Vale Base Metals Forms Consortium to Invest $200 Million in Thompson Nickel Mine, Manitoba
Vale Base Metals has partnered with Exiro Minerals, Orion Resource Partners, and Canada Growth Fund to form a new consortium investing up to $200 million in the Thompson Nickel Belt, Manitoba. The new company, Exiro Nickel, will hold 81.1% stake while VBM retains 18.9%. The transaction aims to secure nickel production and employment in Thompson, with expectations to double production within five years. The deal is subject to regulatory approvals and is expected to close by the end of 2026.
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Vale Base Metals has announced a partnership with Exiro Minerals Corp, Orion Resource Partners LP, and Canada Growth Fund Inc. to create a consortium investing up to $200 million in the Thompson Nickel Belt in Manitoba. The new entity, Exiro Nickel Company, will have an 81.1% ownership by the partners, with VBM holding 18.9%.
VBM has also signed a nickel concentrate off-take agreement to maintain its position as Canada’s leading nickel producer. The transaction, pending regulatory approval, is expected to close by the end of 2026 and aims to double nickel production in the next five years. This strategic review is part of VBM's efforts to enhance its mining portfolio's competitiveness and long-term value.
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