The government of Newfoundland and management of Inco (N-T) are back at the bargaining table trying to hammer out a deal that would allow development of the company’s Voisey’s Bay nickel-copper-cobalt deposit in north-central Labrador.
By the end of 1997, Inco had identified 116 million tonnes of reserves and resources; its target is 150 million tonnes or better. Meanwhile, the company has continued detailed engineering for a mine-mill complex with an annual capacity of 270 million lbs. nickel, 200 million lbs. copper and 7 million lbs. cobalt. The company says its plans to bring the Labrador project on stream have been delayed by complex and lengthy environmental review and approval processes. Also outstanding are issues related to aboriginal land claims and impact benefits agreements, as well as various tax and power issues involving the Newfoundland government.
In light of weak nickel prices, Inco has hinted that the project’s economics might not support the company’s planned construction of a smelter and refinery in Argentia, Nfld., a project that the provincial government strongly supports.
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