18 November 2010 15:22 [Source: ICIS news]
The company said the project was currently in the pre-feasibility stage.
If Vale went ahead, the project would take four years to complete and would, once in operation, create 500 permanent jobs, the company said.
Vale added that it expected to get board approval in 2012.
The company said that the potash project was part of a five-year programme to invest more than C$10bn in its Canadian operations. In 2006, it acquired
During the debate over BHP’s bid, Vale’s 2006 acquisition of Inco was cited as an example of a foreign investment that did not live up to conditions
Canada's United Steelworkers Union dismissed Vale’s investment plans as “propaganda”.
The union said that most of the announced investment Vale had committed to
The union also said that the potash mine project was “speculation” and “may never see the light of day”.
In an editorial, the paper said the government did not need to extract promises from foreign firms to make capital investments as a condition for approving takeovers.
($1 = C$1.02)
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