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Vale Canada
Wholly owned subsidiary of the Brazilian mining company Vale

Vale Canada Limited (formerly Vale Inco, CVRD Inco and Inco Limited; for corporate branding purposes simply known as "Vale" and pronounced /ˈvɑːleɪ/ in English) is a wholly owned subsidiary of the Brazilian mining company Vale. Vale's nickel mining and metals division is headquartered in Toronto, Ontario, Canada. It produces nickel, copper, cobalt, platinum, rhodium, ruthenium, iridium, gold, and silver. Prior to being purchased by CVRD (now Vale) in 2006, Inco was the world's second largest producer of nickel, and the third largest mining company outside South Africa and Russia of platinum group metals. It was also a charter member of the 30-stock Dow Jones Industrial Average formed on October 1, 1928.

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History

Founding of Inco

The company was founded following the discovery by blacksmith Tom Flanagan2 in Copper Cliff, Ontario of chalcopyrite deposits, while the Canadian Pacific Railway was being built in 1883;3 the township of Sudbury soon followed in 1884 when JL Morris, provincial land surveyor, laid it out.4 Initially, ore was shipped for smelting to a plant in Constable Hook, New Jersey, owned by the Orford Copper Company. Processing revealed in 1884 that the ore was also rich in nickel and exploration tests revealed an enormous potential. In 1893 Robert M. Thompson patented the Orford "Tops and Bottoms" process; this was the first commercially viable method of separating (Fe,Ni)9S8 Pentlandite-borne Nickel from the CuFeS2 Chalcopyrite-borne Copper.5

The Spanish-American War focused the eyes of the world on nickel steel, because in the Battle of Manila Bay and the Battle of Santiago de Cuba, the American losses were negligible while the Spanish losses were catastrophic. This was the result of the nickel steel used by the Americans to clad their hulls. The Spanish Navy had ignored to their peril the 1889 paper by James Riley, "Alloys of Nickel and Steel", and the market for nickel was made. The next year saw the introduction by Bethlehem Steel of a virtually indestructible nickel steel automobile axle.6

Nickel mining started in Sudbury, Ontario in 1902,7 and that year, the International Nickel Company, Ltd. was created by Thompson and John Pierpont Morgan8 in New York, NY as a joint venture between Canadian Copper Company, Orford Copper Company,9 and American Nickel Works,10 with a capitalization of $28 million.11 In 1905, Monel alloy was discovered by Robert Crooks Stanley (1876-1951)12 and named for Inco President Ambrose Monell.1314 Meanwhile, the development of austenitic stainless steel was launched by a pair of Krupp engineers15161718 known today as AISI Type 304 or simply 18/8, which indicates a nickel content of 8%.19 This novelty would assure the 20th-century success of the firm.

In 1916, the International Nickel Company of Canada, Ltd. was incorporated in Copper Cliff in Sudbury; this entity was a subsidiary of New York-based Inco. The company built a new refinery in Port Colborne in 1918 and during the following year, the company first began using the trade name Inco.

On 31 October 1928 the Canadian body corporate and its American parent switched roles and the Canadian became the parent.20 On 1 January 1929 the corporation acquired the British-owned Mond Nickel Company in exchange for treasury shares, to solve the Frood Mine problem.21 By 1931, Stanley had progressed to President of the firm.22 Between 1935 and 1939, sales exceeded 200 million pounds annually, which was more than 80% of world consumption.23 A significant proportion of these sales found their way to the United States, with other notable markets including the Soviet Union, Great Britain, Japan, and Germany. Approximately 9 percent of company's total sales from 1934 to 1939 were to Nazi Germany, mainly to meet the growing demand of the country's armaments industry.24

Head office to Toronto

Inco leadership
NamePresidentChairman
Robert M. Thompson1902-19162526
Ambrose Monell1902-19172728
Edmund C. Converse1916-192129
WA Bostwick191730-192231
Charles Hayden192232-193733
Robert C. Stanley1922-194934193735-1951
John F. Thompson19493637-1952381951-196039
Paul D. Merica1952-195440
Henry S. Wingate1954-19604142196043-1971,44 197245
J. Roy Gordon1960-196646
Albert Gagnebin196647-197148197149-197450
L Edward Grubb197251-1974197452-1977
J. Edwin Carter197453-1977?1977?54-19805556
Charles F. Baird1977?-198057198058-19875960
Don Phillips198061-1991621987-199263
Michael Sopko1991-92,64 20016566199267-200368
Scott Hand199269-2006702003-2006717273

