The Newfoundland and Labrador government estimated that the Voisey’s Bay project discovery would add approximately $20.7 billion to the province’s GDP over the mine’s 30-year lifespan.

In early 1993 the recently formed Diamond Field Resources, founded by Jean Raymond Boulle, began to explore for diamonds in Labrador the easternmost province of Canada known for its abundant mineral resources.

At first the exploration program was not successful, and the geologist Rod Baker had to ask for more funds from Diamond Field Resources, the fledgling company was struggling financially, and they only just managed to secure the funding

In 1994 the prospectors realised that the assays from samples they had collected contained a high level of nickel. They began drilling and on the second drill hole, the drill core was yellow from high- grade massive sulphides.

The discovery was one of the largest mineral discoveries for years and was estimated in 2007 to contain 141 million tonnes of 1.6% nickel. The discovery was so significant due to the high grade of the ore as well as the fact that a lot of the ore was near the surface which made it easy to extract. The deposit was sold to Inco for $4.5 billion Canadian dollars and is now wholly owned by Vale S.A.