Vale Base Metals (VBM) is set to establish a consortium with three companies to inject up to $200m (C$273.86m) into the Thompson Mine Complex in Manitoba, Canada.
This initiative aims to safeguard the future of nickel mining and ensure job stability in the region.
The new entity, Exiro Nickel Company, will comprise Exiro Minerals, Orion Resource Partners, the Canada Growth Fund (CGF) and VBM.
Exiro, Orion and CGF will hold 81.1% of Exiro Nickel Company, with VBM retaining an 18.9% stake.
VBM has also secured an offtake agreement for the nickel concentrate produced at the Thompson Mill.
The deal is expected to close by the end of 2026 pending regulatory and government approvals.
VBM initiated a strategic review of its Thompson operations in January 2025, which is expected to conclude if conditions are met.
Until then, the company will continue managing daily operations at the mine complex.
Exiro Nickel CEO Shastri Ramnath said: “This transaction marks the launch of a new Canadian nickel company. We are pleased to partner with Vale Base Metals on this acquisition, to welcome them as a shareholder and to collaborate with Thompson's highly skilled workforce.
“We look forward to stewarding the Thompson Nickel Belt as a long-life, multi-generational asset.”
Exiro Nickel says it will manage the Thompson operations safely and sustainably, maintaining all agreements with local stakeholders and indigenous communities.
The consortium views this investment as a pathway to a competitive and sustainable future for both the company and those reliant on its success.
The Thompson Mine Complex encompasses two underground mines, an adjacent mill and extensive exploration potential along the 135km Thompson Nickel Belt.
In 2025, the complex yielded 12,000t of finished nickel for VBM, marking a 21.2% increase from the previous year’s output.
In December 2025, VBM and Glencore Canada entered into an agreement to jointly assess a potential brownfield copper development project at their adjacent properties in Sudbury Basin, Ontario.
