May 17, 2020

Venezuela and Canada join forces to create mining ministry

venezuelan mining
Gold Reserve
Dale Benton
1 min
Venezuela and Canada join forces to create mining industry
The president of Venezuela has announced the development of a mining ministry with the backing of Canadian mining company Gold Reserve.

Las Brisas and...

The president of Venezuela has announced the development of a mining ministry with the backing of Canadian mining company Gold Reserve.

Las Brisas and Las Cristinas will be two mines developed under the new agreement, with the Organisation of the Petroleum Exporting County (OPEC) exploring untapped mineral resources as a way of moving away from the oil industry.

Revenues from Venezuelan oil represents around 95 percent of the country’s export earnings, with the Oil and Gas sector contributing 25 percent of GDP.

“I announce the creation of the new ministry of popular power for ecological mining development," Maduro said in his weekly program on state television, appointing Roberto Mirabal to the lead the ministry.

The ministry will fall under the supervision of Venezuelan state–run Minervan and the Venezuelan Mining Corporation.

Gold Reserve has agreed to the development as a means of settling a disagreement following a dispute over the termination of a mining concession in 2009.

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Jun 29, 2021

Vale invests $150mn to extend life of Manitoba operations

battery metals
2 min
Vale’s $150mn investment in operations at Thompson, Manitoba will extend mine life by 10 years

Vale has announced a $150mn CAD investment to extend current mining activities in Thompson, Manitoba by 10 years while aggressive exploration drilling of known orebodies holds the promise of mining well past 2040.

Global energy transition is boosting the market for nickel

The Thompson Mine Expansion is a two-phase project. The announcement represents Phase 1 and includes critical infrastructure such as new ventilation raises and fans, increased backfill capacity and additional power distribution. The changes are forecast to improve current production by 30%.

“This is the largest single investment we have made in our Thompson operations in the past two decades,” said Mark Travers, Executive Vice-President for Base Metals with Vale. “It is significant news for our employees, for the Thompson community and for the Province of Manitoba.

“The global movement to electric vehicles, renewable energies and carbon reduction has shone a welcome spotlight on nickel – positioning the metal we mine as a key contributor to a greener future and boosting world demand. We are proud that Thompson can be part of that future and part of the low carbon solution.”

Vale continues drilling program at Manitoba

Coupled with today’s announcement, Vale is continuing an extensive drilling program to further define known orebodies and search for new mineralization.

“This $150mn investment is just one part of our ambitious Thompson turnaround story. It is an indicator of our confidence in a long future for the Thompson operations,” added Dino Otranto, Chief Operating Officer for Vale’s North Atlantic Base Metals operations.

“Active collaboration between our design team, technical services, USW Local 6166, and our entire Thompson workforce has delivered a safe, efficient and fit-for-purpose plan that will enable us to extract the Thompson nickel resources for many years to come.”

The Thompson orebody was first discovered in 1956 by Vale (then known as Inco) following the adoption of new exploration technology and the largest exploration program to-date in the company’s history.  Mining of the Thompson orebody began in 1961.

“We see the lighting of a path forward to a sustainable and prosperous future for Vale Base Metals in Manitoba,” said Gary Annett, General Manager of Vale’s Manitoba Operations.

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