Vale doubles exploration budget in Sudbury
$10 million to be directed to underground operations, company says
Mining giant Vale says it is doubling its exploration budget in the Greater Sudbury Area to almost $42 million.
This includes approximately 30 active exploration projects and 13 drill rigs currently in operation.
Danica Pagnutti, corporate affairs specialist with the company, told CBC News that $10 million of that expanded funding will go into underground exploration.
She added that the increase to exploration funding is a good sign for the local economy.
"[The increase] does reflect a positive outlook for the future of the nickel market," Pagnutti said. "The future looks bright certainly in the [Sudbury] basin."
She added that the purpose of the increased funding is to discover new sources of ore to sustain their mining operations in the area.
"As you are aware, Stobie [mine] closed last year, and others, like Garson, are near the end of their natural life."
A press release from the company said that Sudbury residents may encounter Vale's exploration crews working in the field at various exploration sites across the Sudbury Basin this summer.
These crews will be working with heavy equipment and people are asked to remain clear of these active work sites for their safety.
With files from Angela Gemmill