Operator: Vale
Location: Canada
Term of Stream: 20 years
Stream Parameters: 70% of gold production
Upfront Consideration:  US$624M (US$570M cash and 10 million warrants with US$65 strike and 10 year term)
Cost Quartile: 2nd
Stream: Gold
Primary Metal: Nickel

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 and Vale's operations in Sudbury are among the largest in the world. The Sudbury gold stream covers five producing mines, the 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 is currently pursuing 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.

More Information

For further information about the Sudbury mine, please visit Vale S.A.'s website at Cost quartile information is sourced from Wood Mackenzie byproduct cost curves for gold, zinc/lead, copper, nickel, and silver mines.

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