Vale plans to double copper output to 700k tons by 2034

Vale plans to more than double its copper production over the coming years, targeting approximately 700,000 metric tons per year by 2034 up from its current annual output of about 380,000 metric tons. Marcelo Bacci, Executive Vice President and CFO of the mining company, outlined the strategy in an interview with InfoMoney program Stock Pickers.

The expansion will be driven by six new copper projects located in the Carajás region in the Brazilian state of Pará. Vale currently ranks between 15th and 20th among global copper producers, while leading the world in iron ore. The company expects the planned growth to move it closer to the top ten copper producers globally.

Vale chose Carajás due to its rich copper reserves and existing operational infrastructure, including established supplier networks, local labor, and community relationships. Beyond the six mapped projects, the miner continues exploration and drilling activities in the area to identify additional reserves.

Bacci emphasized that organic growth is currently much more profitable than mergers and acquisitions, requiring a fraction of the capital needed for buyouts. While the company does not rule out acquisitions in a potential second phase depending on market conditions, developing its existing portfolio remains the immediate priority.