A group of mining companies and government are forming a consortium to keep Vale Base Metals’ nickel mining and milling operations in Thompson, Man., running under a new ownership flag.
Vale, the Brazilian miner with massive nickel and copper complex in Sudbury, announced Feb. 19 that it is joint venturing with Exiro Minerals, Orion Resource Partners LP and the Canada Growth Fund to collectively invest $280 million in forming a new company known as Exiro Nickel.
Thompson didn’t fit into Vale’s long-term plans after running the comparables with its other global operations. And it didn’t help matters that 2024 was considered a poor year for the price of nickel.
So Vale launched a strategic review of Thompson in January 2025 to search for a buyer willing to invest in the two-mine complex and mineral exploration in the 135-kilometre nickel belt in northern Manitoba.
In this partial sale, Exiro, Orion and the Canada Growth Fund will own a combined 81.1 per cent in Exiro Nickel. Vale will assume an 18.9 per cent minority stake.
While Vale isn’t willing to run the mines or put money into the drill bit, it’s more than willing to scoop up all the nickel concentrate produced from the Thompson mill. That’s been arranged through the signing of an off-take agreement as part of the transaction.
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