#Canada #Vale Base Metals #Voisey's Bay #Nickel Production #Labrador

Vale Base Metals Completes Voisey's Bay Transition to Underground Mining

Vale Base Metals has announced the successful completion of its Voisey's Bay Mine Expansion Project, a significant investment valued at approximately $2.94 billion. This transformative project is located in northern Labrador and marks a critical step towards increasing the production of nickel concentrate, projected to reach 45,000 tonnes annually. Nickel is a vital mineral that supports energy independence and the transition to a sustainable energy future.

The Voisey's Bay expansion represents a strategic shift from open-pit mining to a more sustainable underground mining method. This shift encompasses the establishment of two underground mines: Reid Brook and Eastern Deeps. These facilities are designed to generate nickel concentrate to be processed at the Long Harbour Processing Plant, notably one of the world’s most environmentally friendly nickel processing facilities.

In addition to nickel, the newly developed mine is expected to yield additional critical minerals, including 20,000 tonnes per year of copper and 2.6 tonnes of cobalt. The project is on track for full operational capacity, with expectations set for the second half of 2026.

These minerals are essential for various industrial applications, ranging from defense manufacturing to the production of battery electric vehicles and clean energy infrastructure. Voisey's Bay plays a pivotal role as a key supplier of nickel to the United States, where demand for this critical mineral is rapidly increasing due to the shift towards sustainable technologies.

Completion of the expansion project is not only a landmark achievement for Vale Base Metals but also enhances the competitive edge of the company’s Canadian operations. The transition is anticipated to contribute to reduced production costs within the nickel segment, ensuring economic viability and sustainability.

Shaun Usmar, CEO of Vale Base Metals, emphasized the company's dedication to responsibly unlocking the potential of its resources and highlighted the importance of maintaining a partnership with local Indigenous communities. He stated, "Ensuring local economic benefits from Voisey's Bay remains a key priority for the company, and we are proud of the collaborative relationship we have with Indigenous Partners, including the Innu Nation and Nunatsiavut Government."

With the expansion, the workforce at Voisey's Bay has increased significantly from approximately 600 to 1,100 direct employees. During the peak of the expansion effort, about 3,400 direct and indirect jobs were created, demonstrating Vale’s commitment to local employment and community engagement.

Vale Base Metals highlights its role as a catalyst for social and economic advancement, fostering local procurement, workforce capacity-building, and shared benefits for stakeholders. Usmar gratefully acknowledged the team's efforts that contributed to the project's success, underscoring the long-term benefits the Voisey's Bay expansion will bring to Newfoundland and Labrador, as well as to the broader market demanding low-carbon, high-purity nickel.

Since beginning production in 2005, Voisey's Bay has been a driving force for economic growth in Newfoundland and Labrador. The completion of this ambitious expansion not only sustains its legacy but also positions the site as a long-term provider of essential minerals for a greener future.

About Vale Base Metals

Vale Base Metals is renowned as one of the world's leading producers of high-quality nickel, alongside its significant copper and responsibly sourced cobalt production. With a strong corporate presence in Toronto and operational sites across Canada and globally, Vale is dedicated to providing the fundamental materials necessary for a more sustainable world.