The Premier and Minister of Natural Resources will
travel to Brazil next week to meet with officials from CVRD and tour the
company�s mining and processing facilities in that country.
CVRD is the owner of Voisey�s Bay Nickel Company and
has committed to complete construction of a new commercial processing
plant in Long Harbour by 2011.
"We are looking forward to having a positive
relationship with this important new member of our province�s mining
community," said the Honourable Danny Williams, Premier of Newfoundland
and Labrador. "The president of CVRD invited us to meet his senior
officials and tour the company�s facilities so we gain a better
understanding of their operations and how they do business. We also want
to take the opportunity to remind CVRD of the commitments that have been
made to this province in the Voisey�s Bay Development Agreement."
The Premier and minister will also discuss the
potential opportunities for CVRD in the province, particularly in
Labrador. CVRD, which acquired Inco in 2006, will invest $110 million in
the province next year to begin construction of the processing facility
at Long Harbour. The expenditure is part of an $11-billion investment
the company is making globally in 2008 � the largest one-year investment
in the company�s history.
"Our government has been actively investing in
initiatives to build on our momentum in this industry," said the
Honourable Kathy Dunderdale, Minister of Natural Resources. "We
anticipate setting new records for mineral exploration and production
activities this year. Much of the sharp increase in the value of our
mineral shipments can be attributed to the Voisey�s Bay mine now being
in full production."
The gross value of the province�s mineral shipments is
forecast to reach a record $3.9 billion this year � 490 per cent higher
than three years ago. The province also expects total exploration
expenditures to reach a record $160 million this year. To continue
growing the industry and encourage more exploration, this year�s budget
invested $1 million in new geoscience funding and $2.5 million in the
Mineral Incentive Program, maintaining last year�s 55 per cent increase
in funding for the program.
The Premier and minister will be in Brazil from
November 17-24. The visit will include meetings with the president, CEO
and senior executives of CVRD, as well as site tours of the company�s
operations, including processing facilities, an aluminum smelter, open
pit mine and port terminal.
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