Commodities Buzz: Vale moves ahead with long-awaited expansion of Voiseys Bay mine

Brazils mining giant Vale is moving ahead with construction of an underground mine at its Voiseys Bay mine, located in the Atlantic province of Newfoundland and Labrador, extending operations by at least 15 years. Transiting Voiseys Bay nickel mine from open-pit operations to underground will cost about $ 2 billion and is expected to extend its productive life to 2035, Newfoundland and Labrador Premier Dwight Ball said Monday. Over the five-year construction, to begin this summer, more than 16,000 person-years of employment will be created, he said. Once operational, and including the Long Harbour processing plant, direct employment will hit 1,700 jobs, Ball noted.