Dow Jones quoted Mr Tito Martins CEO of Vale Inco as saying that it is pressing on with plans to develop its the nickel focused operations in Canada despite the recent global downturn and the ongoing strike there.

In a note posted on Vale Inco's Web site, Mr Martins said that the company is proceeding with a number of expansion and new project investments, despite a global economic downturn the likes of which hasn't been seen since the Great Depression.

The new spending includes USD 450 million on the Totten Mine, which is due to be completed by 2011, USD 2.8 billion on a processing plant in Long Harbour, Newfoundland to be completed by 2013 and a USD 116 million investment in the Thompson, Manitoba nickel refinery to add automated equipment.

Mr Martins said that Vale Inco is also developing a new potash project in Saskatchewan, well placed for export to Asia. It is currently in its exploration phase, but is forecast to produce 2.8 million tonnes a year.

(Sourced from www.dowjones.com)