Reaching agreements with residents near the project is expected to take about a year, followed by three to build the mine, which will begin operations by 2022.
The two separate decrees aim at making the local industry more competitive and sustainable, while while implementing rules on the collection of higher mining royalties.
Transiting Voisey's Bay nickel mine from open-pit operations to underground will cost about $2 billion, and is expected to extend its productive life to 2035.