Producer · Senior · Iron · Brazil · Canada · Indonesia
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 4 projects
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
Vale Group Consolidated
Portfolio
Project information
As at 31 December 2025
Description
As at 31 December 2025
Vale consolidated group results — Iron Ore Solutions + Vale Base Metals + Other. Headquartered in Brazil, founded 1942 in Itabira (Minas Gerais). Operates 3 iron ore mining complexes in Carajás area (Serra Norte/Sul/Leste, Mariana, Itabira) + 2 Mariana/Paraopeba complexes + Vargem Grande, plus Vale Base Metals copper (Salobo, Sossego, Bacaba/Alemão dev) and nickel (Onça Puma, Voisey's Bay, Sudbury, Long Harbour Refinery). Net sales 2025 USD 38.4B, Adjusted EBITDA USD 15.5B, capex USD 5.5B, FCF USD 4.8B, dividends USD 4.3B paid for FY2025.
Portfolio Aggregate
Multiple effective dates
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Vale Iron Ore Portfolio
Portfolio
Project information
As at 31 December 2025
Description
As at 31 December 2025
Vale's Iron Ore Solutions segment — the dominant cash-flow contributor in 2025 (USD 13.8 B adjusted EBITDA). Three mining systems in Brazil: Northern (Serra Norte, Serra Sul, Serra Leste — all in the Carajás complex, Pará), Southeastern (Mariana, Itabira, Minas Centrais complexes, Minas Gerais), and Southern (Vargem Grande, Paraopeba complexes, Minas Gerais). Operates the Carajás Railroad and maritime terminals. Capacity-expansion projects in delivery: New Carajás Program (Serra Sul +20 Mtpa, Serra Leste +10 Mtpa), Capanema (+15 Mtpa, first shipment 2025, ramp-up H1 2026), Vargem Grande project (+15 Mtpa, ramp-up H2 2026). 2030 production aim ≈ 360 Mt. Two briquette plants in Brazil; Carajás Medium Grade product launched in 2025.
Portfolio Aggregate
Multiple effective dates
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Vale Copper Portfolio
Portfolio · Ownership 90%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Vale Base Metals' copper portfolio. Brazilian assets in Carajás (Pará): Sossego and Salobo concentrate plants — Salobo 3 progressed with second processing test in March 2025, achieving 35 Mtpa for 90 days, triggering Wheaton milestone payment. Canadian polymetallic assets in Sudbury (Ontario) also contribute copper as byproduct. Growth pipeline: Bacaba (part of New Carajás Program, install license granted, ~50 ktpa Cu over 8 years, start-up H1 2028 to extend Sossego complex life), Alemão. Northern Hub and Southern Hub in Carajás targeted for accelerated development to reach ~700 kt Cu by 2035. Vale owns 90% of Vale Base Metals; Manara Minerals holds the residual 10% (since April 2024).
Portfolio Aggregate
Multiple effective dates
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Vale Nickel Portfolio
Portfolio · Ownership 90%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Vale Base Metals' nickel portfolio. Canadian operations: Sudbury (Ontario) integrated mining + milling + smelting complex, Voisey's Bay (Newfoundland & Labrador) underground mines now in ramp-up, Thompson (Manitoba) and Long Harbour refinery (Newfoundland — finishes Voisey's Bay concentrate). Brazilian nickel at Onça Puma (Pará) — second furnace commissioned September 2025 on schedule and under budget, adding 15 ktpa of capacity (nominal site capacity now 40 ktpa). Sudbury mill ore throughput planned to increase. 2030 onward production target 210-250 kt with Long Harbour and both Onça Puma furnaces at full capacity. Vale owns 90% of Vale Base Metals (Manara Minerals 10% since April 2024).
Portfolio Aggregate
Multiple effective dates
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Operating · 7 projects
Capanema
Asset
Project information
As at 31 December 2025
Description
As at 31 December 2025
Vale opened the Capanema mine in Ouro Preto, Minas Gerais in 2025, marking a new phase of mining in the state. USD 12 B investment to 2030 with USD 930 M for reactivation (idle for 22 years). Capanema operates on natural-moisture processing — no water in mineral processing, no tailings, no tailings dam. Capacity ~15 Mtpa of iron ore. First shipment in 2025; full ramp-up expected H1 2026. Includes five autonomous off-highway trucks and circular-mining solutions (recovery of iron ore from waste piles). Employs ~800 people post-construction.
Mining metrics
Multiple effective dates
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Sossego
Asset
Project information
As at 31 December 2025
Description
As at 31 December 2025
Sossego copper mining complex in Carajás, Pará, Brazil. Operating asset. The Bacaba project (installation license obtained 2025) will extend Sossego's life by adding ~50 ktpa Cu over 8 years, with start-up expected H1 2028.
