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Falling iron ore prices caused a 17% drop in Vale's net profit in the first quarter of 2025.
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Release time：2025-04-28
source：Www.mining-technology.com
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Net operating revenue decreased by 4% to US\$8.1 billion (R\$46.16 billion).
Vale, the Brazilian iron ore producer, announced that its net income for the first quarter of 2025 (Q1 2025), ending March 31, decreased by 17%, primarily due to lower iron ore prices.
This quarter, Vale's net profit attributable to shareholders was US\$1.39 billion, down from US\$1.67 billion in the same period last year. Total net operating revenue reached US\$8.1 billion, down 4% from US\$8.45 billion in Q1 2024. The company's adjusted EBITDA for the quarter was US\$3.1 billion, down 9%. Free cash flow in the first quarter of 2025 dropped sharply by 77% to US\$504 million, from US\$2.2 billion in the first quarter of 2024.
As of March 31, 2025, Vale's net debt increased by 21% year-on-year to US\$12.19 billion. Capital expenditure for the quarter was US\$1.17 billion, down 16% compared to the same period last year. Vale's C1 cash cost for iron ore fines (reflecting production costs from mine to port) decreased by 11% this quarter, reaching US\$21 per tonne.
Vale's CEO, Gustavo Pimenta, stated: “We have had a solid start to the year, aligned with our 2025 objectives. Our cost management momentum is positive, with the first-quarter C1 cost at US\$21/t continuing the year-on-year decreasing trend. Our value creation projects are progressing steadily and are key to enhancing portfolio flexibility and improving operational and cost efficiencies. At Vale Base Metals, the benefits of the asset review initiative are becoming apparent, and we are fully committed to achieving our goals.”
“In addition, we have been continuously optimizing our balance sheet through light asset solutions, such as the transaction to create a strategic joint venture in Alianca Energia, which will also help us to achieve our long-term decarbonization goals.” In February 2025, Vale announced plans to invest US\$12.26 billion to expand its iron ore and copper production at its main integrated mining complex in Carajás, northern Brazil. The investment plan focuses on increasing iron ore production to 200 million tonnes and copper production to 350,000 tonnes by 2030.
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