Demand was high because of increased stainless steel production.
Stainless steel accounts for nearly two-thirds of nickel consumption.
World production of stainless steel has now increased for six consecutive years and climbed more than 80 per cent in the past decade. That news release introduced Voisey's Bay to the world and started a rush by mining companies to the northeast coast of Labrador. By January 1995, the first holes in the Ovoid Zone had been drilled and the potential of this solid massive sulphide began to be realized. By mid-1995 Teck Corporation and Inco Limited made investments in Voisey's Bay. Under the agreement, Inco will market all of the project's nickel and cobalt during the first five years of production and a minimum of 133 million pounds of nickel per year for a further 15 years.