Vale Proposes $9bn Expansion Plan in Canada

21 November 2010 (Last Updated November 21st, 2010 18:30)

Brazil's Vale has unveiled a C$10bn (US$9.78bn) capital investment plan in Canada over the next five years, including a potash project in Saskatchewan. Vale plans to build a $3bn potash mine as part of the investment and board approval is expected in 2012. The company aims to boos

Brazil's Vale has unveiled a C$10bn (US$9.78bn) capital investment plan in Canada over the next five years, including a potash project in Saskatchewan.

Vale plans to build a $3bn potash mine as part of the investment and board approval is expected in 2012.

The company aims to boost copper production by 100,000t in Ontario, upgrade nickel operations, install new emissions cleanup technology, and develop its domestic potash business in Saskatchewan.

The move comes after BHP Billiton walked away from its $38.6bn bid for Potash Corp of Saskatchewan.