A high-level alliance has recently been confirmed to revitalize operations in the Thompson Nickel Belt, leveraging the Manitoba mine. Vale Base Metals has structured a coalition with Exiro Minerals, Orion Resource Partners and the Canada Growth Fund to inject US$200 million into this critical asset for the global market.
The potential of the Manitoba mine
As a result of this agreement, Exiro Nickel Company is born. This organization will take over the management of a complex with two subway deposits and a processing mill. Likewise, the shareholding structure grants the consortium a majority interest of 81.1%, while Vale Base Metals retains a minority share and ensures the purchase of the concentrate produced to sustain its hegemony in the sector.
The financial commitment not only seeks to optimize extraction of the strategic metal, but alsobut also to ensure the permanence of skilled jobs in northern Manitoba. The new owners have stated their intention to operate under rigorous sustainability standards and to respect previous agreements with indigenous communities. It is clear that the goal is to transform Thompson into a multi-generational pillar of the critical minerals industry.
The relevance of this move lies in Canada’s position as a reliable supplier for the manufacture of batteries and low-emission technologies. The increase in production over the last year supports the geological potential of the area. Formal closing of the transaction is expected to occur by the end of 2026 once the relevant regulatory validations have been obtained.
Source and photo: Vale Base Metals