Vale's Salobo Copper Project Advances, Accelerates Start-up to 1H2028
Vale S.A. announced that its subsidiary, Vale Base Metals Ltd. (VBM), is advancing the Coarse Particle Flotation (CPF) project at its Salobo Copper Complex in Brazil. The project's start-up is now expected in 1H2028, approximately one year ahead of schedule, due to optimization initiatives. This expansion will add 6 million tonnes to the annual ore processing capacity, increasing overall capacity to 42 million tonnes per year, and is projected to boost annual copper production by up to 30,000 tonnes, along with 15,000 ounces of gold as a by-product. Wheaton Precious Metals has agreed to provide $40 million in funding, which helps reduce VBM's capital expenditure for the project to an estimated $175 million.
Key Highlights
- Salobo CPF project start-up accelerated to 1H2028, approximately one year ahead of original schedule.
- Project to add 6 million tonnes to annual ore processing capacity, bringing total to 42 million tonnes per year.
- Annual copper production projected to increase by up to 30,000 tonnes.
- By-product gold production expected to be approximately 15,000 ounces.
- Wheaton Precious Metals to provide $40 million in funding for the project.
- VBM's capital expenditure for the project reduced to approximately $175 million from $225-275 million.
- Company targets increasing copper production to approximately 700,000 tonnes per year by 2035.
Price Impact
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