Vale (NYSE: VALE) and Glencore eye Sudbury copper project targeting 880kt output

Rhea-AI Filing Summary

Vale S.A. reports that its subsidiary Vale Base Metals has signed an agreement with Glencore Canada to jointly evaluate a potential brownfield copper project in the Sudbury Basin. The plan is to study using Glencore’s existing Nickel Rim South Mine shaft and infrastructure to access underground copper deposits on both companies’ adjacent properties, with the goal of forming a 50/50 joint venture after this early work.

The proposed project would deepen the current shaft and add new drifts, and is estimated to produce about 880 thousand tonnes of copper over 21 years, with a capital cost of roughly US$ 1.6 billion to US$ 2.0 billion. Because the ore is polymetallic, the operation is also expected to yield nickel, cobalt, gold, PGMs and other critical minerals. Detailed engineering, permitting and consultation are planned for 2026, and a final investment decision is targeted for the first half of 2027.

Insights

Mining strategy and capital allocation analyst

Vale outlines a large potential copper project with Glencore, but major spending awaits a 2027 investment decision.

The announcement highlights a sizeable potential brownfield copper development in Sudbury, with an estimated 880 thousand tonnes of copper over 21 years and capital needs of about US$ 1.6 billion to US$ 2.0 billion. Using Glencore’s existing Nickel Rim South Mine shaft and infrastructure could lower execution complexity versus a greenfield build and supports Vale’s strategy of growing in base metals, particularly copper.

The project’s polymetallic nature—adding nickel, cobalt, gold, PGMs and other critical minerals—may diversify future revenue streams from a single complex. However, the agreement is currently limited to joint evaluation work, with detailed engineering, permitting and consultation only slated for 2026, and a final investment decision expected in the first half of 2027. Until that decision is made, volumes and capital outlays remain prospective rather than committed.

For now, the key takeaway is that Vale and Glencore are positioning a long-life copper and critical-minerals option in Sudbury, not yet a sanctioned project. Clarity on the project’s economics, funding structure and timing should emerge around the anticipated investment decision window in the first half of 2027, based on the planned studies and permitting work in 2026.

United States

Securities and Exchange Commission

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the

Securities Exchange Act of 1934

For the month of

December 2025

Vale S.A.

Praia de Botafogo nº 186, 18º andar, Botafogo
22250-145 Rio de Janeiro, RJ, Brazil

(Address of principal executive office)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

(Check One) Form 20-F x Form 40-F ¨

   Vale Base Metals and Glencore Canada agree to evaluate development of Sudbury copper deposits Rio de Janeiro, December 2nd, 2025 - Vale informs that its subsidiary Vale Base Metals (“VBM”) today announced it has signed an agreement with Glencore Canada (“Glencore”) to jointly evaluate a potential brownfield copper development project at their adjacent properties in the Sudbury Basin. The agreement provides a framework to explore the significant synergies of mining both companies’ underground deposits via the existing shaft and infrastructure at Glencore’s Nickel Rim South Mine. Upon completion of this early work, the intention is that VBM and Glencore will transition to a joint venture as equal partners in the project. The project proposes deepening Glencore’s existing mine shaft and developing new drifts to access nearby copper deposits. The project is estimated to produce 880 kt of copper over 21 years with a capital cost of about US$ 1.6 billion to US$ 2.0 billion. The polymetallic geology of the Sudbury Basin means that in addition to copper the companies will also produce nickel, cobalt, gold, PGMs and other critical minerals. Detailed engineering, permitting and consultation work will occur in 2026. A final investment decision is expected in the first half of 2027. Marcelo Feriozzi Bacci Executive Vice President, Finance and Investor Relations For further information, please contact: Vale.RI@vale.com Thiago Lofiego: thiago.lofiego@vale.com Mariana Rocha: mariana.rocha@vale.com Luciana Oliveti: luciana.oliveti@vale.com Pedro Terra: pedro.terra@vale.com Patricia Tinoco: patricia.tinoco@vale.com This press release may include statements that present Vale’s expectations about future events or results. All statements, when based upon expectations about the future, involve various risks and uncertainties. Vale cannot guarantee that such statements will prove correct. These risks and uncertainties include factors related to the following: (a) the countries where we operate, especially Brazil and Canada; (b) the global economy; (c) the capital markets; (d) the mining and metals prices and their dependence on global industrial production, which is cyclical by nature; and (e) global competition in the markets in which Vale operates. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM) and in particular the factors discussed under “Forward-Looking Statements” and “Risk Factors” in Vale’s annual report on Form 20-F. Press Release

 

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Vale S.A. (Registrant)
	By:	/s/ Thiago Lofiego
Date: December 2, 2025		Director of Investor Relations

FAQ

What did Vale S.A. (VALE) announce regarding its Sudbury copper assets?

Vale S.A. reported that its subsidiary Vale Base Metals signed an agreement with Glencore Canada to jointly evaluate a potential brownfield copper development project using their adjacent underground deposits in the Sudbury Basin and Glencore’s Nickel Rim South Mine infrastructure.

How much copper could the proposed Vale Sudbury project produce?

The proposed brownfield project in Sudbury is estimated to produce about 880 thousand tonnes of copper over a 21-year period, according to the announcement.

What is the estimated capital cost of the Vale and Glencore Sudbury copper project?

The project is estimated to require capital expenditures of approximately US$ 1.6 billion to US$ 2.0 billion, mainly to deepen the existing shaft and develop new drifts to reach the copper deposits.

Will the Vale Sudbury project produce metals other than copper?

Yes. Due to the polymetallic geology of the Sudbury Basin, the project is expected to produce nickel, cobalt, gold, PGMs and other critical minerals in addition to copper.

When are key milestones expected for the Vale and Glencore Sudbury copper project?

Detailed engineering, permitting and consultation are planned to occur in 2026, and a final investment decision is expected in the first half of 2027.

Are Vale and Glencore already partners in this Sudbury copper project?

They are not yet joint venture partners. The current agreement sets a framework to evaluate the project, and the intention is to form a 50/50 joint venture after completion of this early work.