Vale (NYSE: VALE) is spending $10 billion in Canada over the next decade to keep operations running in a district it values for its low-carbon production.
The funds are part of $30 billion to be split evenly among the northern country, Vale’s homeland of Brazil and nickel hotspot Indonesia, Emily Olson, the company’s chief sustainability and corporate affairs officer, said in an interview with The Northern Miner in Riyadh on Wednesday. The funds were first announced in September.
“There’s a lot more to do with our existing operations and that’s where we would invest,” Olson said. “In terms of being greenfields, not right now.”
Vale Base Metals chairman Mark Cutifani is undertaking a unit-wide asset review that will likely find more potential at the company’s operations in Sudbury, Ontario; Thompson, Manitoba; and Voisey’s Bay and Long Harbour, Newfoundland; Olson said.
Vale also may have an announcement soon on the Bécancour nickel sulphide processing project it’s advancing to supply 25,000 tonnes of nickel a year to General Motors, she said. That deal, announced just over one year ago could be worth about C$762 million per year.
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