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The Story of Voisey’s Bay: Today’s Mine (Pt. 3 of 3)

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Part 1: The DiscoveryPart 2: The AuctionPart 3: Voisey's Today

The Story of Voisey's Bay: Today's Mine (Part 3 of 3)

Part 1: The DiscoveryPart 2: The AuctionPart 3: Voisey's Today

The Story of Voisey’s Bay: Today’s Mine (Part 3 of 3)

Presented by: Equitas Resources, “Nickel exploration in Labrador”

Preface

The massive Voisey’s Bay nickel deposit was auctioned off to the highest bidder in early 1996 for $4.3 billion. We have recapped the events leading up to the sale in previous parts of this infographic series on Voisey’s Bay:

We show the events leading up to the nickel discovery in Part 1: The Discovery

We highlight the bidding war for the rights to the deposit in Part 2: The Auction

Voisey’s Bay Today

The discovery at Voisey’s Bay was ultimately significant for three reasons:

  1. The ore was rich in content. In fact, the famed Ovoid zone had an average grade of 2.8% nickel.
  2. Much of the ore was near the surface. This would help to minimize extraction costs.
  3. The deposit was close to tidewater. This reduced the costs associated with transporting ore to ships

The Deposit

The Voisey’s Bay deposit is world-class in terms of its grade and size. With 141 million tonnes of ore, the deposit has significant grades of nickel, copper, and cobalt:

  • 1.63% nickel
  • 0.85% copper
  • 0.09% cobalt

The resource is located in the three main zones: Ovoid, Eastern Deeps, and Reid Brook. The Ovoid represents less than 23% of the total tonnage, but more than 42% of the metal in the deposit.

Mining and Transporting the Ore

The open pit mine at Voisey’s Bay, now owned by Vale, has been in operation since 2005. Recently, underground mining was approved at the site as well.

The ore from Voisey’s Bay is transported via the Umiak I – the world’s most powerful icebreaking cargo ship.

  • The Umiak I makes 12 trips a year
  • The icebreaker rides over ice that can be 10 metres thick in places
  • It has a 30,000 horsepower engine, which is large enough to drive an oil tanker 10x its size
  • The Umiak I can carry 30,000 tonnes of nickel-copper concentrate at once (worth $100 million per load)

The Future

The Newfoundland and Labrador government estimated that the Voisey’s Bay project will add approximately $20.7 billion to the province’s gross domestic product during the mine’s estimated 30-year lifespan.

Will more of these mines be found in Labrador in the future?

A well-known exploration proverb states that “the best place to find a new mine is next to an old mine”.

That’s why, in a research report by the Newfoundland and Labrador government on Voisey’s Bay it is noted that “this area remains highly favourable for future exploration.”

And as Robert Friedland has said himself:

“Creative people shouldn’t be punished for failure, because in the exploration process we are in the business of drilling dry holes. You can’t keep drilling where you’ve looked.” – Robert Friedland

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Mining

Silver Through the Ages: The Uses of Silver Over Time

The uses of silver span various industries, from renewable energy to jewelry. See how the uses of silver have evolved in this infographic.

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uses of silver

Silver is one of the most versatile metals on Earth, with a unique combination of uses both as a precious and industrial metal.

Today, silver’s uses span many modern technologies, including solar panels, electric vehicles, and 5G devices. However, the uses of silver in currency, medicine, art, and jewelry have helped advance civilization, trade, and technology for thousands of years.

The Uses of Silver Over Time

The below infographic from Blackrock Silver takes us on a journey of silver’s uses through time, from the past to the future.

3,000 BC – The Middle Ages

The earliest accounts of silver can be traced to 3,000 BC in modern-day Turkey, where its mining spurred trade in the ancient Aegean and Mediterranean seas. Traders and merchants would use hacksilver—rough-cut pieces of silver—as a medium of exchange for goods and services.

Around 1,200 BC, the Ancient Greeks began refining and minting silver coins from the rich deposits found in the mines of Laurion just outside Athens. By 100 BC, modern-day Spain became the center of silver mining for the Roman Empire while silver bullion traveled along the Asian spice trade routes. By the late 1400s, Spain brought its affinity for silver to the New World where it uncovered the largest deposits of silver in history in the dusty hills of Bolivia.

Besides the uses of silver in commerce, people also recognized silver’s ability to fight bacteria. For instance, wine and food containers were often made out of silver to prevent spoilage. In addition, during breakouts of the Bubonic plague in medieval and renaissance Europe, people ate and drank with silver utensils to protect themselves from disease.

The 1800s – 2000s

New medicinal uses of silver came to light in the 19th and 20th centuries. Surgeons stitched post-operative wounds with silver sutures to reduce inflammation. In the early 1900s, doctors prescribed silver nitrate eyedrops to prevent conjunctivitis in newborn babies. Furthermore, in the 1960s, NASA developed a water purifier that dispensed silver ions to kill bacteria and purify water on its spacecraft.

