Inco ships first nickel concentrate from Voisey's Bay

[Jay]

CBC News

http://www.cbc.ca/story/business/national/2005/11/16/inco-051116.html

Inco has shipped its first commercial nickel concentrate from its massive Voisey's Bay project in Labrador.

The company said Wednesday's shipment came more than six months ahead of its original project schedule.

Inco (TSX:N) said it expects to produce the first finished nickel from the concentrate in the first quarter of 2006. The concentrate is being shipped to Quebec City and will go on to Sudbury by rail.

Production at Voisey's Bay "will ramp up over the coming months," the company said. Annual production capacity during the first phase of the Voisey's Bay project is expected to be 110 million pounds of nickel in concentrate. That includes 5 million pounds of cobalt and up to 15 million pounds of copper, Inco said.

The huge nickel/cobalt/copper deposit at Voisey's Bay was discovered in 1993 by two freelance prospectors working for a small Vancouver-based mining company, Diamond Fields Resources.

Subsequent testing verified that the deposit they'd found was extraordinarily rich.

Inco and rival miner Falconbridge traded bids back and forth, with Inco coming in with the top bid of $4.3 billion.

Development of the deposit was held up, however, by Newfoundland's insistence that the ore be processed in that province, rather than being shipped away.

In 2002, Inco and the province finally worked out their differences and signed a deal. Inco would build a mine and mill at Voisey's Bay at a cost of $710 million, followed by an $800-million processing plant at Argentia.

The Voisey's Bay project has provided hundreds of jobs and will be worth $11 billion to the Newfoundland and Labrador economy over the next 30 years.

Last month, Inco and Falconbridge inked a friendly $12.5-billion merger deal.

Shares of Inco were off 83 cents at $52.27 on the TSX.

__________________________________________________________


This must be seen as good news for the region.

 

[Jay]

Bump.

 

[TenPenny]

This is good news. And the smelter / test plant in Argentia should be starting up soon, too. I've seen pictures of the site at Voisey's Bay, and luckily I was able to avoid going there last week.

 

[Jay]

luckily?

 

[TenPenny]

Yes, luckily. Going to voisey's bay in November doesn't sound like a treat to me.

 

[mt_pockets1000]

It's now July 9, 2007 folks. Whats the word on this so-called smelter? INCO says they'll advise us if the hydromet technology is economically feasible by December 2008. If not, they promise to build a conventional smelter in Argentia. Construction should take 3 to 5 years either way. So if the stars align we should see production sometime in 2013. In the meantime our friends in central Canada benefit once again from our natural resources. Then they send us a few transfer payments and have the nerve to call it 'handouts'. Excuse me while I scream and wring my fists in frustration...

 

[Impetus]

It's now July 9, 2007 folks. Whats the word on this so-called smelter? INCO says they'll advise us if the hydromet technology is economically feasible by December 2008. If not, they promise to build a conventional smelter in Argentia. Construction should take 3 to 5 years either way. So if the stars align we should see production sometime in 2013. In the meantime our friends in central Canada benefit once again from our natural resources. Then they send us a few transfer payments and have the nerve to call it 'handouts'. Excuse me while I scream and wring my fists in frustration...

Hey, your construction industry is booming for the next few years anyhow!

Would anyone local in your province have the wherewithall to make use of the resource if INCO didn't build there? The nickel isn't doing anyone any good in the ground. They have a huge investment there and I'm sure they're more eager to start production than you are to see it.

Muz

 

[mt_pockets1000]

Nice word wherewithall. Probably not, since most of our educated population has moved away to Ontario and Alberta to help keep those economic engines purring along, myself being one of them. Not something I'm proud of but a necessity nonetheless. Gotta feed yourself and your family somehow. As for the nickel, I'd prefer to keep it in the ground rather than see others reap the benefit. To hell with their investment....honor your commitments. Not to beat this thing to death, but I'd lay money on the line that we'll be having this same discussion come 2013, when INCO comes up with another excuse to keep sending the ore to Sudbury. It's the same old story...keep Atlantic Canada at a disadvantage so that the economic powers of the country can maintain their status quo. Let their young people bite the bullet and pull up roots, move thousands of miles away from their families and friends to work the factories in Mississauga or the oilfields in Fort MacMurray. Let them suck it up. Who cares, they're just Newfies right? Or Bluenosers right? Oh, and make sure you keep spouting the same rhetoric to your patriots to give you that feeling of superiority. "They're constantly looking for handouts". "They continue to suckle on the welfare tit". It gets a little tired after awhile and personally I'm fed up with the whole situation. Have been for years.
Anyway, that's my rant for the day...

GOD GUARD THEE NEWFOUNDLAND

 

[Impetus]

I suspect the delays may have to do with the fact INCO has been on the verge of takeover/sale to various other companies and consortiums. Tends to put capital projects on hold.

