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Investing.com-- Vale SA (BVMF:VALE3) reported a sharp rise in third-quarter profit on Friday, helped by stronger iron ore and copper production, lower costs, and higher realized prices, as the Brazilian miner continued to advance its growth and safety agenda.
Pro forma net income climbed 78% from a year earlier to $2.7 billion, while adjusted EBITDA rose 17% to $4.4 billion.
Net operating revenue increased 9% to $10.4 billion, supported by higher sales volumes of iron ore, copper, and nickel, and improved price realization.
The company said its flagship iron ore business delivered its strongest quarterly production since 2018, while copper output reached the highest level for a third quarter since 2019.
All-in costs for iron ore fell 4% to $52.9 per tonne, driven by higher quality premiums and reduced freight expenses.
In its energy transition metals segment, copper and nickel operations also showed improved efficiency. Copper all-in costs fell 65% year-on-year to $994 per tonne, while nickel costs dropped 32% to $12,347 per tonne.
Vale lowered its 2025 cost guidance for copper to $1,000–$1,500 per tonne, from $1,500–$2,000, and for nickel to $13,000–$14,000 per tonne, from $14,000–$15,500.
Capital expenditures stood at $1.25 billion for the quarter, down 11% from a year earlier, keeping the company on track to meet its full-year investment target of $5.4–$5.7 billion, the company added.