Project Overview
The Voisey’s Bay mine and concentrator is located on the north coast of Labrador, approximately 1,200 kilometres north of St. John’s, Newfoundland. Open pit mining began in 2005 and the mine is in the process of transitioning to underground mining.
In July 2015, Vale’s Board of Directors sanctioned the development of the underground deposits at Voisey’s Bay. Construction of the mine expansion project began in 2016, and is focussed on the development of two separate deposits, Reid Brook and Eastern Deeps. Once in operation, underground mining is expected to extend the life of the Voisey’s Bay operation until at least 2034. At peak production, the underground mines are expected to produce about 45,000 tonnes per year of nickel-in-concentrate which will be shipped to Vale’s processing facility in Long Harbour, Newfoundland for further processing into finished nickel. The mine also produces a copper concentrate which is shipped to third party smelters but does not contain payable cobalt.
This will include the expansion of existing surface infrastructure at Voisey’s Bay for increased power generation capacity, additional permanent accommodations, offices, warehousing and maintenance shops. The water and sewage treatment facilities will also be upgraded.
Stream Details
| Date of Contract |
11-Jun-18 |
| Term |
Life of Mine |
| Stream |
42.4% of Co until 31Mlbs delivered then 21.2% of Co thereafter |
| Upfront Consideration |
$390M |
| Per Unit Production Payment |
18% of spot Co until balance of the upfront payment is reduced to zero, 22% thereafter |
| Cost Quartile |
Fourth |
For more information on the Voisey's Bay mine, please visit: www.vale.com (opens in new tab)