Toledo - Cashflow from the world's 3rd largest Nickel Resource

nickel project in Brazil:

CVRD plans to spend $US1.6 billion ($2.2 billion) developing its Niquel do Vermelho laterite nickel project.

The commodities boom has not only brought more work for contractors, but bigger jobs.

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CVRD's Niquel do Vermelho deposit contains 290 million tonnes at 0.8 per cent nickel and 0.12 per cent cobalt. The company plans to produce 47,000 tonnes of nickel a year.

Just three weeks ago, CVRD wrapped up its takeover of Canadian nickel miner Canico Resources, which owns the Onca Puma nickel project in the Amazon region.

This mine is expected to come into production in 2008. Meanwhile, CVRD is working on three other nickel projects in Brazil.