Brazilian iron ore and pellets producer Samarco has posted a net loss of $328.5 million for the second quarter of 2026, compared with a net loss of $1.689 billion reported during the same period in 2025.
The result reflects chiefly a negative financial result of $537.1 million, mostly related to continuing reparations paid due to the collapse of the Fundão Dam in 2015, the company said.
Net sales revenues were stable at $469.7 million, production costs increased by 28 percent to $252.9 million, gross profit declined by 20 percent to $261.9 million, while operational profit recovered to $170.2 million from an operational loss of $237.4 million incurred in the second quarter of 2025.
By volume, pellet sales were stable at 3.9 million metric tons (mt), with the average realized price one percent higher at $122/mt.
Samarco's Phase 3 project, a major investment program to reach 100 percent of the company's total iron ore production by 2028, has completed engineering and licensing requirements, unlocking the final stage of the operational restart, bringing the company back to its full capacity of 30 million mt per year.
According to the company, the second half of the year is expected to be supported by stable operations and a clear execution road map, remaining focused on safe operations and disciplined capital allocation, while continuing to advance reparation commitments and create long-term value through operational reliability and sustainable growth.
