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Vale (NYSE:VALE) is set to open a new open-pit mine at the historic Stobie mine site in Sudbury, Ontario. The original underground mine operated from 1914 to 2017, producing over 375 million tons of nickel and copper ore.
Vale's Toronto-based base metal arm expects that the open pit project will cost $149 million over the next four years. The initial production target is 300,000 tons of nickel and copper this year, ramping up to 1.5 million tons by 2025. Additionally, the mine will yield valuable byproducts, including cobalt and precious metals.
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“This is a $149 million project that marks a new era of cooperation and partnership," said Vale Base Metals' Director of Ontario Operations, Gord Gilpin per The Sudbury Star. He praised the involvement of local contractors, including indigenous businesses and the United Steelworkers Union (USW).
"This project is not just about mining. It is about creating sustainable and inclusive growth," he added.
Mining contractor Thiess will oversee the Stobie alongside USW’s Local 6500 outlet, which has more than 2600 members in the Sudbury area alone.
“We will have approximately 62 to 80 new members during the lifetime of this project,” said Nick Larochelle, president of USW Local 6500. Larochelle highlighted that the jobs created include excavator operators, dozer operators, haulage truck drivers, and maintenance workers.
The project will fall under the oversight of Shaun Usmar, a veteran mining executive who has been appointed as Vale's new base metals boss. Usmar brings over 30 years of industry experience, most recently serving as founder and CEO of Triple Flag Precious Metals. His extensive background includes key roles at Barrick Gold Corp., Xstrata Plc, and BHP Billiton, and now he'll oversee Vale's Canadian, Brazilian and Indonesian base metal operations.
Last year, the company separated nickel and copper operations from its iron ore business, looking to streamline its operations.
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Posted In: VALE
