#Canada #Vale Base Metals #Thompson #Exiro Nickel #Manitoba Mining

Vale Base Metals Secures Future of Manitoba Mine

In a significant development for the mining industry, Vale Base Metals (VBM) has announced a strategic partnership with three companies to establish a new consortium aimed at investing approximately $200 million into the Thompson Nickel Belt in Manitoba. This collaboration signals a strong commitment to not only sustain nickel mining operations in the region but also to enhance job security for the local workforce.

The consortium includes Exiro Minerals Corp., Orion Resource Partners LP, and Canada Growth Fund Inc. Together, they will create a new entity known as Exiro Nickel Company, where Exiro, Orion, and CGF will collectively hold a dominant stake of 81.1%. VBM will retain a minority interest of 18.9%, allowing them to maintain involvement in the operations while ensuring sustainability in production.

To reinforce its strategic foothold as Canada’s leading nickel producer, VBM has also signed a supply agreement for the nickel concentrate produced at the Thompson facility. The transaction is expected to close by the end of 2026, contingent on standard regulatory approvals and closing conditions. Until the deal is finalized, VBM will continue its daily operational oversight of the mining complex.

The Thompson mining complex is robust, consisting of two active underground mines and a processing facility. This area boasts significant exploration potential along its 135 km nickel belt with a rich mining history dating back to 1956. In fact, in 2025, the Thompson complex produced 12,000 metric tons of finished nickel—an impressive 21.2% increase from the previous year, underlining its vital role in the nickel supply chain.

Leaders from both the industry and government have expressed optimism about this investment. Shaun Usmar, the CEO of Vale Base Metals, emphasized the importance of the Thompson site, stating that the investment will ensure its operations can harness its full potential while providing long-term stability for the community and workforce.

Shastri Ramnath, CEO of Exiro Nickel, echoed this sentiment, highlighting that their new venture signifies a pivotal moment for Canadian nickel. The goal is to manage the Johnson complex as a long-term, multi-generational asset, ensuring its sustainability and alignment with local community needs and stakeholder agreements.

Furthermore, Istvan Zollei, Chief Investment Officer at Orion, noted that this partnership reflects a collective confidence in the quality of Manitoba's mining operations and their 60-year legacy. The consortium aims to bolster operations, expand exploration activities, and promote quality job creation in the area.

Minister of Finance, François-Philippe Champagne, described the investment as a triumph for both Manitoba and Canada. He affirmed the essential nature of the nickel industry for the economy, especially pertaining to clean technology supply chains and regional development benefits. This investment is seen as critical to keeping Canada competitive on the global stage in clean technology and mining sectors.

Government representatives, including the Minister of Northern Affairs, Rebecca Chartrand, reiterated the historic significance of the Thompson mining operation, marking it as a cornerstone of the region's economic identity. The collaboration showcases the government's acknowledgment of the strategic value of nickel, especially as the world shifts towards more sustainable energy sources.

Overall, this consortium aims to navigate the future of nickel mining in Manitoba more robustly, and with stakeholders dedicated to sustainable practices and community investment, the prospects for the Thompson Nickel Belt are brighter than ever. With these developments, Manitoba is poised to affirm its place as a key player in the global minerals market with long-term viability and growth.