Vale Base Metals Forms New Consortium to Invest Up to $200M in Manitoba Nickel Mining
Vale Base Metals announced a partnership with Exiro Minerals Corp., Orion Resource Partners LP, and Canada Growth Fund Inc. to invest up to $200 million in the Thompson Mine Complex in Manitoba. The new company, Exiro Nickel Company, will own 81.1% of the venture, while VBM will hold 18.9%. The transaction aims to secure jobs and ensure sustainable mining operations, with closure expected by the end of 2026, pending regulatory approvals.
Theia Market Signal Identification - AI Assisted
Vale Base Metals (VBM) has partnered with Exiro Minerals Corp., Orion Resource Partners LP, and Canada Growth Fund Inc. to create a new consortium investing up to $200 million in the Thompson Mine Complex in Manitoba. The new entity, Exiro Nickel Company, will be 81.1% owned by the partners, with VBM holding 18.9%.
VBM has also signed a nickel concentrate purchase agreement to maintain its position as a leading nickel producer in Canada. The transaction is expected to close by the end of 2026, subject to regulatory approvals.
VBM will remain responsible for day-to-day operations until the deal is finalized. The Thompson Mine Complex has a rich mining history since 1956 and produced 12,000 metric tons of finished nickel in 2025, a 21.2% increase from 2024.
Comments