Vale accelerates Salobo copper project in Brazil for 2028

Vale's subsidiary, Vale Base Metals (VBM), has announced the acceleration of its Coarse Particle Flotation (CPF) project at the Salobo Copper Complex in Pará, Brazil. The project is now expected to begin operations in the first half of 2028, approximately one year ahead of the original schedule.

The initiative aims to increase the annual ore processing capacity of the Salobo unit by 6 million tonnes, bringing the total to 42 million tonnes per year. This expansion is projected to increase annual copper production by approximately 30,000 tonnes of contained copper, along with roughly 15,000 ounces of gold as a byproduct.

Following a scope optimization, the estimated capital expenditure (Capex) has been reduced to approximately US$ 215 million. To partially fund the investment, Wheaton Precious Metals will pay US$ 40 million to VBM in two installments, replacing future milestone payments under an existing streaming contract. This results in a net expenditure of about US$ 175 million for VBM. The project supports Vale's broader strategic goal to reach an annual copper production of approximately 700,000 tonnes by 2035.