Vale, the mining giant headquartered in Rio de Janeiro, Brazil, released its financial report for the first quarter of 2025 on the 24th.

According to reports, Vale's key performance highlights for the first quarter of 2025 include:

Sales performance across all business segments improved. Iron ore sales increased by 2.3 million tons year-on-year, representing a growth rate of 4%. Sales of copper and nickel rose by 5,100 tons and 5,800 tons, respectively, with year-on-year growth rates of 7% and 18%.

The average actual price of iron ore fines was $90.8 per ton, essentially unchanged from the previous month but down 10% year-on-year, driven by a decline in the price of the 62% iron ore index.

The EBITDA (earnings before interest, taxes, depreciation, and amortization) came in at $3.2 billion, a decrease of 8% year-on-year. The increase in iron ore sales and the decline in unit costs, coupled with improved performance from ValeBaseMetals, partially offset the impact of lower iron ore and nickel prices.

The C1 cash cost of iron ore fines (excluding third-party purchases) was $21.0 per ton, down 11% year-on-year, continuing the downward trend. Vale is confident in achieving its 2025 C1 cash cost guidance target of between $20.5 and $22.0 per ton.

The total cost of copper was $1,212 per ton, down 63% year-on-year, thanks to stable operational performance and higher by-product revenues. The total cost of nickel (adjusted for PTVI) was $15,730 per ton, down 4% year-on-year.

Capital expenditures totaled $1.2 billion, a decrease of $221 million year-on-year, consistent with the revised implementation plan for 2025. The targeted capital expenditure guidance for 2025 remains at $5.9 billion.

Recurring free cash flow totaled $504 million, a year-on-year decrease of $1.7 billion, reflecting a decline in EBITDA and an increase in working capital.

As of March 31, the total net debt amounted to US$18.2 billion, an increase of US$1.8 billion from the previous quarter, primarily due to dividends and interest payments on capital.

Vale CEO Gustavo Pimenta said, “In 2025, we got off to a solid start and are on track to meet our annual targets.”

Cost management is off to a strong start; in the first quarter, C1 costs came in at $21 per ton, continuing the downward trend from the previous year. Value-added projects are being steadily advanced—these projects are key to enhancing the flexibility of our product portfolio and improving operational and cost efficiency.

Bi Wenda stated that at ValeBaseMetals, the effectiveness of asset review measures is becoming evident. The company has been continuously optimizing its balance sheet through light-asset solutions, such as the transaction involving the establishment of a strategic joint venture with Alian?aEnergia.

The current macroeconomic environment and market volatility underscore the importance of Vale’s “Vale 2030” strategy.