Vale aims to double copper production by 2034

Vale aims to nearly double its annual copper production from 380,000 tonnes to approximately 700,000 tonnes by 2034. According to Executive Vice President and CFO Marcelo Bacci, the company intends to achieve this through organic growth rather than mergers and acquisitions.

The expansion strategy centers on developing six new projects located in the Carajás region of Pará, Brazil. This region offers significant copper reserves that have not yet been developed to the same depth as the area's iron ore operations. Bacci noted that the existing infrastructure, including a consolidated supply chain and workforce, provides a competitive advantage for accelerating these operations.

By increasing production, Vale seeks to move from its current global ranking of between 15th and 20th place into the top ten largest copper producers in the world. The company is currently conducting drilling and exploration activities in the region to identify additional reserves beyond the six identified projects.