Vale Forms Consortium with Exiro Minerals, Orion Resource, and Canada Growth Fund for Thompson Mine Investment
Vale Base Metals has partnered with Exiro Minerals Corp., Orion Resource Partners LP, and Canada Growth Fund Inc. to invest up to $280 million in the Thompson Mine Complex in Manitoba. The new company, Exiro Nickel Co., will have an 81.1% stake held by the partners, with Vale owning 18.9%. The consortium aims to double production within five years and enhance job security in the region.
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Vale Base Metals has signed a partnership to invest up to $280 million in the Thompson Mine Complex in Manitoba with Exiro Minerals Corp., Orion Resource Partners LP, and Canada Growth Fund Inc. The newly formed Exiro Nickel Co. will have Exiro, Orion, and CGF owning 81.1% and Vale holding 18.9%.
The project aims to double production in five years and increase the workforce from 700. Vale has an offtake agreement for nickel concentrate from the mill. The partnership follows Vale's strategic review of the Thompson operations initiated in January 2025.
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