June 11, 2018 / 2:25 PM / in 9 days

Construction at Vale's Canada mine to start this summer

(Reuters) - The construction of Vale SA’s (VALE3.SA) Voisey’s Bay underground mine will start this summer, Dwight Ball, the premier of Newfoundland and Labrador said on Monday.

FILE PHOTO: Brazilian mining company Vale S.A. logo and trading symbol are displayed on a screen at the New York Stock Exchange (NYSE) in New York, U.S., December 6, 2017. REUTERS/Brendan McDermid/File Photo

Vale in 2015 had approved the construction of an underground mine at Voisey’s Bay, but the Brazilian miner slowed development last year on weak nickel prices and a company-wide assets review.

The underground mine will extend the operating life of Voisey's Bay by at least 15 years and Vale will invest about C$2 billion ($1.54 billion), Ball said. (bit.ly/2JG4SJH)

Reuters had reported earlier this year that Vale was seeking to sell un-mined cobalt worth hundreds of millions of dollars to investors from its Voisey's Bay nickel mine. (reut.rs/2JMmK5E)

Reporting by Parikshit Mishra in Bengaluru; Editing by Shounak Dasgupta

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