Vale Base Metals has announced a partial sale of its nickel mine in Thompson, Manitoba, involving up to $280 million. The transaction, revealed Thursday, aims to ensure the site’s long-term viability.
New Partners and Ownership Details
Exiro Minerals from Toronto, Orion Resource Partners based in New York City, and the Canada Growth Fund—a federal investment entity operating independently—will acquire stakes in the operation. These partners will form Exiro Nickel Company, the new Canadian-incorporated owner, bolstered by initial U.S. funding.
The trio will hold 81.1% ownership, leaving Vale with a 18.9% minority share. Exiro officials confirm no layoffs for the mine’s 700 employees and 300 contractors.
Expansion and Operational Continuity
New owners plan to grow activities, potentially adding jobs, and the deal encompasses nearby exploration properties. Thompson lies about 650 kilometers north of Winnipeg.
Vale initiated a strategic review of its Thompson assets last year, exploring sale options. The agreement expects completion by late 2026, with Vale overseeing daily operations until then.
Rich Mining Legacy
Nickel mining in Thompson traces back to a 1956 discovery, leading to multiple operations in the region over decades.
