Vale Base Metals Accelerates Salobo Copper Expansion

The expansion will add 6 million tonnes of processing capacity to the Salobo plant, pushing total annual throughput to 42 million tonnes. Beyond copper, the project is set to yield approximately 15,000 ounces of gold annually as a byproduct. CEO Shaun Usmar noted that the initiative leverages existing infrastructure to improve efficiency and environmental performance, effectively bypassing industry-wide difficulties in bringing new copper supply to market.

Wheaton Precious Metals has committed $40 million to the project, covering a significant portion of the $215 million total cost. This financial arrangement replaces future milestone payments under an existing streaming agreement, reducing Vale Base Metals' net capital expenditure to roughly $175 million. The project, which achieved an internal rate of return exceeding 50% in projections, is designed to remove grinding bottlenecks by stripping waste rock earlier in the processing stream. This shift also supports broader operational goals, including a 7% increase in mine movements supported by new autonomous haulage equipment. Development follows extensive lab testing at the company's Sheridan Park facility in Canada and successful pilot programs in the Carajás region.