Project Overview
Vale’s Sudbury mines, located in Ontario, Canada, have an operating history dating back to 1885. Sudbury is one of the largest nickel producing areas globally. The Sudbury gold stream covers the five producing mines, Coleman, Copper Cliff, Creighton, Garson, and Totten mines and one development stage project, the Victor Mine Project (“Sudbury Mines”).
In Sudbury, Vale also has a central concentrator and a smelter and refinery complex, making this one of the largest integrated mining operations in the world. Vale completed two key infrastructure initiatives in Sudbury, the Clean Atmospheric Emissions Reduction (“Clean AER”) project and Copper Cliff’s single furnace strategy.
In December, 2018, Vale and Glencore announced that they have initiated a feasibility study to explore the possibility of mining resources from the existing workings of Glencore’s Nickel Rim South Mine. The study will examine the economic and technical aspects of using the existing shaft and infrastructure to potentially jointly develop and mine deposits in close proximity to each other, including Vale’s Victor project and a shared deposit which exists adjacent to the boundary between each company’s properties.
Stream Details
| Date of Contract |
28-Feb-13 |
| Term |
20 years |
| Stream |
70% of gold production |
| Upfront Consideration |
$624M ($570M cash + 10 million warrants with $65 strike & 10 year term)1 |
| Per Unit Production Payment |
$400 |
| Cost Quartile |
Second |
For more information on the Sudbury mines, please visit: www.vale.com (opens in new tab)