Vale Inco and Government of Newfoundland and Labrador amend Voisey's Bay Development Agreement

    TORONTO, Jan. 29 /CNW/ - Vale Inco Limited today announced it has reached
an agreement-in-principle with the Government of Newfoundland and Labrador to
amend the Voisey's Bay Development Agreement. The agreement-in-principle came
about as a result of discussions with the Province on the construction
schedule for the hydromet nickel processing plant in Long Harbour.
    "We are very pleased to have concluded discussions with the Province,"
said Tito Martins, Vale Inco CEO and President. "Our commitment to proceed
with the construction of the processing plant in Long Harbour has never
wavered. Despite the difficult economic times we continue to remain fully
committed to the project and to the Province of Newfoundland and Labrador."
    In December 2008, Vale Inco Newfoundland and Labrador submitted a draft
Implementation Plan for the Long Harbour processing plant to the Provincial
Government, and, in recent weeks, has been reviewing the details of the draft
Plan with Provincial officials. The Long Harbour processing plant is a larger
and more complex undertaking than envisioned when the Voisey's Bay Development
Agreement was signed in 2002. The overall construction complexity has grown
significantly - requiring 43 months to complete construction rather than the
32 months originally thought possible. Initial work will begin in April 2009
with construction wrapping up in February 2013.
    "We have been able to reach agreement with the Province to submit the
final implementation plan for the processing plant on February 27, 2009
following which we will begin work at the site. The full construction program
will begin following the selection of an EPCM contractor," said Bob Cooper,
President of Vale Inco Newfoundland and Labrador. "The agreement-in-principle
clearly demonstrates Vale Inco's commitment to the project and to the
Province. We look forward to continuing to build on the successes we have
experienced with the development of our mine and concentrator at Voisey's Bay
and the hydromet research and development program at Argentia."

For further information:

For further information: Cory McPhee, Director, External Communications,
Vale Inco Limited, (416) 361-7669; Bob Carter, Manager, Corporate Affairs,
Vale Inco Newfoundland and Labrador, (709) 758-8895

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