SAO PAULO, Dec 3 (Reuters) - Brazilian miner Vale
said on Tuesday it expects to produce between 325
million and 335 million metric tons of iron ore in 2025,
following an output of about 328 million tons this year.
Vale, one of the world's largest iron ore producers,
released the estimates ahead of an investor day in New York,
where executives are expected to detail the forecasts and
comment on the firm's strategic plans.
The Brazilian company reiterated it expects to keep
increasing iron ore output in the coming years, estimating it to
reach between 340 million and 360 million tons in 2026 and about
360 million tons in 2030.
Vale said it has started commissioning the so-called
Capanema project at its Mariana complex, aiming to add about 15
million tons per year of iron ore, "an important milestone
towards achieving the iron ore production guidance in 2026."
The 2024 production figure came in within Vale's previously
announced
forecast
of 323 million to 330 million tons.
The company also said it expects to produce 340,000 to
370,000 tons of copper in 2025, after output of about 345,000
tons this year.
Vale's chief executive Gustavo Pimenta took office in
October pledging to
boost copper production
, conceding the Brazilian company had lost ground to
competitors in output of the key industrial metal.
Vale's copper production is expected to reach 350,000 to
380,000 tons in 2026, 420,000 to 500,000 tons in 2030, and about
700,000 tons in 2035.
Nickel production, meanwhile, is seen rising from around
160,000 tons this year to a range of 160,000 to 175,000 tons
next year, 175,000 to 210,000 tons in 2026, and 210,000 to
250,000 tons in 2030, Vale added in a securities filing.
The mining giant also said its sees its capital expenditure
(CAPEX) totaling about $6.1 billion this year and around $6.5
billion in 2025 and beyond.
(Reporting by Gabriel Araujo; Editing by Andrew Heavens, Louise
Heavens and Chizu Nomiyama )