Vale Base Metals proceeds with Salobo CPF project

Vale — Vale Canada (VBM) announced it is proceeding with the Coarse Particle Flotation (CPF) project at its Salobo Copper Complex in Brazil. The project is expected to add up to 30,000 tonnes of annual copper production and 6 million tonnes of annual ore processing capacity, bringing total capacity to 42 million tonnes per year. Start-up is accelerated to the first half of 2028, about one year earlier than initially projected. VBM received the construction license from Brazil — Brazilian Institute of Environment and Renewable Natural Resources ahead of schedule. The capex estimate was optimized to approximately $215 million, down from $225-$275 million, with Dundee Precious Metals providing $40 million in funding, reducing VBM's capital expenditure to about $175 million. The project is expected to have an IRR greater than 50% and low capital intensity of $5,000-$6,000 per copper equivalent tonne. VBM aims to increase copper production to approximately 700,000 tonnes per year by 2035.