Muz

Nice word wherewithall. Probably not, since most of our educated population has moved away to Ontario and Alberta to help keep those economic engines purring along, myself being one of them. Not something I'm proud of but a necessity nonetheless. Gotta feed yourself and your family somehow. As for the nickel, I'd prefer to keep it in the ground rather than see others reap the benefit. To hell with their investment....honor your commitments. Not to beat this thing to death, but I'd lay money on the line that we'll be having this same discussion come 2013, when INCO comes up with another excuse to keep sending the ore to Sudbury. It's the same old story...keep Atlantic Canada at a disadvantage so that the economic powers of the country can maintain their status quo. Let their young people bite the bullet and pull up roots, move thousands of miles away from their families and friends to work the factories in Mississauga or the oilfields in Fort MacMurray. Let them suck it up. Who cares, they're just Newfies right? Or Bluenosers right? Oh, and make sure you keep spouting the same rhetoric to your patriots to give you that feeling of superiority. "They're constantly looking for handouts". "They continue to suckle on the welfare tit". It gets a little tired after awhile and personally I'm fed up with the whole situation. Have been for years.
Anyway, that's my rant for the day...

GOD GUARD THEE NEWFOUNDLAND

 

[mt_pockets1000]

Quoted directly from INCO's webpage: On October 24, 2006, Companhia Vale do Rio Doce (CVRD) obtained control of Inco Limited, and on January 4, 2007, Inco Limited became a wholly-owned subsidiary of CVRD and changed its name to “CVRD Inco Limited”.

So you might have a point about restructuring within the company. However, if Newfoundland and Labrador are dealing with a different company then the contract should be renegotiated or talks should take place to reaffirm INCO's original commitment. To allow this to drag on for years and years while this ore continues to leave the province is yet another travesty in our long history of bad deals. Should I draw comparisons to Churchill Falls?

 

[Trex]

Nice word wherewithall. Probably not, since most of our educated population has moved away to Ontario and Alberta to help keep those economic engines purring along, myself being one of them. Not something I'm proud of but a necessity nonetheless. Gotta feed yourself and your family somehow. As for the nickel, I'd prefer to keep it in the ground rather than see others reap the benefit. To hell with their investment....honor your commitments. Not to beat this thing to death, but I'd lay money on the line that we'll be having this same discussion come 2013, when INCO comes up with another excuse to keep sending the ore to Sudbury. It's the same old story...keep Atlantic Canada at a disadvantage so that the economic powers of the country can maintain their status quo. Let their young people bite the bullet and pull up roots, move thousands of miles away from their families and friends to work the factories in Mississauga or the oilfields in Fort MacMurray. Let them suck it up. Who cares, they're just Newfies right? Or Bluenosers right? Oh, and make sure you keep spouting the same rhetoric to your patriots to give you that feeling of superiority. "They're constantly looking for handouts". "They continue to suckle on the welfare tit". It gets a little tired after awhile and personally I'm fed up with the whole situation. Have been for years.
Anyway, that's my rant for the day...

GOD GUARD THEE NEWFOUNDLAND

Sounds like sour grapes to me.
How about Alberta and Ontario punt out all the Maritime workers , refuse to admit any new ones, ramp up the foreign guest worker system in a big way and refuse to particpate in funding an unequal transfer payment system(the welfare teat as you put it)?
Would that make you happy?
You seem like one of those " poke a gift horse in the eye with a stick" fellas to me.

As an Albertan I can say that it has been an honour to work with those incredibley hardworking "Newfies" and "Bluenosers".Not only is Alberta lucky to have them, the fact that they retain their great sense of humour in adverse and difficult conditions make them a joy to work with.
Perhaps you should head home and build an empire that can employ at higher wages than those offered in Ontario and Alberta.

 

[mt_pockets1000]

Sounds like sour grapes to me.
Sour grapes is defined as wanting something but because you are denied it you say to yourself oh well it was probably not worth having anyway. In my case I want Newfoundland and Labrador to reap the benefits of her natural resources and if we can't have it then others be damned. It works for your province of Alberta...why not for other provinces?
How about Alberta and Ontario punt out all the Maritime workers , refuse to admit any new ones, ramp up the foreign guest worker system in a big way and refuse to particpate in funding an unequal transfer payment system(the welfare teat as you put it)?
Would that make you happy?
Trex for prime minister! Another great idea for building a strong country. Lets throw our own to the wolves and bring in grossly underpaid foreign workers to fill our factories and businesses. It would certainly put more money in your coffers. As for transfer payments, I've already stated my opinion on that. Let us fulfill our own growth potential on the east coast and those transfer payments will become a thing of the past. That would make me happy. It's all about fairness.
You seem like one of those " poke a gift horse in the eye with a stick" fellas to me.
The gift is yours my friend...in the form of our sons and daughters. I certainly don't feel like I've received any gift. Anything I've received I've worked damned hard for. I could just as easily have worked in the US or any foreign country but I prefer my own country. It's not a gift but a privilege.
As an Albertan I can say that it has been an honour to work with those incredibley hardworking "Newfies" and "Bluenosers".Not only is Alberta lucky to have them, the fact that they retain their great sense of humour in adverse and difficult conditions make them a joy to work with.
How condescending.
Perhaps you should head home and build an empire that can employ at higher wages than those offered in Ontario and Alberta.
How sarcastic! Our fearless leader Danny Williams was just re-elected with a landslide victory. Just watch the change over the next 10 years. You just might need those foreign workers after all.

