Vale eyes 20% growth in reserves, resources by 2027

Vale‘s (NYSE: VALE) base metals unit said it’s targeting 20% growth in its Canadian and Brazilian mineral reserves and resources between 2024 and the end of 2027 as the Brazilian miner rides recent exploration success across the Americas.

Vale outlined the growth objective late Monday alongside its 2025 exploration results and 2026 outlook. It didn’t immediately specify how many tonnes of reserves and resources it’s aiming to achieve by the end of 2027.

Total copper reserves and resources rose 6% last year to 53 million tonnes as of Dec. 31, while nickel reserves and resources climbed 13% to 14 million tonnes, Vale said. Current copper resources support more than 65 years of potential production at existing rates, the company said.

These increases, along with others for metals such as cobalt, platinum, palladium and gold, will “significantly strengthen” the company’s organic growth pipeline, according to the company.

Proven and probable

Vale’s proven and probable reserves include 1.25 billion tonnes grading 0.66% copper for contained metal of 8.2 million tonnes, the company said Monday. This compares with 8.1 million tonnes a year earlier.

Proven and probable reserves also include 419.3 million tonnes grading 1.42% nickel for contained metal of 5.9 million tonnes. That’s up from 5.6 million tonnes at the end of 2024.

CEO Gustavo Pimenta said earlier this month Vale is targeting a doubling of copper output over the next decade as part of a plan to expand its footprint in three main commodities.

Demand for copper is expected to rise sharply over the coming decades thanks to accelerating electrification and expanding data infrastructure.

2026 priorities

Vale plans to stick to iron ore, copper and nickel because previous efforts to diversify proved disappointing, Pimenta said March 1 in Toronto. In addition to being the world’s biggest iron ore miner, Vale is the Western hemisphere’s largest producer of nickel.

Vale produced 382,000 tonnes of copper last year, its highest level since 2018, and the company has the potential to double that amount, Pimenta said. Record fourth-quarter production at the Salobo mine in Brazil’s northern Para state helped overall copper output rise 6% in the fourth quarter, Vale said in January.

Priorities for 2026 include copper growth through near–mine extensions, satellite deposits and down–plunge continuity, Vale said Monday. Drilling activity in Brazil’s Carajás region will double to more than 120,000 metres, while exploration in Sudbury, Ont. and Voisey’s Bay, Nfld., will focus on sustaining and growing copper and nickel production through brownfield exploration.