The Industrial Revolution drove the onset of silver’s industrial applications. Thanks to its high light sensitivity and reflectivity, it became a key ingredient in photographic films, windows, and mirrors. Even today, skyscraper windows are often coated with silver to reflect sunlight and keep interior spaces cool.

The 2000s – Present

The uses of silver have come a long way since hacksilver and utensils, evolving with time and technology.

Silver is the most electrically conductive metal, making it a natural choice for electronic devices. Almost every electronic device with a switch or button contains silver, from smartphones to electric vehicles. Solar panels also utilize silver as a conductive layer in photovoltaic cells to transport and store electricity efficiently.

In addition, it has several medicinal applications that range from treating burn wounds and ulcers to eliminating bacteria in air conditioning systems and clothes.

Silver for the Future

Silver has always been useful to industries and technologies due to its unique properties, from its antibacterial nature to high electrical conductivity. Today, silver is critical for the next generation of renewable energy technologies.

For every age, silver proves its value.

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Mining

Visualizing 50 Years of Global Steel Production

Global steel production has tripled over the past 50 years, with China’s steel production eclipsing the rest of the world.

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Visualizing 50 Years of Global Steel Production

This was originally posted on Elements. Sign up to the free mailing list to get beautiful visualizations on natural resource megatrends in your email every week.

From the bronze age to the iron age, metals have defined eras of human history. If our current era had to be defined similarly, it would undoubtedly be known as the steel age.

Steel is the foundation of our buildings, vehicles, and industries, with its rates of production and consumption often seen as markers for a nation’s development. Today, it is the world’s most commonly used metal and most recycled material, with 1,864 million metric tons of crude steel produced in 2020.

This infographic uses data from the World Steel Association to visualize 50 years of crude steel production, showcasing our world’s unrelenting creation of this essential material.

The State of Steel Production

Global steel production has more than tripled over the past 50 years, despite nations like the U.S. and Russia scaling down their domestic production and relying more on imports. Meanwhile, China and India have consistently grown their production to become the top two steel producing nations.

Below are the world’s current top crude steel producing nations by 2020 production.

RankCountrySteel Production (2020, Mt)
#1🇨🇳 China1,053.0
#2🇮🇳 India99.6
#3🇯🇵 Japan83.2
#4🇷🇺 Russia*73.4
#5🇺🇸 United States72.7
#6🇰🇷 South Korea67.1
#7🇹🇷 Turkey35.8
#8🇩🇪 Germany35.7
#9🇧🇷 Brazil31.0
#10🇮🇷 Iran*29.0

Source: World Steel Association. *Estimates.

Despite its current dominance, China could be preparing to scale back domestic steel production to curb overproduction risks and ensure it can reach carbon neutrality by 2060.

As iron ore and steel prices have skyrocketed in the last year, U.S. demand could soon lessen depending on the Biden administration’s actions. A potential infrastructure bill would bring investment into America’s steel mills to build supply for the future, and any walkbalk on the Trump administration’s 2018 tariffs on imported steel could further soften supply constraints.

Steel’s Secret: Infinite Recyclability

Made up primarily of iron ore, steel is an alloy which also contains less than 2% carbon and 1% manganese and other trace elements. While the defining difference might seem small, steel can be 1,000x stronger than iron.

However, steel’s true strength lies in its infinite recyclability with no loss of quality. No matter the grade or application, steel can always be recycled, with new steel products containing 30% recycled steel on average.

The alloy’s magnetic properties make it easy to recover from waste streams, and nearly 100% of the steel industry’s co-products can be used in other manufacturing or electricity generation.

It’s fitting then that steel makes up essential parts of various sustainable energy technologies:

  • The average wind turbine is made of 80% steel on average (140 metric tons).
  • Steel is used in the base, pumps, tanks, and heat exchangers of solar power installations.
  • Electrical steel is at the heart of the generators and motors of electric and hybrid vehicles.

The Steel Industry’s Future Sustainability

Considering the crucial role steel plays in just about every industry, it’s no wonder that prices are surging to record highs. However, steel producers are thinking about long-term sustainability, and are working to make fossil-fuel-free steel a reality by completely removing coal from the metallurgical process.

While the industry has already cut down the average energy intensity per metric ton produced from 50 gigajoules to 20 gigajoules since the 1960s, steel-producing giants like ArcelorMittal are going further and laying out their plans for carbon-neutral steel production by 2050.

Steel consumption and demand is only set to continue rising as the world’s economy gradually reopens, especially as Rio Tinto’s new development of atomized steel powder could bring about the next evolution in 3D printing.

As the industry continues to innovate in both sustainability and usability, steel will continue to be a vital material across industries that we can infinitely recycle and rely on.

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