Vale S.A. reported a pro forma EBITDA of $3.4 billion for the second quarter of 2025, marking a 7% increase quarter-on-quarter, though a 14% decrease year-on-year due to a 13% decline in iron ore reference prices. Despite this, net income for Q2 2025 rose 6% year-on-year to $21.17 billion, and recurring free cash flow increased by $500 million from Q1 2025 to $1 billion.
Iron ore production reached 84 million tons, a 4% year-on-year increase and the highest second-quarter output since 2018. Copper production showed robust growth, increasing 18% year-on-year, marking the best second quarter since 2019, with all-in costs dramatically decreasing by 60% year-on-year to $1,400 per ton.
Nickel production also surged, rising 44% year-on-year, and its all-in costs decreased by 30% year-on-year to $12,396 per ton. The company revised down its 2025 all-in cost guidance for copper to a range of $1,500 to $2,000 per ton, implying a $300 million EBITDA improvement for the year. These operational improvements and cost efficiencies highlight Vale's strategic focus on energy transition metals and disciplined management.
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