Vale stock: Salobo project adds copper growth option

Vale's third-quarter results showed continued pressure on its iron ore business, while stronger base-metals operations and a newly approved copper project added support for the portfolio. The company released the results on Thursday, October 29, according to Vale.

Iron ore weighs on profitability

Pro forma EBITDA fell 20 percent year over year to 3.5 billion US dollars. The average realized price for iron ore fines declined 10 percent from both the prior quarter and the year-earlier period to 85.1 US dollars per tonne, while the C1 cash cost rose 12 percent to 23.1 US dollars per tonne.

Iron ore production declined 6 percent because of lower run-of-mine availability at Serra Norte. Sales still increased 0.3 percent, supported by S11D, the Southeastern system and inventory sales. Vale said October daily production at Serra Norte improved, which could support a stronger fourth quarter.

Base metals add resilience

Vale reaffirmed all 2026 production guidance ranges. Management expects copper and nickel output to reach the upper half of their respective ranges. Copper sales fell 4 percent during the planned Sossego SAG mill rebuild, while nickel sales rose 16.1 percent year over year.

A new detail for investors is the approval of the Salobo Coarse Particle Flotation project. Vale said the project uses existing infrastructure to support copper growth, while the Serra Sul +20 and Compact Crushing projects are intended to strengthen S11D's performance.

Vale stock traded at 10.28 euros on Lang & Schwarz at 17:11 CET on Monday, November 2, 2026. The real-time quote of Vale stock is available separately.

The broader US market environment remains relevant for commodity and mining shares, with the S&P 500 providing the wider equity backdrop.

More news and analyses on Vale stock will track iron ore prices, production recovery and copper execution.