By Brazil Stock Guide – Vale S.A. (B3: VALE3; NYSE: VALE) on Wednesday, Sept. 10, cut its 2025 capital expenditure guidance to $5.4 billion–$5.7 billion, from a previous estimate of $5.9 billion. The reduction, as much as 8%, signals stricter capital discipline amid global mining volatility.
The plan allocates $1.5 billion for growth projects and $4.1 billion for maintenance, both slightly below prior estimates. By business line, Iron Ore Solutions remains at $3.9 billion, while Energy Transition Metals falls to $1.7 billion from $2 billion.
“This adjustment preserves the company’s capital discipline, focusing on shareholder returns and portfolio repositioning,” said Marcelo Bacci, Vale’s executive vice president of Finance and Investor Relations.
New iron ore products
Vale also issued sales forecasts for two new products: Mid-Grade Carajás, at 25 million tons in 2025, and the concentrated PFC, at 24 million tons. The company will stop reporting product share within its Iron Ore Solutions portfolio, citing greater commercial flexibility.
The cut comes as uncertainty grows over global demand, particularly from China, the world’s top iron ore buyer. By scaling back CAPEX, Vale aims to preserve cash and maximize returns, following moves by global peers facing cost inflation and price swings. The new products broaden the company’s offering and may support competitiveness in shifting market conditions.