{"id":753099,"date":"2018-06-08T16:10:11","date_gmt":"2018-06-08T16:10:11","guid":{"rendered":"http:\/\/juniorminingnews.com\/?p=753099"},"modified":"2018-06-08T16:10:11","modified_gmt":"2018-06-08T16:10:11","slug":"vale-confirms-coming-announcement-about-canadas-voiseys-bay-mine-2","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=753099","title":{"rendered":"Vale confirms coming \u2018announcement\u2019 about Canada\u2019s Voisey’s Bay mine"},"content":{"rendered":"

By Cecilia Jamasmie<\/a><\/span> <\/p>\n

\"Vale<\/a><\/div>\n

Soaring prices for cobalt, one of the crucial elements in batteries for cellphones and electric vehicles, could be behind an enigmatic decision made by Brazil’s mining giant Vale (NYSE:VALE) regarding its stalled project in Canada’s Voisey’s Bay, in the Atlantic province of Newfoundland and Labrador.<\/p>\n

The metal, which is primarily extracted as a by-product of nickel and copper ores, has been drifting lower since hitting near 10-year peaks on the LME in March, but is still up nearly fourfold from its 2016 trough and that could mean the Rio de Janeiro-based company has decided to go ahead with a planned underground expansion<\/a> of its northern Labrador mine.<\/p>\n

An underground expansion of the nickel mine was expected to come online in 2020, but since it has been stalled, it’s believed Vale will announce a new timeframe for it.<\/q><\/p>\n

The project would extend the life of the nickel mine to 2035, but depressed metal prices in the past two years slowed down development. Now it’s also soaring \u2013 up 75% over the past 12 months<\/a> \u2013 supported mainly by environmental production cuts across top producer China, plunging inventories and strong steel prices.<\/p>\n

In light of the new scenario, Vale already suspended the sale<\/a> of a stake in another of its nickel mines \u2014 New Caledonia, located on the remote South Pacific island.<\/p>\n

What it will do in Canada remains an enigma, but both provincial government and company officials told CBC News<\/em><\/a> that a “significant” mining announcement would take place in St. John’s Monday.<\/p>\n

The halted expansion section of the mine was expected to come online in 2020, but since the project has been stalled, it’s believed Vale will also announce a new timeframe for it.<\/p>\n

In January, Reuters<\/em> reported<\/a> that the Brazilian mining giant, which also owns a processing facility at Long Harbour, Placentia Bay, had hired Canada’s Bank of Montreal to raise around $500m from bidders for cobalt that will be produced at the mine.<\/p>\n

Such a streaming deal \u2013 making an upfront payment in exchange for future production \u2013 is common on precious metals markets, but would be the first of its kind for cobalt.<\/p>\n

Negotiating a price for a streaming deal could be complicated by the limited size of the overall market. The Voisey’s Bay deal would only be for around 3,000 tonnes of cobalt per year, according to experts.<\/p>\n

\n

Voisey’s Bay mine \u2013 aerial. (Image courtesy of Vale.<\/a><\/em>)<\/p>\n<\/div>\n

The post Vale confirms coming \u2018announcement’ about Canada’s Voisey’s Bay mine<\/a> appeared first on MINING.com<\/a>.<\/p>\n

…read more<\/a> <\/p>\n

From:: Infomine<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Cecilia Jamasmie Soaring prices for cobalt, one of the crucial elements in batteries for cellphones and electric vehicles, could be behind an enigmatic decision made by Brazil’s mining giant Vale (NYSE:VALE) regarding its stalled project in Canada’s Voisey’s Bay, in the Atlantic province of Newfoundland and Labrador. The metal, which is primarily extracted as […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[360],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/753099"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=753099"}],"version-history":[{"count":0,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/753099\/revisions"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=753099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=753099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=753099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}