In Q1 2026, Vale of Brazil maintained strong production and sales momentum, with multiple core assets setting historical records and overall operational performance being both robust and groundbreaking. All three major business segments — iron ore, copper, and nickel — achieved comprehensive growth. Iron ore sales reached the highest Q1 level since 2018, copper production hit the best Q1 result since 2017, and nickel production was the strongest Q1 performance since 2020.
I. Iron Ore Business: Accelerated Capacity Release with Growth in Both Production and Sales
Iron ore production reached 69.7 million mt, up 3% YoY. The growth was primarily driven by record single-quarter output at the S11D and Brucutu mines, combined with incremental capacity release from the continued ramp-up of the Capanema project and the Vargem Grande 1 (VGR1) plant.
Iron ore sales totaled 68.7 million mt, up 4% YoY, slightly outpacing production growth.
II. Copper Business: Multi-Site Synergies Driving a New Quarterly High in Nearly 9 Years
Copper production reached 102,300 mt, up 13% YoY.
The Salobo Phase III expansion reached full production, achieving stable output at full capacity; the Sossego operating area completed an intelligent ore supply system upgrade, improving the overall mining and processing recovery rate by 2.3 percentage points; and the Voisey's Bay polymetallic mine's copper system operated continuously without failure for over 90 days, contributing stable incremental output.
Q1 copper production was the highest Q1 figure since 2017, exceeding the 2022 peak by 7.6%, marking Vale's copper assets entering a mature phase of scaled and intelligent operations.
III. Nickel Business: Smelting Breakthroughs Driving the Best Quarterly Performance in 4 Years
Nickel production reached 49,300 mt, up 12% YoY, the highest Q1 level since 2020, highlighting the enhanced resilience of the vertically integrated nickel industry chain.
The Onça Puma No. 2 furnace, commissioned in Q4 2025, achieved its first full-cycle full-capacity operation in Q1 2026; the Voisey's Bay underground mine maintained stable supply; and the Long Harbour nickel refinery set a new historical production record for the quarter.
