The 45X tax credit makes a difference for US critical minerals
Regulations lawmakers and policymakers implement today will play an outsized role in the critical mineral landscape of tomorrow.
Vale Base Metals, a unit of Vale SA (NYSE: VALE), announced on Tuesday that it has completed the construction and commissioning of its C$4.13 billion ($2.94 billion) Voisey’s Bay nickel-copper underground mine in northern Labrador.
What began life as open pit in 2005 is now two underground mines – Reid Brook and Eastern Deeps.
The expanded project will increase production of nickel in concentrate to 99 million lb. per year. In addition, underground mining will add 44.1 million lb. of copper and 5.7 million lb. of molybdenum to the yearly totals.
“The successful completion of the Voisey’s Bay expansion demonstrates our commitment to unlocking the value of our endowment and delivering responsibly produced nickel to global markets,” Shaun Usmar, CEO of Vale Base Metals, said in a release.
“Ensuring local economic benefits from Voisey’s Bay remains a key priority for the company, and we are proud of the collaborative relationship we have with Indigenous partners, Innu Nation and Nunatsiavut Government, on whose traditional lands the Voisey’s Bay complex is located.”
With the completion of the expansion, the Voisey’s bay workforce has grown to 1,100, up from about 600 pre-expansion. At the height of construction, 3,400 direct and indirect employees worked at the site.
“I want to acknowledge and thank the many teams who helped to bring this complex project safely and successfully to completion,” Usmar said. “I’m proud that Voisey’s Bay will continue to generate shared value for the business and for the people of Newfoundland and Labrador for many years to come.”
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