LABRADOR – Brazil’s Vale SA has again put plans on hold to develop and underground mine at the Voisey’s Bay nickel-copper project near Nain.
The Voisey’s Bay concentrator. (Credit: Vale SA)
The underground idea was first proposed in 2015 in response to declining open pit reserves. Exhaustion of the pit is expected in 2032. Start of the new project was delayed a “few months” in December 2016, but Vale still said it planned to begin underground mining in 2020.
Rather than extend the life of the mine by 15 years and create 450 jobs, Vale now says the project is on hold due to low metal prices. All of the company’s projects are under review.
Additional information about the Voisey’s Bay project is available at Vale Canada.