared with US$ 603 in 2025. For nickel, it is US$ 10,000 to US$ 11,500 per tonne, compared with US$ 12,158.
At Vale Base Metals, the nickel target is 185 to 200 kt (thousand tonnes) in 2026 and 210 to 250 kt in 2030, compared with 177 kt in 2025. For copper, projected production is 360 to 380 kt in 2026 and about 700 kt in 2035, compared with 382 kt in 2025.
Expanded net debt was US$ 16.4 bi in 3Q26, within the target range of US$ 10 bi to US$ 20 bi. Gross debt and leases totaled US$ 18.1 bi and cash was US$ 5 bi. In January 2026, Vale paid US$ 1 bi in extraordinary dividends.
In 2025, Vale had net operating revenue of US$ 38.4 bi, pro forma EBITDA (earnings before interest, taxes, depreciation and amortization) of US$ 15.9 bi, and paid US$ 3.6 bi in dividends and JCP (Interest on Equity).