 

[Trex]

Sounds like sour grapes to me.
Sour grapes is defined as wanting something but because you are denied it you say to yourself oh well it was probably not worth having anyway. In my case I want Newfoundland and Labrador to reap the benefits of her natural resources and if we can't have it then others be damned. It works for your province of Alberta...why not for other provinces?

Your definition,certainly not mine.
My definition of sour grapes is more along the lines of somebody who moans and complains about being gainfully employed.
You just happen to feel the geographic location of your employment is a huge and unjust burden.
Maybe its not sour grapes...perhaps it's more sniveling.

How about Alberta and Ontario punt out all the Maritime workers , refuse to admit any new ones, ramp up the foreign guest worker system in a big way and refuse to particpate in funding an unequal transfer payment system(the welfare teat as you put it)?
Would that make you happy?
Trex for prime minister! Another great idea for building a strong country. Lets throw our own to the wolves and bring in grossly underpaid foreign workers to fill our factories and businesses. It would certainly put more money in your coffers. As for transfer payments, I've already stated my opinion on that. Let us fulfill our own growth potential on the east coast and those transfer payments will become a thing of the past. That would make me happy. It's all about fairness.

Thanks for the vote of confidence mt_pockets1000.
Perhaps you could take up a fund raising campaign on my behalf.
If so please stay in touch.

But I digress.
It appears you do not know sarcasm when you see it.
Just in case you missed the point of my above quote.
It was supposed to be sarcastic.
To clarify your apparent confusion..
What I REALLY was getting at was this:
A) I am opposed to foreign guest workers if there is any possible way of employing local Canadians.
B) I think maritimer's are great workers.
C) If you happen to be opposed to Ontario and Alberta funding "the welfare teat" as you so subtlety put it please contact your federal MLA and register your opposition to unequal federal transfer payments.

You seem like one of those " poke a gift horse in the eye with a stick" fellas to me.
The gift is yours my friend...in the form of our sons and daughters. I certainly don't feel like I've received any gift. Anything I've received I've worked damned hard for. I could just as easily have worked in the US or any foreign country but I prefer my own country. It's not a gift but a privilege.

Pfffffft.
Big deal.
You work hard and pay taxes.
Do you actually think that people should be impressed by this unique ability?
Please take a moment to cry on my on my shoulder.
Or not.

As an Albertan I can say that it has been an honor to work with those incredibly hardworking "Newfies" and "Bluenosers".Not only is Alberta lucky to have them, the fact that they retain their great sense of humour in adverse and difficult conditions make them a joy to work with.
How condescending.

How condescending of you to claim what I said was condescending.
I meant what I said.
I think maritimer's are hard workers with a great sense of humor.
Alberta and Ontario are lucky to get them.

Perhaps you should head home and build an empire that can employ at higher wages than those offered in Ontario and Alberta.
How sarcastic! Our fearless leader Danny Williams was just re-elected with a landslide victory. Just watch the change over the next 10 years. You just might need those foreign workers after all.

Indeed it was sarcastic.
But a grain of truth lurks within.
As we say in Alberta "suck it up princess".
You could, of course, always go home if the conditions you labor under are too cruel and unjust.

As to Mr. Williams.
His job is to the best he can for his constituents.
I wish him well.
I really do.
It probably is none of my business as an Albertan
But aren't offshore resources owned by the Federal Government?
I have no problem with any particular province taking control of the adjacent offshore resources.
But shouldn't that same province then fund the navy that patrols those waters?
The coast guard?
Search and rescue?
Weather forecasting?
Fisheries research and administration?
Environmental monitoring and cleanup?
And on and on.

Do British Columbia, Nova Scotia,Quebec,PEI and the NWT, Ontario get the same deal?
Or just YOUR province?

Cheers,
Oh by the way.
Please keep your nose to the grindstone.
The rest of the country needs those hard earned tax dollars.

 

[mt_pockets1000]

I could waste more time debating with you Trex but I'm too busy grinding that stone. You obviously believe the stuff that's spewing out of your keyboard so why flog a dead horse. You personify the typical train of thought right across this country since Newfoundland joined in 1949. How can we reason with this mentality? Have a nice day.