When Robert Crooks Stanley became president of INCO in 1922, priority was given to high quality research.74 A head office for the Canadian operations of Inco was soon established in Toronto. In 1922 Stanley closed the Bayonne NJ refinery in favour of the new electrolytic one in Port Colborne, Ontario, while at Alfred Mond's nickel carbonyl refinery in Acton, London Inco was able to produce platinum.75 As early as 1930, Canadian Industries Limited (CIL) had a sulfuric acid plant located in Copper Cliff; its product, which came in synergy with the smelter there, was used in CIL's Nobel, Ontario gunpowder factory.76

Stanley's excellent contribution to Inco was his devotion to alloy research, which contributed to the expansion of the market for the base metals it produced. In his first Annual Report in 1922 after becoming President, Stanley informed the shareowners of the new Development and Research Department. At the same time, management told the directors that "we had no market developed [for Monel] which would justify a mill, but we assured them that with a mill we could build a market which would earn the preferred dividend." The directors thereupon invested three quarters of all the liquid resources of the company into the Huntington WV plant to satisfy a market which management had just said did not exist.77 The Monel alloy family grew into more than a dozen members, and Duranickel,78 Permanickel,79 Ni-span-C, Inconel X and Nimonic were all discovered under his watch, most at his Huntington Works baby.8081

JL Agnew originated the Geology Department of the firm, as a result of his investigations into the Frood Mine problem, which precipitated the 1929 merger with the Mond Company. This department was instrumental in the Manitoba discovery 25 years after his death.82

On 1 April 1929 the Ontario Refining Company (ORC) was formed in a joint venture between the American Metal Company, the Consolidated Mining and Smelting Company, Inco and Ventures Limited (which was the parent of Falconbridge Limited). The first and third named companies had each a 42% share. By June 1935 the ORC, which worked at the electrolysis of copper, was a wholly owned subsidiary of Inco.83 The Inco Triangle, a monthly newsletter for the company, had its first issue of eight pages in September 1936.84

During World War II, Inco's Frood Mine produced 40% of the nickel used in artillery by the Allies.85 From 1939 to 1945, Inco delivered to the Allies 1.5 billion pounds of nickel.86 During the war it almost doubled its yearly output of ore.87 After the war, demand for nickel remained high because of the Korean War and the Cold War of the 1950s.88

Because of the Mond merger, Inco had ownership of nickel properties in Petsamo Province, Finland (now known as Pechengsky District) and had invested a fair sum in them. These properties were conquered by the Soviet Union during the Winter War of 1939-40. As a result, reparations needed to be negotiated between Inco and the Soviet Union, through the Canadian government after 1944. The parties settled for $20 million, which was paid with difficulty.89

Also because of the Mond merger Inco was the owner of the Nimonic technology that allowed gas turbines and jet propulsion engines to function. This research was performed during 1940 at the request of the Air Ministry of the British government for materials that would withstand the elevated temperatures seen in these applications.90

Also during World War 2 was developed ductile iron, by Keith Millis, Albert Gagnebin and Norman Boden Pilling. The scientists were curious to replace chromium as an alloy agent in abrasion-resistant cast iron and they stumbled upon the amazing ductile property of magnesium-treated iron, which transforms carbon flakes into spheroids and thus ductilizes the whole.91

In 1948 Sproule and Harcourt patented (U.S. patent 2,419,973 and U.S. patent 2,425,760) a new development of the Orford process, in which careful cooling of the matte enabled the precipitation of a small amount of nickel-copper alloy which contains platinum group metals besides. This is crushed, finely ground and treated by flotation and magnetic separation to part the constituents. This work was the culmination of experiments begun in Copper Cliff by Roy Gordon in March 1938 and was one of the reasons why his career ascent was so meteoric.9293

In its heyday during the 1950s, Inco produced 85% of the world's nickel supply.94 In 1956, geologists discovered the Thompson, Manitoba ore body and named it for Inco Chairman John Fairfield Thompson.9596 The first Canadian-born President of Inco, who held the office between 1960 and 1966, was named James Roycroft Gordon.97

The year 1969 saw a bloody four-month long strike at Inco's Sudbury operations, and the firm's share price was cut in half.98

In 1972, it was decided by Chairman L. Edward Grubb, ostensibly to pacify the labour unions, to move the head office from New York to Toronto where it resided in the Toronto Dominion Centre.99 Also in 1972 the Inco Superstack was built in Sudbury; at the time senior technical staff like Paul Queneau thought this would solve the SO2 acid rain pollution problem.100 And in 1972, the Soroko project in Indonesia was begun together with involvement from six Japanese firms who together held a 40% share in the project.101102

