Vale in 2015 had approved the construction of an underground mine at Voisey's Bay, but the Brazilian miner slowed development last year on weak nickel prices and a company-wide assets review.

The underground mine will extend the operating life of Voisey's Bay by at least 15 years and Vale will invest about C$2 billion ($1.54 billion), Ball said. (https://bit.ly/2JG4SJH)

Reuters had reported earlier this year that Vale was seeking to sell un-mined cobalt worth hundreds of millions of dollars
to investors from its Voisey's Bay nickel mine. (https://reut.rs/2JMmK5E

(Reporting by Parikshit Mishra in Bengaluru; Editing by Shounak Dasgupta)