Vale’s Q4 copper output rose by 3% to 101,800t, driven by Brazil’s Salobo, Canada’s Sudbury and the ramp-up of underground mines at Voisey’s Bay. Credit: SERGIO V S RANGEL/Shutterstock.

Brazilian mining company Vale has announced its highest annual iron ore production since 2018, despite a decrease in fourth-quarter (Q4) output due to a strategic focus on higher-margin products.

The company’s production of the steel-making ingredient reached nearly 328 million tonnes (mt) in 2024, a 2% increase from the previous year. Vale forecasts production of between 325mt and 335mt of iron ore in 2025.

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“Vale’s performance in 2024 was marked by greater operational stability and the start-up of key projects,” the miner stated.

However, in Q4, iron ore production saw a 4.6% drop from the same period a year earlier, totalling 85.3mt. This decline was attributed to Vale’s decision to prioritise the output of higher-margin iron ore products, impacting production from its Southern System operations in Brazil, known for lower ferrous content.

Iron ore sales also experienced a decline, falling approximately 10.1% in Q4 from a year earlier to 81.2mt. The decline was attributed to Vale’s strategy to reduce sales of high-silica products during this period to improve all-in pricing premiums.

The average realised price for Vale’s iron ore fines was around $93 per tonne (t) in the quarter, a 21% decrease year-on-year, but an increase of nearly 3% from Q3.

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In addition to iron ore, Vale’s copper production grew nearly 3% year-on-year to 101,800t in Q4, bolstered by operations in Brazil’s Salobo, Canada’s Sudbury and the ramp-up of underground mines in Voisey’s Bay in Canada.

Copper sales witnessed a 1.5% rise to 99,000t in the same period. The company aims to invest $3.3bn (19.33bn reais) to increase copper and nickel production capacities in Brazil and Canada. It plans to increase copper production capacity to around 500,000t by 2028.

The company reported production of 45,500t of nickel in Q4, around a 1% increase from the previous year, driven by stronger performances at its Onca Puma, Sudbury and Voisey’s Bay operations.

However, nickel sales dropped by nearly 2% to 47,100t from the same period a year earlier.