In July 1974 Chairman L. Edward Grubb decided to diversify Inco's holdings and make the first ever hostile takeover bid for Philadelphia-based Electric Storage Battery Company (ESB),103 aided by Morgan Stanley.104 United Aircraft Corporation entered as white knight and served to increase Grubb's bid to a 110 percent premium above the pretakeover price.105 The merger was characterized as a "major blunder" and by December 1981 Inco was looking to exit the battery business.106 In February 1983 Inco sold most of its holdings in Exide and exited the battery business.107 ESB manufactured amongst other products the Ray-O-Vac battery.108109110

The 1975 Inco annual report had a picture of a supersonic Concorde jet which used nickel and titanium alloy blades forged by Daniel Doncaster and Sons, a 1975 acquisition of Inco (Alloy Products) division. A picture of Prince Charles talking with a Doncaster operator of electronic blade inspection equipment lies alongside it.111 In 1976, the company's name was officially changed to Inco Limited.

Inco also built and operated a facility that included a research center overlooking Blue Lake in New York's Sterling Forest area.112 That site was sold in the 1980s.

Downturn

During the first half of the 1980s Inco bled a lot of red ink, "which caused the elimination during the five years from 1980 of more than 12,000 jobs worldwide, or 35 percent of its work force, including more than 6,000 jobs in Canada." It then produced one-third of the world's nickel. Charles F. Baird was the chairman and CEO.113 By 1985 Inco (Alloy Products) division included: Doncasters Blaenavon Ltd Special Alloy Products Division, Doncasters Monk Bridge Ltd, Doncasters Sheffield Ltd, Doncasters Moorside Ltd, Beaufort Engineering Ltd, Whittingham and Porter Ltd, I.A.P.L. Technology Centre and Inco Selective Surfaces Ltd.114

The SO2 abatement project (SOAP) instigated a $600 million clean-sheet recomposition of the smelter plant that allowed INCO to capture 90% of their emissions, and commercialize sulfuric acid.115116

In late 1994, Diamond Field Resources discovered nickel, copper and cobalt ore bodies at Voisey's Bay Mine (VBM) in Labrador, Canada. The deposit was estimated to contain 141 million tonnes at 1.6% nickel and was imagined by the then-chieftains of Inco as a 21st-century replacement for the waning Copper Cliff resource. In 1996, the VBM was purchased by Inco for 4.3 billion Canadian dollars.117118 Some say that Inco overpaid for VBM because of the presence of Falconbridge at the auction.119

In order to generate cash Inco sold its manufacturing sites of nickel alloys to Special Metals Corporation in 1998 for US$408 million. In the previous year, the division had generated US$668 million in revenue.120 Special Metals Corporation however filed Chapter 11 in March 2002.121122123

In February 2001, nine-year CEO Michael Sopko stepped down while he announced a $400 million profit. He was replaced by New York lawyer Scott Hand.124125126

In 2002, the VBM purchase was regarded as a "costly blunder... when the company had to write down a third of the value of the $4-billion acquisition only six years after the purchase," but in early 2004 that did not prevent Hand from making a bid for Noranda and Falconbridge, both of which were at the time owned by Brascan, who then declined the Inco offer. The bait in the water attracted Mick Davis and Roger Agnelli. Hand was not deterred from his takeover madness and went to Australia to try his luck in the Western Mining sweepstakes, where he was outbid by XStrata's offer of US$5.7 billion and the ultimately successful BHP Billiton bid of $7.3 billion. Not last in the waters was Teck Cominco's Don Lindsay, a product of CIBC World Markets and who had advised Falconbridge in their failed acquisition of VBM.127

Takeovers (2005–2006)

On October 11, 2005, Inco's CEO Scott Hand announced a friendly takeover bid to buy out the operations of longtime rival Falconbridge for $12 billion.128 If approved, the deal would have made Inco the world's largest producer of nickel. Davis's Xstrata (which already owned ~20% of Falconbridge shares) subsequently submitted a hostile takeover bid for Falconbridge, resulting in a bidding war between Inco and Xstrata. The Xstrata bid was successful, but not before Falconbridge employed a poison pill to delay the acquisition, raising its share price from $28 to $62.50 in the meantime.129130131

