In 2Q21, Vale reported a record proforma adjusted EBITDA of US$ 11.239 billion, mainly drivenby the higher iron ore and pellets realized prices and sales volumes.
The main drivers of our 2Q21 performance were Ferrous Minerals EBITDA, US$ 10.679 billion, US$ 2.868 billion higher than 1Q21; Base Metals EBITDA, US$ 866 million, US$ 145 million lower than 1Q21; Nickel operations EBITDA, US$ 430 million, US$ 212 million lower than 1Q21; Copper operations EBITDA, EBITDA improved by US$ 67 million to US$ 436 million. Coal EBITDA was negative US$ 164 million, US$ 5 million lower than 1Q21.
Net income was US$ 7.586 billion in 2Q21, US$ 2.040 billion higher than 1Q21, primarily due to higher proforma EBITDA and higher financial results. Total CAPEX for 2Q21 amounted to US$ 1.139 billion, US$ 130 million higher than in 1Q21, explained by acceleration of investments in Voisey’s Bay Mine Extension, Sol do Cerrado solar power plant and Serra Sul 120 Mtpy projects. We generated US$ 6.527 billion in Free Cash Flow from Operations in 2Q21, US$ 680 million higher than in 1Q21.