Vale SA clocked weaker-than-expected first-quarter earnings on Tuesday, even as the Brazilian miner clocked strong sales on higher prices of iron ore and copper.

Vale’s pro forma earnings before interest, tax, depreciation, and amortization jumped 21% year-on-year to $3.89 billion in the three months to March 31. But the figure missed Bloomberg estimates of $4.11 billion.

Get more earnings on top metal mining stocks by subscribing to InvestingPro

Quarterly revenue jumped 14% to $9.26 billion, the miner said in a statement, as it benefited from higher iron ore and copper prices in the quarter. Net profit was $1.89 billion, up 36% but below expectations of $2.05 billion.

The Brazilian miner benefited from higher commodity prices, with average realized iron ore fines prices up 5.5%, while realized copper prices jumped 48% as the red metal saw a speculative frenzy in early-2026.

While Vale is among the biggest iron ore producers in the world, the company has also pushed further into base metal production in recent years, especially in industrial metals such as copper and nickel. Demand for the two is expected to rise further amid a greater global push into electrification and data center construction.

Copper prices had rallied in early-2026 on this notion.
Source: Investing.com