Vale to Keep Northern Nickel Mine Open Amid Electric-Vehicle Surge

Vale SA will spend C$2.2. billion ($1.7 billion) to transform a remote nickel, copper, and cobalt mine in northern Canada into an underground site to take advantage of a rise in nickel and cobalt prices caused by growth in the electric vehicles market.

The Brazilian mining company’s transformation of the Voisey’s Bay mine, situated not far from the Labrador Sea where Canada shares a maritime border with Greenland, will extend the site’s life and that of a nearby processing plant by 15 years.

The makeover of the mine will begin in the fourth quarter of 2018, with first ore ...