Brazilian mining giant Vale SA (NYSE: VALE) plans to invest USD$3.5 billion in its copper assets between 2026 and 2030, deepening its push into the red metal as global demand rises.
The company said on Monday that it will direct the spending toward projects in the Carajás region of Pará state. Additionally, it will phase the capital outlays steadily over five years.
Vale expects to spend USD$300 million in 2026. It also plans USD$400 million in 2027 and USD$800 million in 2028. Spending will then climb to USD$900 million in 2029. Subsequently, it will reach USD$1.1 billion in 2030.
Executives shared the projections in materials prepared for the BMO 2026 Global Metals, Mining and Critical Minerals conference. The estimates include funding for growth projects in Carajás. Furthermore, they cover the Bacaba project, which is already under development.
Vale continues to rely on iron ore as its core business. However, copper is taking on a larger role in its long-term strategy. The miner aims to lift iron ore production to 360 million tonnes by 2030. That target represents a 7 per cent increase from 336 million tonnes in 2025.
Recently, Vale regained its position as the world’s largest iron ore producer. It moved ahead of rival Rio Tinto Group (NYSE: RIO) (ASX: RIO) in total output. Copper production will grow faster than iron ore, according to company forecasts. Vale expects to produce 500,000 tonnes of copper in 2030.
Read more: CopperTech deploys AI and space-enabled seismic tools at Zambia’s Konkola mine
Read more: S&P Global predicts major rise in copper demand brought on by AI
Value could pursue organic growth and acquisitions
That figure would mark an increase of more than 30 per cent from 382,400 tonnes in 2025. Furthermore, the company aims to reach 700,000 tonnes by 2035. A mining executive familiar with the sector said Vale’s copper ambitions now exceed its plans for iron ore and nickel. He said the company appears more interested in expanding copper operations than other segments.
He added that Vale could pursue both organic growth and acquisitions. Meanwhile, he noted that the company recently stepped back from a major iron ore deal in Brazil. Kazakhstan-based Eurasian Resources Group has put Bahia Mineração, known as Bamin, up for sale. The asset includes iron ore operations with capacity of about 26 million tonnes per year.
It also includes a railway and port project in Bahia state. Additionally, a consortium led by Vale reviewed the opportunity. Cedro Mineração and state-owned bank BNDES joined the consortium. However, Vale decided not to move forward with negotiations.
Portugal’s Mota-Engil is also now in advanced talks to acquire Bamin. Consequently, Vale’s retreat signaled a shift in capital priorities. Other companies are also increasing exposure to copper in Brazil. Additionally, industry data suggests the trend will accelerate.
The Brazilian Mining Institute, known as Ibram, projects USD$8.6 billion in copper investments between 2026 and 2030. That total represents an 18 per cent increase from the previous 2025 to 2029 cycle. This week, Ero Copper Corp. (TSE: ERO) released a Preliminary Economic Assessment for the Furnas copper and gold project. The company is developing the asset jointly with Vale in Carajás.
Read more: Ivanhoe and SQM launch copper exploration push in northern Chile’s Atacama
Read more: Copper miners turn to waste piles and microbes as prices hit record highs
Ero will focus on continued drilling over the next 1-2 years
Ero Copper estimates initial capital spending at roughly USD$1.3 billion. Additionally, it outlined a detailed two-year work plan. The company said it will focus on continued drilling over the next 12 to 24 months. Meanwhile, engineers will advance environmental and permitting studies.
Teams are conducting geotechnical, hydrogeological and metallurgical analyses. These studies aim to refine mine design and processing plans. They also seek to lower construction risk and improve cost forecasts. Furthermore, the company began Environmental Impact Assessment studies in 2025.
Those studies will continue through 2026 and include baseline environmental work. Additionally, Ero Copper plans to engage with regulators at multiple levels. The company expects public consultations to move forward during this period. Consequently, licensing processes at local, state and federal levels should advance in parallel.
