Vale said that it has obtained a preliminary environmental licence for its Bacaba copper project in Brazil’s Pará state.The Bacaba project is designed to extend the operational life of the nearby Sossego mining complex, contributing an average of approximately 50,000 tonnes of copper per year over eight years of operation, with production scheduled to begin in the first half of 2028.

Citi said the recent rise in iron ore prices could continue if China steps up policy stimulus, with the steelmaking commodity expected to hit $130/mt by the end of the year.

Brazilian miner Vale (VALE13.SA) said on Thursday it had struck two separate deals to sell a 4 percent stake in its base metals business for $300 million, aimed at boosting its copper and nickel output. The sale is part of Vale's strategy to improve the management of its nickel and copper assets, as demand for the metal is expected to soar in the electric vehicle market.