Mining metrics
Multiple effective dates
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Sudbury
Asset
Project information
As at 31 December 2025
Description
As at 31 December 2025
Sudbury polymetallic mining operations (nickel, copper, PGMs, gold) in Ontario, Canada. Part of Vale Base Metals. Increased ore throughput targeted as part of 2030 Ni 210-250 kt vision.
Mining metrics
As at 31 December 2025
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Voisey's Bay
Asset
Project information
As at 31 December 2025
Description
As at 31 December 2025
Underground nickel-copper-cobalt mine in Labrador, Canada. Major contributor to Vale Base Metals Ni output. Underground mine ramp-up progressing through 2025.
Mining metrics
As at 31 December 2025
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Royalties & streams
All royalty and stream interests in the database that refer to this asset by name.
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Onça Puma
Asset · Ownership 90%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Onça Puma is Vale's Brazilian nickel operation (open pit + ferro-nickel smelter) in Pará. The site's second furnace commenced operations in September 2025 — on schedule and under budget — adding 15 ktpa of nickel production capacity and increasing the site's nominal capacity to 40 ktpa. Both furnaces are expected to operate at full capacity from 2030 onward.
Mining metrics
Multiple effective dates
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Salobo
Asset · Ownership 90%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Salobo copper-gold concentrate operation in Carajás, Pará. Reported record output in 2025, the main driver of group-level copper production reaching its highest level since 2018. The Salobo 3 expansion progressed as planned — second processing test in March 2025 achieved an average rate exceeding 35 Mtpa for 90 days, triggering Wheaton's milestone payment under the streaming agreement (annual payments are expected for up to 10 years subject to operational targets and copper grades).
Mining metrics
Multiple effective dates
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Carajás Complex (Serra Norte / Serra Sul / Serra Leste)
District
Project information
As at 31 December 2025
Description
As at 31 December 2025
The Carajás complex is Vale's flagship Northern System iron ore operation in Pará — one of the world's largest, highest-grade iron-ore districts. Three mining complexes: Serra Norte, Serra Sul (incl. S11D), and Serra Leste — feeding a buffer stockpile at Serra Sul and the Carajás Railroad to maritime terminals. The New Carajás Program received operating licenses for the Serra Sul +20 Mtpa expansion and the Serra Leste +10 Mtpa expansion in 2025. Carajás Medium Grade product launched the same year, with increased PFC1 volumes. Reserves are not restated in the 2025 Annual Report (sustainability/integrated format).
Mining metrics
Multiple effective dates
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Construction · 2 projects
Vargem Grande
Asset · Construction
Project information
As at 31 December 2025
Description
As at 31 December 2025
Vargem Grande project (Nova Lima, Minas Gerais) — part of Vale's Southern System. Commissioning advanced in 2025; will add ~15 Mtpa of net iron-ore production capacity. Ramp-up expected in H2 2026. Also improves product quality and increases portfolio flexibility. The neighbouring Serrinha and Vargem Grande operations exemplify circular-mining recovery from existing waste rock and tailings deposits.
Mining metrics
Multiple effective dates
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Bacaba
Asset · Construction · Ownership 90%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Copper development project within the New Carajás Program, located in the Sossego Mining Complex in Pará, Brazil. Obtained installation license in 2025 to begin construction. Designed to extend Sossego's life by adding ~50 ktpa average Cu over 8 years, with start-up expected in H1 2028.
Mining metrics
Multiple effective dates
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Processing facilities · 1 project
Long Harbour Refinery
Asset
Project information
As at 31 December 2025
Description
As at 31 December 2025
Nickel and cobalt refinery in Long Harbour, Newfoundland and Labrador, Canada. Processes ore from Voisey's Bay; produces refined nickel and cobalt. Operating at increasing capacity as Voisey's Bay underground ramps up.
Processing facilities
As at 31 December 2025
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Diversified
- Diversified miners report under several codes (NI 43-101 + JORC + SEC, or mining + O&G). Portfolio presents each project under its native standard; this tab shows the full unit enum.
- Cross-standard comparability caveats apply — see the categories detail sections below.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
- Oil & Gas — one row per O&G project (typically a field, licence, play or basin asset), with columns for location, status, primary hydrocarbons, production (with rating), reserves & resources (with rating), costs and estimated lifetime.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- Reserves walk — gross (disclosed) — year-by-year reconciliation of the opening balance to the closing balance, broken into Extensions & discoveries, Revisions, Improved recovery, Purchases, Divestitures, Production and Conversion to developed.
- Reserves walk — net change by year — per-year summary of net additions and net deductions across the portfolio.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Copper
Nickel
Iron
Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
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