Vale(US:VALE) Zhong Guo Xin Wen Wang·2026-01-28 09:20Group 1 - The core viewpoint of the report is that Vale achieved strong operational performance across all its businesses in 2025, exceeding the production guidance set at the beginning of the year [2] - Iron ore and copper production reached their highest levels since 2018, at 336 million tons and 382,000 tons respectively, while nickel production hit its highest level since 2022 at 177,000 tons [2] - The strong performance is attributed to the ramp-up of key projects and stable ongoing operations [2] Group 2 - In Q4 2025, iron ore production totaled 90.4 million tons, an increase of 5.1 million tons or 6% year-on-year, driven by strong performance from the Brucutu mine and the ongoing ramp-up of the Capanema project and VGR1 plant [2] - Pellet production totaled 8.3 million tons, a decrease of 800,000 tons or 9% year-on-year, reflecting market conditions [2] - Iron ore sales reached 84.9 million tons, an increase of 3.7 million tons or 5% year-on-year, consistent with production growth [2] Group 3 - In Q4 2025, copper production totaled 108,100 tons, an increase of 6% year-on-year, marking the highest quarterly production since 2018, driven by record output from the Salobo operation and stable performance from the Sossego operation and Canadian polymetallic assets [3] - Nickel production totaled 46,200 tons, an increase of 2% year-on-year, attributed to the successful commissioning of the Onça Puma furnace 2 and the gradual ramp-up of the Voisey's Bay underground mine [3]