Teck Cominco submitted a hostile takeover bid to purchase Inco on May 8, 2006 for $16 billion if it agreed to abandon its takeover of Falconbridge.132 On June 26 of the same year, Phelps Dodge submitted a friendly takeover bid to purchase a combined Inco and Falconbridge for around $40 billion;133 that offer was also withdrawn because of the failure of the Inco-Falconbridge merger.134135136137

On August 14, 2006 Brazilian mining company Vale S.A. (aka CVRD) extended an all-cash offer to buy Inco for $17 billion. That offer received approval from the Canadian government's investment review agency on October 19, and was accepted by Inco shareholders on October 23.138 Part of the takeover deal was that CVRD would operate Inco as a separate nickel mining division; all of CVRD's nickel operations, including mines at Onca Puma and Vermelho in Brazil, were transferred to Inco's management. Inco was delisted from the NYSE on November 16, 2006 and the TSX on January 5, 2007. According to its current web site, Inco is now a wholly owned subsidiary of Vale (formerly CVRD).139

As subsidiary

The 2009-10 Vale-Inco strike lasted 15 months; one of the longest on record in Canada.140

In May 2010, Vale changed the name of Vale-Inco to simply Vale, stating the change is "a milestone that aligns it more fully with other Vale operations worldwide and reflects its position as part of the world's second largest mining company".141142

In 2015, Vale was said to be exploring an IPO of its base metals unit for $30–35 billion, in order to lighten its debt load.143

Reorganisation as VBM

In May 2023 it was announced that Mark Cutifani would be appointed as Chair of the new Vale Base Metals (VBM) subsidiary of global mining giant Vale S.A.144 Vale was looking to divest from its tar baby,145 as early as December 2022.146 At the time VBM was a supplier to Tesla and General Motors (GM).147 Reports were afoot that GM, Mitsui, and the Saudi Public Investment Fund were interested buyers of a 10% stake.148 Former Tesla executive Jerome Guillen would join the "energy transition board" of VBM along with Cutifani.149

In May 2023 it was announced that VBM had entered a joint venture with the Ford Motor Company and Huayou Cobalt on a $4.5bn nickel processing facility in Indonesia.150

Vale spun out its metals business as a separate ringfenced entity headquartered in Toronto, with an independent board chaired by Cutifani. That process completed in July 2023. The unit was then one of the world's largest producers of nickel, copper, and cobalt, and had operations across the globe. The parent company's chief executive Eduardo Bartolomeo stated that Cutifani could help the division explore a future “liquidity event”.151152 In early 2023, the parent company earned 80% of its profits in its South American iron mines, and the balance from its Base Metals group.153

In July 2023 Cutifani sold off 10% of the capital to the Saudi Public Investment Fund and 3% to Engine No. 1. The value of the transaction was $3.4 billion.154

As of May 2024, Vale Canada was reported to have a sales agreement with "Xstrata Copper Canada" for the sale of copper anodes and copper concentrates produced in Sudbury.155

Criticism

In 2006 Inco was removed from the FTSE4Good Index for failing to meet their human rights criteria.156 The company has had disputes with native groups and environmental concerns over mine runoff.

Labour relations

Employees for Inco in Canada are represented by the United Steelworkers throughout all the mergers. Because of the mergers, the United Steelworkers signed an agreement with all the unions that represent mining workers in countries where Vale/Inco operate to "work together cooperatively and strategically as global partners, to build the bargaining power of worker."157 The unions include Confederação Nacional dos Trabalhadores no Setor Minera, SINTICIM, Union syndicale des ouvriers et employés de Nouvelle-Calédonie, Union des Syndicats des Travailleurs Kanak et Exploités, Fagforbundet for Industri og Energi, Construction, Forestry, Mining and Energy Union, and the United Steelworkers.

Current operations

Ontario, Canada

Manitoba, Canada

Newfoundland and Labrador, Canada

Indonesia

  • Vale Inco's Indonesian joint venture PT Vale Indonesia Tbk, an Indonesian company which is 20 percent publicly owned (IDX:INCO), is located in Soroako. In August 2011, a dispute began because PT Inco broke its promise to build 2 smelters in Pomala and Bahodopi in 2005 and 2010 respectively, and to hand over 50,000 hectares of its 118,000-hectare concession to locals. Based on the latest feasibility study, only the Bahodopi smelter facility was possible. The dispute might go to court.158
  • October 11, 2011: After starting operation of its third hydropower plant at Karebbe with an output of 130 megawatts (MW), the company would increase production from 73,000 metric tons to 120,000 metric tons per year over the next five years. The first and second hydropower plants are located in Larona and Balambano with a combined output of 365 MW. As part of its Corporate Social Responsibility plan, the company has given a total of 8 MW from the plants to Perusahaan Listrik Negara (Indonesian Government Electric Company) for free.159

New Caledonia

Inco is a central theme in the Stompin' Tom Connors song "Sudbury Saturday Night". More recently, the Creighton Mine, owned by Vale and hosting the Sudbury Neutrino Observatory, figures largely in the plot of Robert J. Sawyer's Neanderthal Parallax trilogy.

