[니켈] Vale's Q2 net profit falls 24% but outdoes analyst forecasts

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Vale는 철광석 부진에도 원가 절감과 캐나다·브라질 니켈 생산 확대를 통해 실적 방어에 성공하며, 향후 배터리 메탈 공급자로의 비철금속 중심 포트폴리오 전환 가능성을 보여주었다.
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출처 : Reuters, Sudbury.com (2025.8.1.)

출처 : Sudbury.com

Brazilian miner Vale (VALE3.SA), opens new tab reported on Thursday a 24% decline in its second-quarter net profit from a year earlier to $2.12 billion(2.9조원), while still outperforming analyst expectations.

Analysts polled by LSEG had expected Vale, one of the world's biggest iron ore producers, to post a $1.44 billion net profit for the quarter ended in June. The comparative base was high, given that Vale's net profit a year ago was boosted by the divestment of its PT Vale Indonesia unit.

The miner's revenue in the April to June period this year fell 11% compared to last year, but matched analyst expectations at $8.8 billion.

Revenue declined in Vale's key iron ore segment compared to a year ago, hurt by smaller sales volumes and lower prices, but grew in both copper and nickel.

The average realized price for Vale's iron ore fines was $85.1 per ton in the quarter, a drop of more than 13% from a year ago.

Those lower prices contributed to a 15% drop in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), which totaled $3.39 billion.

At the same time, all-in costs decreased from last year in each category - 10% in iron ore, 60% in copper and 30% in nickel - due to efficiency measures and higher output.

Vale also said it spent $200 million less this quarter than a year before, keeping it on track to meet its 2025 guidance of $5.9 billion.

The company also announced it obtained the preliminary license for the Bacaba copper project, intended to extend the life of the Sossego complex.

As well, Vale this month started commissioning a second furnace in Onça Puma, where it aims to start nickel production in the last quarter of the year.

The shining star of the Q2 report was nickel, reporting a 44 per cent year over year spike, thanks to strong performances in Canada and  at the Onco Puma mine in Brazil, said the company.

For Canadian nickel production, Vale reported the following:

• Sudbury: own sourced finished nickel production increased by 5.5 kt year over year, supported by a combination of productivity improvements at the Clarabelle Mill, a 35 per cent increase in mine output year-over-year and lower planned refinery maintenance year-over-year.

• Voisey’s Bay: own sourced finished nickel production increased by 6.2 kt year-over-year, driven by the 121 per cent increase in underground mines output, contributing to record quarterly production at the Long Harbour refinery.

• Thompson: own sourced finished nickel production increased by 2.3 kt year-over-year, supported by stronger mine output and higher refining output from both the Sudbury and Long Harbour refineries.

For Canadian copper, Vale said copper production increased by 4.3 kt year over year, largely reflecting the continued ramp-up from the underground mines in Voisey’s Bay and consistent copper output from Sudbury mines.