Vale Base Metals Forms Consortium to Invest $200 Million in Thompson Nickel Belt
Vale Base Metals (VBM) has announced a significant development in the Thompson Nickel Belt, entering into a partnership with three companies to form a new consortium that will invest up to $200 million USD (approximately $280 million CAD). This initiative aims to secure the future of nickel mining and employment opportunities in Thompson, Manitoba. The new consortium consists of Exiro Minerals Corp., Orion Resource Partners LP, and Canada Growth Fund Inc., with Exiro, Orion, and CGF holding an 81.1% stake in the newly formed entity, named Exiro Nickel Company. VBM will retain a minority share of 18.9%.
As part of this strategic move, VBM has signed an agreement to purchase nickel concentrate produced at the Thompson plant, cementing its status as Canada's leading nickel producer. The transaction is expected to close by the end of 2026, pending standard regulatory and governmental approvals. Meanwhile, VBM will continue to manage day-to-day operations at the mining complex until the deal is finalized.
Recognizing the stable employment value in the region, the consortium believes this investment offers the best potential for a competitive and sustainable future for the new venture, its employees, and the local community. Exiro Nickel is dedicated to operating the Thompson facility safely, responsibly, and sustainably, investing in its future while adhering to all existing agreements with local stakeholders, including Indigenous communities.
The Thompson Mining Complex features two operational underground mines, an adjacent mill, and considerable exploration opportunities across the 135 km long Thompson Nickel Belt, a site with significant resource potential and a rich mining history dating back to 1956. In 2025, the facility produced 12,000 metric tons of finished nickel, marking a 21.2% increase from the 9,900 metric tons produced in 2024.
The strategic review of Thompson's operations is part of an ongoing process to ensure that VBM’s global mining portfolio remains competitive and to provide the best long-term value for shareholders and society.
Shaun Usmar, CEO of Vale Base Metals, expressed his enthusiasm, stating, "Today's announcement secures the future of mining in Thompson, home to an exceptional workforce and an integral part of Manitoba's rich mining heritage." He highlighted the strategic value of nickel and expressed pride in being part of Thompson's new future. Usmar also reflected on the positive contributions they have made to the region over the past 60 years, sharing his excitement about unlocking the operation's full potential.
Shastri Ramnath, CEO of Exiro Nickel Company, remarked, "This transaction launches a new Canadian nickel company. We are pleased to partner with Vale Base Metals for this acquisition and welcome them as shareholders. We're eager to manage the Thompson Nickel Belt as a durable, multi-generational asset."
Istvan Zollei, Managing Partner and Head of Investments at Orion Resource Partners, noted, "Our alliance with Vale Base Metals, Exiro, and Canada Growth Fund brings together experienced players and underscores our confidence in Manitoba's operational quality, rich history, and growth potential. The consortium is poised to build upon this solid foundation, enhance operations, and promote exploration within the Thompson Nickel Belt, all while fostering quality employment in Manitoba."
Yannick Beaudoin, CEO of Canada Growth Fund, added, "The Thompson mine is a strategic asset, critical for nickel supply chains and for the significant economic benefits it generates for Manitoba and Canada. This transaction enhances CGF's growing mineral investment portfolio and positions Canada as a global leader in critical minerals. This marks our first investment in Manitoba, and we are proud to support the province's economic development."
Government officials also recognized the importance of this investment. The Honorable François-Philippe Champagne, Minister of Finance, emphasized that this investment is beneficial for Manitoba and all Canadians, noting the vital role of the nickel industry in the national economy and the promise it holds for clean technology sectors. The Honorable Rebecca Chartrand, Minister of Northern Affairs, reaffirmed the significance of Thompson's mining legacy in securing a sustainable future for the region's workforce.
"Mining is vital for Thompson's economy. This new investment will ensure that the operation continues to support workers, local businesses, and the region for years to come," expressed the Honorable Wab Kinew, Premier of Manitoba.
Overall, this merger signals a strong vote of confidence in Manitoba and its skilled labor force, positioning it as a reliable provider in the global transition to clean energy while promising stability for workers and local communities in the future.
As part of this strategic move, VBM has signed an agreement to purchase nickel concentrate produced at the Thompson plant, cementing its status as Canada's leading nickel producer. The transaction is expected to close by the end of 2026, pending standard regulatory and governmental approvals. Meanwhile, VBM will continue to manage day-to-day operations at the mining complex until the deal is finalized.
Recognizing the stable employment value in the region, the consortium believes this investment offers the best potential for a competitive and sustainable future for the new venture, its employees, and the local community. Exiro Nickel is dedicated to operating the Thompson facility safely, responsibly, and sustainably, investing in its future while adhering to all existing agreements with local stakeholders, including Indigenous communities.
The Thompson Mining Complex features two operational underground mines, an adjacent mill, and considerable exploration opportunities across the 135 km long Thompson Nickel Belt, a site with significant resource potential and a rich mining history dating back to 1956. In 2025, the facility produced 12,000 metric tons of finished nickel, marking a 21.2% increase from the 9,900 metric tons produced in 2024.
The strategic review of Thompson's operations is part of an ongoing process to ensure that VBM’s global mining portfolio remains competitive and to provide the best long-term value for shareholders and society.
Shaun Usmar, CEO of Vale Base Metals, expressed his enthusiasm, stating, "Today's announcement secures the future of mining in Thompson, home to an exceptional workforce and an integral part of Manitoba's rich mining heritage." He highlighted the strategic value of nickel and expressed pride in being part of Thompson's new future. Usmar also reflected on the positive contributions they have made to the region over the past 60 years, sharing his excitement about unlocking the operation's full potential.
Shastri Ramnath, CEO of Exiro Nickel Company, remarked, "This transaction launches a new Canadian nickel company. We are pleased to partner with Vale Base Metals for this acquisition and welcome them as shareholders. We're eager to manage the Thompson Nickel Belt as a durable, multi-generational asset."
Istvan Zollei, Managing Partner and Head of Investments at Orion Resource Partners, noted, "Our alliance with Vale Base Metals, Exiro, and Canada Growth Fund brings together experienced players and underscores our confidence in Manitoba's operational quality, rich history, and growth potential. The consortium is poised to build upon this solid foundation, enhance operations, and promote exploration within the Thompson Nickel Belt, all while fostering quality employment in Manitoba."
Yannick Beaudoin, CEO of Canada Growth Fund, added, "The Thompson mine is a strategic asset, critical for nickel supply chains and for the significant economic benefits it generates for Manitoba and Canada. This transaction enhances CGF's growing mineral investment portfolio and positions Canada as a global leader in critical minerals. This marks our first investment in Manitoba, and we are proud to support the province's economic development."
Government officials also recognized the importance of this investment. The Honorable François-Philippe Champagne, Minister of Finance, emphasized that this investment is beneficial for Manitoba and all Canadians, noting the vital role of the nickel industry in the national economy and the promise it holds for clean technology sectors. The Honorable Rebecca Chartrand, Minister of Northern Affairs, reaffirmed the significance of Thompson's mining legacy in securing a sustainable future for the region's workforce.
"Mining is vital for Thompson's economy. This new investment will ensure that the operation continues to support workers, local businesses, and the region for years to come," expressed the Honorable Wab Kinew, Premier of Manitoba.
Overall, this merger signals a strong vote of confidence in Manitoba and its skilled labor force, positioning it as a reliable provider in the global transition to clean energy while promising stability for workers and local communities in the future.
Topics Heavy Industry & Manufacturing）
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