Vale deal extends life of Canadian nickel mine to 2035

Vale has agreed to go underground at its Voisey's Bay site in the Canadian province of Newfoundland and Labrador, extending the lifespan of the nickel mine to reach 2035.

In return for going underground, Vale will be allowed to ship extra ore out of the country for three years.

The CBC reports that no public money is part of the deal and that no existing royalty agreements will be changed. The plan is expected to create just under 1,000 during the initial construction phase and some 400 new jobs thereafter. The site employs 475 workers presently.

To read more coverage from the CBC, click here.