SPENDING: Vale earmarks $12.9 billion for 2010

RIO DE JANEIRO — Vale SA has approved a US$12.9-billion worldwide spending budget for 2010. This represents a 29.3% increase over 2009 spending levels, and US$1.1 billion is earmarked for projects in Canada.

The Totten nickel-copper mine near Sudbury, ON, will be reopened in the first half of 2011. Closed since 1972, the revitalized producer will have an output of 8,200 t/y nickel as well as copper and precious metals. The total cost of the project is US$362 million of which US$146 million will be spent in 2010.

The much-anticipated Long-Harbour nickel plant in Newfoundland is slated for start-up in the first half of 2013. This is the hydrometallurgical plant that will process ores from the Voisey's Bay mine, producing 50,000 t/y of finished nickel. The total cost will be US$2.82 billion, and the 2010 budget is US$441 million.

The news release of Oct. 19, 2009, provides details of Vale's plans. It may be read at www.Vale.com.