See also

Filmography

  • Joseph R. Kohn and Charles H. Wasserman (1956) - MILLING AND SMELTING THE SUDBURY NICKEL ORES
  • Keith Harley (1973) - The Winning of Nickel (Westminster Films)

References

  1. "Welcome to Vale Inco". Archived from the original on November 30, 2007. Retrieved November 29, 2007. https://web.archive.org/web/20071130193332/http://www.inco.com/letter.aspx ↩

  2. Jewiss, Tom (Spring 1983). "EARTH SCIENCES MUSEUM : The mining history of the Sudbury area". University of Waterloo. Department of Earth and Environmental Science. https://uwaterloo.ca/earth-sciences-museum/resources/mining-canada/mining-history-sudbury-area ↩

  3. Snyder, Kelly; Russell, Peter. "EARTH SCIENCES MUSEUM : Nickel". University of Waterloo. Department of Earth and Environmental Science. https://uwaterloo.ca/earth-sciences-museum/resources/detailed-rocks-and-minerals-articles/nickel ↩

  4. Thompson, John Fairfield; Beasley, Norman (1960). For the Years to Come: A Story of International Nickel of Canada. Toronto: Longmans, Green & Co. ↩

  5. Marcuson, Samuel (October 15, 2018). "Men, Machines and the Environment in Copper Cliff". CIM. https://magazine.cim.org/en/videos/environment/men-machines-and-the-environment/ ↩

  6. Thompson, John Fairfield; Beasley, Norman (1960). For the Years to Come: A Story of International Nickel of Canada. Toronto: Longmans, Green & Co. ↩

  7. "Sudbury's Big Nickel". CBC News. Retrieved February 25, 2020. https://www.cbc.ca/archives/entry/sudburys-big-nickel ↩

  8. Marcuson, Samuel (October 15, 2018). "Men, Machines and the Environment in Copper Cliff". CIM. https://magazine.cim.org/en/videos/environment/men-machines-and-the-environment/ ↩

  9. "Orford and Canadian Copper Companies Combine". Copper Cliff Museum. https://www.communitystories.ca/v1/pm_v2.php?id=search_record_detail&fl=0&lg=English&ex=00000865&rd=264194&sy=loc&st=&ci= ↩

  10. Weidenhammer, Erich (2018). "THE DEVELOPMENT OF METALLURGY IN CANADA SINCE 1900" (PDF). Transformation Series. Collection Series. 20 (1). Collection and Research Division of the Canada Science and Technology Museums Corporation. https://ingeniumcanada.org/sites/default/files/2021-03/Development_of_Metallurgy_in_Canada_since_1900.pdf ↩

  11. Marcuson, Samuel (October 15, 2018). "Men, Machines and the Environment in Copper Cliff". CIM. https://magazine.cim.org/en/videos/environment/men-machines-and-the-environment/ ↩

  12. Cherney, Ken; Orasi, Ron (February 16, 2009). "Robert Crooks Stanley (1876-1951) – The Grandfather of the Nickel Industry (Part 1 of 2)". No. (August 1989 Inco Triangle). Republic of Mining. https://republicofmining.com/2009/02/16/robert-crooks-stanley-1876-1951-%E2%80%93-the-grandfather-of-the-nickel-industry-part-1-of-2/ ↩

  13. Churchill, James E. (March 23, 2021). "Historic Monel: the alloy that time forgot". Nickel Institute. https://nickelinstitute.org/blog/2021/march/historic-monel-the-alloy-that-time-forgot/ ↩

  14. "Ambrose Monell - INTERNATIONAL NICKEL CORPORATION - 1902–1917". No. GREAT AMERICAN BUSINESS LEADERS OF THE 20TH CENTURY. President & Fellows of Harvard College. Leadership Initiative Harvard Business School. https://www.hbs.edu/leadership/20th-century-leaders/Pages/details.aspx?profile=ambrose_monell ↩

