June 29 (Reuters) - Brazilian miner Vale said on Tuesday it will invest C$150 million ($121.15 million) to extend current mining activities in the Thompson, Manitoba province of Canada by 10 years.
“This is the largest single investment we have made in our Thompson operations in the past two decades,” Vale’s Executive Vice-President for Base Metals Mark Travers said in a statement.
The company said the Thompson Mine Expansion is a two-phase project and the investment announcement represents phase 1. It added phase 1 includes infrastructure such as new ventilation raises and fans, increased backfill capacity and additional power distribution.
Vale expects changes to improve current production by 30%.
The Thompson orebody was first discovered in 1956 by Vale and mining began in 1961. Vale said it will continue exploration drilling of known orebodies that hold the promise of mining well past 2040.
$1 = 1.2381 Canadian dollars Reporting by Arunima Kumar in Bengaluru; Editing by Krishna Chandra Eluri