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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.