Check out the Production and sales in 1Q26 and 2026

com.liferay.portal.kernel.util.DateUtil_IW@f53e273 — Photographer: 乐播传媒 Archive

乐播传媒's Production and Sales report for 1Q26 is now available.

The report was released this Thursday, April 16th, and below you will find the key highlights, as well as the full report.

乐播传媒’s performance in 1Q was marked by another quarter of strong production and sales, with multiple assets reaching their highest production levels. In iron ore, the ramp-up of new assets supported consistent production growth, while sales reached the highest level for a first-quarter since 2018. In copper and nickel, production reached double-digit growth, with copper recording its best first-quarter output since 2017 and nickel since 2020.

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Fotógrafo: Ricardo Teles

Highlights

Iron ore production totaled 69.7 Mt, 3% (2.0 Mt) higher y/y, supported by record output at S11D and Brucutu, as well as the continued ramp-up of the Capanema and VGR1 projects. Pellet production reached 8.2 Mt, increasing 14% (1.0 Mt) y/y, driven by improved performance at the Tubar?o pelletizing plants. Iron ore sales increased by 4% (2.6 Mt) y/y, totaling 68.7 Mt, in line with higher production volumes.
Copper production totaled 102.3 kt, 13% (11.4 kt) higher y/y, driven by record output at Salobo and Sossego as well as a solid performance at Voisey's Bay polymetallic mines.
Nickel production totaled 49.3 kt, 12% (5.4 kt) higher y/y, driven by the full-quarter operation of On?a Puma’s 2nd furnace and stable operations at Voisey’s Bay underground mines, which supported a first-quarter production record at the Long Harbour refinery.

Check out the results of our key products below

Iron ore and pellets operations

Northern System: production decreased by 1.2 Mt y/y, totaling 33.2 Mt in the quarter. The decline reflects lower but expected run-of-mine availability at Serra Norte, partly offset by the positive effects of product portfolio optimization within the mine plan. S11D reached a new first-quarter production record of 19.9 Mt (+0.5 Mt y/ y), driven by the ongoing asset reliability initiatives and increased utilization of mobile equipment.
Southeastern System: production increased by 3.1 Mt y/y, totaling 19.2 Mt in the quarter, despite higher rainfall levels and a five-day interruption in railway operations. The increase was driven by (i) the continued ramp-up of the Capanema project, which is expected to reach full capacity in Q2, (ii) stronger performance at Brucutu, reaching the highest first-quarter output since 2018, following the increased output of the fourth and fifth processing lines, and (iii) reduced maintenance downtime at the Itabira Complex.
Southern System: production remained relatively stable, totaling 10.4 Mt in the quarter, despite higher-than-average rainfall, which mainly impacted the operational performance at the Paraopeba Complex, particularly at the Viga and Fábrica sites. This outcome was supported by the ramp-up of the VGR1 plant, which added incremental volumes to the Vargem Grande Complex.
Pellets: output increased by 1.0 Mt y/y, totaling 8.2 Mt in the quarter, driven by higher production at the Tubar?o pelletizing plants, reflecting greater pellet feed availability from Itabira. In mid-March, production at the Oman pellet plant was halted for planned annual maintenance, while construction activities in the Sohar concentration plant were also halted. Due to developments related to the conflicts in the Middle East, including logistical constraints, the Oman plants are expected to resume operations by the end of Q3. During this period, pellet feed originally allocated to Oman will be redirected to the Tubar?o pellet plants and to fines sales, with the 2026 agglomerates production guidance remaining unchanged at 30–34 Mt.
Iron ore sales totaled 68.7 Mt, 2.6 Mt higher y/y, in line with the production increase. The 5.5 Mt inventory consumption mainly reflects the sale of in-transit inventories, following increased production in 2H25.
The all-in premium, adjusted for the 61%Fe price index, totaled US$ 6.2/t, an increase of US$ 2.6/t q/q, reflecting the product portfolio strategy, adaptable product mix and higher market premiums for low-alumina products. As a result, the average realized iron ore fines price reached US$ 95.8/t, US$ 0.4/t higher q/q, partly offset by the negative impact of pricing mechanisms related to provisional pricing adjustments in the previous period. The average realized pellet price increased by US$ 2.4/t q/q, reaching US$ 133.8/t, reflecting higher quarterly pellet premiums.

Copper operations

Salobo: copper production increased by 0.5 kt y/y, reaching 52.8 kt in the quarter, driven by steady operations at the Salobo Complex and solid performance throughout mining and processing activities.
Sossego: copper production increased by 13.0 kt y/y, reaching 29.0 kt in the quarter, supported by strong mill performance, with the strongest throughput of ore processed in efforts to maximize output ahead of the SAG mill 110-day planned maintenance in 2H26, resulting in the second-highest Q1 performance of all time.
Canada: copper production decreased by 2.2 kt y/y, reaching 20.4 kt in the quarter, mainly due to operational disruptions caused by unusual snowstorms at Sudbury and unplanned maintenance at Clarabelle, which has been resolved. The impact was specific to copper concentrate production, as nickel concentrate inventories were sufficient to buffer finished nickel production.
Payable copper sales totaled 91.2 kt, 9.3 kt higher y/y, mainly reflecting the production increase.
The average copper realized price was US$ 13,143/t, US$ 2,140/t higher q/q, reflecting higher LME prices and the favorable impact of final price settlements within the current pricing environment.

Nickel operations

Sudbury: own sourced finished nickel production increased by 0.7 kt y/y, reaching 10.6 kt in the quarter, more than offsetting the impact of unplanned maintenance at the converting reactor #3, which has been resolved. Ore production was solid, supported by the increase in ore hoisted from Creighton, set to continue in the following quarters allowing to increase ore milled.
Voisey's Bay: own sourced finished nickel production increased by 4.0 kt y/y, totaling 10.5 kt in the quarter, underpinned by strong ore output at the underground mines alongside robust performance at the Long Harbour Refinery, which has delivered record Q1 production.
Thompson: own sourced finished nickel production decreased by 2.4 kt y/y, reaching 1.2 kt in the quarter, driven by a pipeline blockage aggravated by weather conditions, which has been addressed. In February, 乐播传媒 Base Metals signed an agreement to create a new consortium of owners for the Thompson Nickel Belt, in which VBM will own 18.9% stake. The transaction, which is expected to close by the end of 2026, is part of the strategic review of Thompson, aimed at strengthening the competitiveness of VBM’s global mining portfolio.
On?a Puma: finished nickel production increased by 3.5 kt y/y, totaling 8.9 kt in the quarter, driven by solid performance of the 2nd furnace, taking the asset to its highest Q1 output ever.
Nickel sales totaled 44.8 kt, 5.9 kt higher y/y. In the quarter, nickel sales were 4.5 kt lower than production, due to inventory build-up to meet committed sales during planned maintenance at refineries in Q2.
The average nickel realized price was US$ 17,015/t, US$ 2,000/t higher q/q, driven by higher LME prices.

乐播传媒's Performance in 1Q26

The 1Q26 financial statements will be released on April 28th. Following the release, our executives will host, on April 29th, a webcast (real-time audio teleconference) with analysts and investors to discuss 1Q26 earnings.

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Photographer: 乐播传媒 Archive