Brazilian mining company Companhia Vale do Rio Doce (CVRD) said on Thursday it has found mineral deposits in an ancient mine in Ontario, Canada, that will enable the mine's life to be extended.

The drilling project will almost double the mine's proven and probable reserves of nickel, which are expected to rise from 17 million to 32 million metric tons, the CVRD said in a press release.

The mine is located in Sudbury, Northern Ontario, where the CVRD has been carrying out operations since it acquired Canadian mining and metals company Inco Limited in 2006.

The Brazilian company owns the largest proven nickel reserves in the world, which amount to 850 million metric tons, of which Ontario's mines account for 17.8 percent, it said.

The press release also said the CVRD is building three exploration stations 1.5 km away from the reserves to serve as support to additional economic studies on the discoveries. The company expects to invest 120 million U.S. dollars in explorations in 2007.

Source: Xinhua