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

Vale Base Metals Forms New Consortium for Thompson Mine Future

In a significant move for the mining industry, Vale Base Metals (VBM) has announced the formation of a new consortium aimed at securing the future of nickel mining in Thompson, Manitoba. This consortium, consisting of VBM and three partner companies, is set to invest up to $200 million into the Thompson Nickel Belt, a region with a rich mining history and significant resources.

Details of the Consortium Formation

The new consortium will include Exiro Minerals Corp., Orion Resource Partners LP, and Canada Growth Fund Inc., along with VBM. Collectively, these companies will establish the Exiro Nickel Company, with Exiro, Orion, and CGF holding a combined 81.1% stake, while VBM retains a minority share of 18.9%.

This partnership is more than just a financial investment; it represents a commitment to not only enhancing mining operations but also to maintaining sustainable and responsible practices in the region. The consortium aims to capitalize on existing resources and workforce while ensuring the stability of jobs in the local community.

Nickel Production at Thompson

For context, the Thompson Mine Complex includes two active underground mines and an associated mill, supported by promising exploration opportunities along the 135 km Thompson Nickel Belt. In 2025, the mine produced 12,000 tons of finished nickel, a notable increase from 9,900 tons in 2024. This uptick in production underscores the mine's operational capacity and its potential for growth under the new consortium.

VBM also signed an agreement for the purchase of nickel concentrate from the Thompson mill, ensuring its position as Canada’s leading nickel producer. This strategic move is part of a broader effort to review and enhance the competitiveness of VBM’s global mining portfolio and to provide long-term value to both shareholders and the local economy.

Statements from Leaders

Shaun Usmar, CEO of Vale Base Metals, emphasized the importance of this consortium for the future of mining in Thompson, stating, "This announcement secures the mining future in Thompson, a key site within the rich mining history of Northern Manitoba. We believe in the strategic value of nickel and are proud to be part of Thompson's new future."

In agreement, Shastri Ramnath, CEO of Exiro Nickel Company, expressed excitement about this collaborative venture, remarking, "This transaction marks the beginning of a new Canadian nickel company. We look forward to working closely with Vale Base Metals and the skilled employees of Thompson, managing the Thompson Nickel Belt as a sustainable asset for generations to come."

Yannick Beaudoin, CEO of Canada Growth Fund, highlighted the strategic importance of the Thompson Mine, commenting, "This investment reinforces Canada’s position as a leader in critical minerals and supports economic development in Manitoba. Our investment aims to mobilize private capital while effectively managing risks to launch investment-ready opportunities."

Government and Community Impact

Canadian government officials have also expressed support for the initiative. The Honourable François-Philippe Champagne noted that the investment is a win for Manitoba and Canada, reinforcing the role of the nickel industry in fostering high-quality jobs and promoting the development of clean technologies.

The local government in Manitoba welcomed the announcement, with Premier Wab Kinew stating, "This investment is about securing good jobs in Manitoba. The mining sector is vital to our economy, and this new consortium will ensure that Thompson remains a hub for skilled labor and economic growth."

In conclusion, the formation of this new consortium represents a strategic and collaborative effort to enhance nickel production in Manitoba while ensuring workplace stability and promoting sustainable mining practices. The Thompson Nickel Belt stands poised for growth, driven by the collective strengths of VBM and its partners, promising a bright future for the region's mining community.

Conclusion

As the industry evolves, initiatives like this consortium not only highlight the potential within the Canadian mining sector but also reflect a commitment to balancing economic growth with social and environmental responsibility. The eyes of the mining world will surely be on Thompson as it embarks on this promising development journey.