Vale (VALE) accelerates Salobo CPF project with US$40M Wheaton funding

Rhea-AI Filing Summary

Vale S.A., through its subsidiary Vale Base Metals Ltd. (VBM), is advancing the Coarse Particle Flotation (CPF) project at the Salobo Copper Complex in Pará, Brazil to the execution phase, with expected start-up in 1H2028, about one year ahead of the original schedule. The revised timeline reflects project optimization and execution improvements, which are described as supporting enhanced project returns.

The CPF project is expected to add 6 million tonnes to Salobo’s annual ore processing capacity, bringing total processing capacity to 42 million tonnes per year. Annual copper production is projected to rise by up to 30,000 tonnes contained in concentrate, alongside approximately 15,000 ounces of gold by-product. VBM has reduced the project’s capex estimate to about US$ 215 million, with VBM’s expected capital expenditure of roughly US$ 175 million after considering US$ 40 million in funding from Wheaton Precious Metals, payable in two US$ 20 million milestone-based installments.

Filing Explained

The disclosed funding also changes the payment structure: Wheaton’s agreed US$40 million, paid in two US$20 million milestone installments, is in lieu of potential annual payments of up to US$8 million for 10 years under the existing streaming agreement, if a high-grade mine plan were implemented.

Key Figures

Additional processing capacity: 6 million tonnes per year Total processing capacity: 42 million tonnes per year Incremental copper production: 30,000 tonnes per year +5 more

8 metrics

Additional processing capacity 6 million tonnes per year Increase in Salobo plant annual ore processing capacity from CPF project

Total processing capacity 42 million tonnes per year Salobo plant capacity after CPF project completion

Incremental copper production 30,000 tonnes per year Projected increase in annual copper production contained in concentrate

Gold by-product 15,000 ounces per year Approximate annual gold by-product carried with increased copper output

Wheaton funding US$ 40 million Two US$ 20 million milestone-based installments to partially fund CPF project

Revised CPF capex US$ 215 million Lowered from initial US$ 225–275 million capex range after scope simplification

VBM capex after funding US$ 175 million Expected VBM capital expenditure considering Wheaton’s US$ 40 million contribution

Long-term copper target 700,000 tonnes per year by 2035 Company-wide copper production target supported by Brazilian projects

Key Terms

Coarse Particle Flotation, streaming agreement, mineral reserves and resources, forward-looking statements, +1 more

5 terms

Coarse Particle Flotation technical

"proceeding with the Coarse Particle Flotation (“CPF”) project at its Salobo Copper"

Coarse particle flotation is a mineral-processing technique that uses bubbles, reagents and mechanical adjustments to lift and separate relatively large fragments of ore or valuable minerals from waste rock. For investors, it matters because successful coarse-particle flotation can raise the percentage of recoverable metal, reduce processing costs and increase throughput at a mine—directly affecting production forecasts, operating margins and the value of a mining project.

streaming agreement financial

"under the existing Salobo streaming agreement between the two companies"

mineral reserves and resources technical

"supported by a mineral endowment of more than 53 million tonnes of contained copper in mineral reserves and resources"

forward-looking statements regulatory

"factors discussed under “Forward-Looking Statements” and “Risk Factors” in Vale’s annual report"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

capital-efficient development pathway financial

"supporting a capital-efficient development pathway"

FAQ

What project update did Vale (VALE) provide on the Salobo CPF initiative?

Vale reported that its Salobo Coarse Particle Flotation project has moved to the execution phase, with start-up expected in 1H2028, about one year earlier than originally planned, reflecting project optimization and execution improvements.

How will the Salobo CPF project affect Vale (VALE) processing capacity?

The CPF project is expected to add 6 million tonnes to Salobo’s annual ore processing capacity, increasing total plant capacity to 42 million tonnes per year, supporting higher copper and gold production volumes.

What production increases does Vale (VALE) expect from the Salobo CPF project?

Vale projects that annual copper production at Salobo will increase by up to 30,000 tonnes contained in concentrate, with about 15,000 ounces of gold as by-product, enhancing the mine’s overall production profile.

How much will Wheaton Precious Metals invest in Vale’s (VALE) Salobo CPF project?

Wheaton Precious Metals has agreed to provide US$ 40 million to VBM, in two US$ 20 million milestone-based installments, as partial funding for the CPF project, in lieu of certain future payments under the existing Salobo streaming agreement.

What is the revised capex estimate for Vale’s (VALE) Salobo CPF project?

VBM now estimates CPF project capital expenditures at about US$ 215 million, reduced from an initial range of US$ 225–275 million. After Wheaton’s funding, VBM’s expected capital outlay is approximately US$ 175 million assuming a USD/BRL rate of 5.20.

What long-term copper production target did Vale (VALE) reiterate?

Vale’s growth strategy targets copper production of approximately 700,000 tonnes per year by 2035, supported largely by its Brazilian resource base and project pipeline in the Carajás mining region.

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Form 6-K: How Foreign Companies Report to the SEC →

Available on EDGAR 08/13/2026 - 06:03 AM Accepted by SEC EDGAR 08/12/2026 - 06:58 PM Learn about SEC filing dates

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

August 2026

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 ¨

Salobo CPF project advances to execution phase Rio de Janeiro, August 12, 2026 – Vale S.A. (“Vale” or the “Company”) informs that its subsidiary Vale Base Metals Ltd. (“VBM”) is proceeding with the Coarse Particle Flotation (“CPF”) project at its Salobo Copper Complex in Pará, Brazil. VBM expects start-up in 1H2028, approximately one year ahead of original schedule. The revised timeline reflects project optimization initiatives and execution improvements implemented, which also supports enhanced project returns. The project is expected to add 6 million tonnes to the Salobo plant’s annual ore processing capacity, bringing overall processing capacity to 42 million tonnes per year. Annual copper production is projected to increase by up to approximately 30,000 tonnes contained in concentrate, which will also carry approximately 15,000 ounces of gold as by-product, further enhancing Salobo’s production profile following record output in 2024 and 2025. In addition, Wheaton Precious Metals (“Wheaton”) has agreed to provide US$ 40 million to VBM to partially fund the capital associated with the project. Payments will be made in two separate US$ 20 million installments tied to project milestones. VBM and Wheaton have agreed to these payments in lieu of future milestone payments under the existing Salobo streaming agreement between the two companies, which would have required Wheaton to potentially make annual payments over a 10-year period of up to US$ 8 million, if a high-grade mine plan was implemented. VBM has reviewed the CPF project plan and simplified its scope to support a lower capex estimate of approximately US$ 215 million, down from the initially projected US$ 225-275 million. Considering Wheaton’s funding, VBM’s capital expenditure is expected to be approximately US$ 175 million(1). The CPF Project is part of VBM’s copper growth pipeline in Brazil, supported by a mineral endowment of more than 53 million tonnes of contained copper in mineral reserves and resources, including inferred resources. The Company’s growth strategy targets to increase copper production to approximately 700,000 tonnes per year by 2035, supported largely by its Brazilian resource base and project pipeline in the Carajás, where VBM has a strong operating footprint and existing infrastructure. These operations and projects have the advantage of being located near established mining complexes, processing facilities, logistics and power infrastructure, supporting a capital-efficient development pathway. 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 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. (1) Assuming a USD/BRL exchange rate of 5.20. 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: August 12, 2026		Director of Investor Relations