Brazilian mining giant Vale plans to spend $10 billion on Canadian operations

The Canadian Press ~ The News
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TORONTO — Brazilian mining company Vale SA says it plans to spend more than $10 billion over the next few years to expand its Canadian operations.

The company, which operates the former Inco Ltd. businesses in Ontario, Manitoba and Newfoundland and Labrador, says about one-third of the money, $3.4 billion, will be used to upgrade its mines and mills in Ontario.

There will be another $2.8 billion for a new processing plant in Newfoundland and Labrador  — a figure that had been previously announced.

Vale is also evaluating a potash development project in Saskatchewan that could cost $2.5 billion to $3 billion.

If approved, the potash project would employ 1,500 contractors over a four-year construction period and create up to 500 permanent jobs once in operation.

Organizations: Vale SA, Inco Ltd.

Geographic location: Newfoundland and Labrador, TORONTO, Ontario Manitoba Ontario.There Saskatchewan

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