  15. "ThyssenKrupp Nirosta: History". Archived from the original on 2 September 2007. Retrieved 13 August 2007. https://web.archive.org/web/20070902202906/http://www.nirosta.de/History.22.0.html?&L=1 ↩

  16. "DEPATISnet-Dokument DE000000304126A". https://depatisnet.dpma.de/DepatisNet/depatisnet?action=pdf&docid=DE000000304126A ↩

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  18. "Handbook of Stainless Steel". Outokumpu Oyj. 2013. p. 12. ↩

  19. "Comparing 18/8, 18/10, and 18/0 Stainless Steels". Xometry. https://www.xometry.com/resources/materials/18-8-vs-18-10-vs-18-0-stainless-steel/ ↩

  20. Thompson, John Fairfield; Beasley, Norman (1960). For the Years to Come: A Story of International Nickel of Canada. Toronto: Longmans, Green & Co. ↩

  21. Thompson, John Fairfield; Beasley, Norman (1960). For the Years to Come: A Story of International Nickel of Canada. Toronto: Longmans, Green & Co. ↩

  22. Churchill, James E. (March 23, 2021). "Historic Monel: the alloy that time forgot". Nickel Institute. https://nickelinstitute.org/blog/2021/march/historic-monel-the-alloy-that-time-forgot/ ↩

  23. "Manitoba's legends of rock: John F. Thompson" (PDF). Manitoba Innovation, Energy and Mines. Retrieved April 3, 2021. https://www.gov.mb.ca/iem/min-ed/kidsrock/mrocks/files/rocklegend_thompson.pdf ↩

  24. Renner, Simon (2024). "Canadian Nickel for Nazi Germany – How Government-Business Relationships Affected British Blockade Strategies in the 1930s". The International History Review. 46 (4): 5–7. doi:10.1080/07075332.2024.2323493. https://doi.org/10.1080%2F07075332.2024.2323493 ↩

  25. Sullivan, James Edward (1912). The Olympic Games, Stockholm, 1912. American sportspublishing company. p. 233. https://archive.org/details/olympicgamessto00sullgoog/page/n233/mode/2up?q=gibbs ↩

  26. "Snapshots of Life at Inco: Dr. Thompson's 50th Anniversary" (PDF). Inco Triangle. 16 (5): 16. https://www.sudburymuseums.ca/triangle/data/INCOTriangle-19560801.pdf ↩

  27. "Ambrose Monell - INTERNATIONAL NICKEL CORPORATION - 1902–1917". No. GREAT AMERICAN BUSINESS LEADERS OF THE 20TH CENTURY. President & Fellows of Harvard College. Leadership Initiative Harvard Business School. https://www.hbs.edu/leadership/20th-century-leaders/Pages/details.aspx?profile=ambrose_monell ↩

  28. "History". Monell Foundation. Retrieved June 24, 2022. https://www.monellfoundation.org/history ↩

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  30. "W.A. Bostwick Heads Nickel Co". The New York Times. October 17, 1917. https://www.nytimes.com/1917/10/17/archives/wa-bostwick-heads-nickel-co.html ↩

  31. "Snapshots of Life at Inco: Dr. Thompson's 50th Anniversary" (PDF). Inco Triangle. 16 (5): 16. https://www.sudburymuseums.ca/triangle/data/INCOTriangle-19560801.pdf ↩

  32. "Sopko takes Inco reins, Phillips retiring" (PDF). Vol 50. No. 11. Inco Triangle. December 1991. https://www.sudburymuseums.ca/triangle/data/INCOTriangle-19911201.pdf ↩

  33. Cherney, Ken; Orasi, Ron (February 16, 2009). "Robert Crooks Stanley (1876-1951) – The Grandfather of the Nickel Industry (Part 2 of 2)". No. (August 1989 Inco Triangle). Republic of Mining. https://republicofmining.com/2009/02/16/robert-crooks-stanley-1876-1951-%E2%80%93-the-grandfather-of-the-nickel-industry-part-2-of-2/ ↩

  34. Cherney, Ken; Orasi, Ron (February 16, 2009). "Robert Crooks Stanley (1876-1951) – The Grandfather of the Nickel Industry (Part 2 of 2)". No. (August 1989 Inco Triangle). Republic of Mining. https://republicofmining.com/2009/02/16/robert-crooks-stanley-1876-1951-%E2%80%93-the-grandfather-of-the-nickel-industry-part-2-of-2/ ↩

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