Vale’s Copper Growth Engine — The Road To 700,000 Tons Is Taking Shape!

Vale’s second quarter of 2026 results underscored a strong operational performance, with record production levels and year-on-year growth across its commodity portfolio, particularly in iron ore, copper, and nickel. Iron ore output marked the highest second quarter volume since 2018, aided by the ramp-up of the Capanema and Vargem Grande projects and record performance at the S11D complex. Copper production reached its best Q2 result in nine years, increasing 6%, driven by Salobo and Sossego mines, while nickel production grew 4%, supported by volumes from Onça Puma and Voisey’s Bay. The company maintained its full-year production guidance confidence and approved a $1.7 billion dividend alongside extending a share buyback program for up to 2.3% of outstanding shares. From a growth perspective, Vale is advancing several highly accretive projects, accelerating the commissioning of the Bacaba copper project six months ahead of schedule.