Vale injecting CDN$10 billion into Canadian ops

Brazilian mining giant Vale is expanding its Canadian operations to the tune of CDN$10 billion over five years. Vale Canada’s CEO Tito Martins said that the dollars invested in Canada will improve environmental performance, unlock new market opportunities, increase efficiencies and strengthen the company’s global competitiveness. The overall figure includes some new spending and some previously announced projects. CDN $3.4 billion will be spent at Vale’s operations in Sudbury, Ont. to make those facilities more efficient and significantly slash emissions by 2015. That figure also includes CDN $360 million towards Vale’s Totten Mine, the first new mine the company has built in Sudbury in nearly 40 years. Vale SA will also spend CDN$ 2.8 billion on new processing facilities in Long Harbour, Newfoundland and is considering a CDN $2.5-billion to $3-billion potash project in Saskatchewan. Vale also said it will alter its base metals operations in Thompson, Man. away from smelting and refining and towards mining and milling by 2015. The company also has plans to expand its Toronto offices, positioning them as the new headquarters for Vale’s global base metals operations under Martins.


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