Brazilian miner Vale has decided to invest $122mn for the extension of life and expanding mining operations at Thompson nickel mine in Manitoba, Canada.
The expansion plan at Thompson Mine is a two-phase project. The phase-1 includes infrastructure, including new ventilation raises and fans, extended backfill capacity, and additional power distribution. After the project, production is forecast to increase by 30pc from the current production levels.
The company stated that the plan will allow the company to extract the nickel resources at the Thompson mine for the years to come. It states this is the largest single investment made in the operations in the past few years.
The movement towards renewable energies and electric vehicles could drive demand for nickel.