Vale speeds Salobo copper expansion, cuts costs
The investment marks another step in Vale's strategy to nearly double annual copper output to about 700,000 tonnes by 2035.
Vale, the world’s largest copper producer, is expanding its Salobo mine in Brazil and speeding up production by 30,000 tonnes annually. This expansion, which includes a coarse particle flotation (CPF) upgrade, is expected to double Salobo’s total throughput to 42 million tonnes per year. The upgrade is projected to yield around 15,000 ounces of gold as a byproduct.
The project's capital cost has been re-assessed at $215 million, down from the previous estimate range of $225-$275 million. Wheaton Precious Metals (WPM) is contributing $40 million via an amended streaming agreement. First copper production from the expansion is anticipated to commence in the first half of 2028. Vale’s CEO, Shaun Usmar, emphasized the project's potential to enhance copper production efficiency and environmental performance.
This investment is part of Vale's strategy to nearly double its copper output to 700,000 tonnes by 2035 through various brownfield expansions in Brazil’s Carajás region.
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