VALE3 CapEx Plan: S11D, Briquettes, and Waste-to-Value
Vale (VALE3) FRE business-plan section is a project pipeline, not a slogan: maintenance-heavy CapEx, Northern System expansions, briquettes, and tailings-to-product programs.
This page summarizes a business-plan analysis from the 2025 FRE. apicvm supplies the filings.
The research question
> What CapEx, projects, and low-carbon initiatives does the FRE business plan disclose?
CapEx levels
| Item | Amount |
|---|---|
| CapEx 2024 | US$ 6.082 billion (growth US$1.545bn / maintenance US$4.537bn) |
| 2025 CapEx budget | ~US$ 6.2 billion |
| 2024 allocation — Iron Ore Solutions | US$ 4.013 billion |
| 2024 allocation — Energy Transition Metals | US$ 1.939 billion |
Funding: operating cash flow, capital budget, loans, and capital markets. No material divestments disclosed as underway.
Selected projects
| Project | Status / scale |
|---|---|
| Northern System 240 Mt / S11D +10 Mtpa | Ramp-up 1H25; new circuits partially online |
| Serra Sul +20 Mtpa | Budget supplements to US$ 2.844bn; physical progress 69.18% (Dec 2024) |
| Gelado (tailings → pellet feed) | Ops since Mar 2023; ~1 Mt in 2024; PPE balance R$ 1.91bn |
| Tubarão briquettes | ~6 Mt/year capacity; plant 1 online Nov 2023; plant 2 after 2027 |
| Capanema 15 Mtpa sinter feed | Waterless / no tailings design; ops start targeted 1H25 |
| VBME underground / Onça Puma 2nd furnace | Full VBME capacity 2H26; furnace start 2H25 (~+15.2 ktpa Ni) |
Low-carbon and ventures
- Waste to Value / Agera sustainable sand: ~1.9 Mt supplied since start; R$ 4 million R&D expense in 2024
- Green hydrogen / Mega Hubs (e.g. Ras Al Khair land reservation up to 12 Mt/year briquettes)
- Scope 3 carbon credits capped at 20% of absolute reduction through 2035 (17 MtCO₂e)
- Vale Ventures CVC book: R$ 319 million at 31 Dec 2024
Pair this with the production-guidance FRE page for volumes vs the project list.
Replicate with apicvm
export APICVM_KEY='apicvm_...'
export APICVM_URL='https://apicvm.dev'
curl -H "Authorization: Bearer $APICVM_KEY" \
"$APICVM_URL/v1/companies/resolve?query=VALE3&by=ticker"
curl -H "Authorization: Bearer $APICVM_KEY" \
"$APICVM_URL/v1/documents?ticker=VALE3&type=FRE&year=2025&name=Plano"
curl -X POST -H "Authorization: Bearer $APICVM_KEY" \
-H "Content-Type: application/json" \
-d '{"callback_url":"https://your-server/callback","document":{"id":"<id>"}}' \
"$APICVM_URL/v1/document-text-extractions"Methodology note
Findings above come from a completed Hold analysis of the company's public 2025 FRE. This is a research illustration, not investment, legal, or tax advice. Verify numbers against the original filing before trading, modeling, or publishing reports.
Limitations
- apicvm returns filings and extracted text — it does not classify risks or compute coverage ratios.
- Figures are as of the FRE filing date; later ITRs or facts relevantes can update them.
- Corpus coverage depends on ingestion lag.
Next steps
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