Exiro Minerals Corp., Orion Resource Partners LP and Canada Growth Fund Inc. (CGF) have taken an 81.1% stake in Vale’s Thompson nickel operations in northern Manitoba, Canada, with plans to invest up to $200 million to secure the mining complex’s long-term future.
Vale Base Metals (VBM), through its subsidiary Vale Canada Ltd., retains an 18.9% minority interest in the newly formed Exiro Nickel, which now assumes day-to-day responsibility for the Thompson Mine Complex. This includes two operating underground mines, an adjacent mill and exploration opportunities across the 135-km-long Thompson Nickel Belt.
“Completing this transaction marks an important new chapter for Thompson and for the people who have built its proud mining history,” VBM CEO Shaun Usmar said. “Thompson has a significant nickel endowment and an exceptional workforce, many of whom are the second or even third generation in their families to work at the operation.”
The Thompson complex has operated for more than six decades and remains an important source of employment and economic activity in northern Manitoba. The ownership change brings dedicated capital and management attention to an established mining district with significant exploration potential.
Long-term investment
The investment commitment is intended to support the complex’s continued operations and development, although the companies have not specified a spending schedule or how the funds will be allocated.
VBM has also signed a multi-year agreement to purchase nickel concentrate produced at the Thompson mill, maintaining a commercial connection to the operation despite relinquishing majority ownership.
The transaction concludes a strategic review of Thompson that VBM launched in January 2025 as part of its broader effort to manage its asset portfolio and attract dedicated investment to individual operations.
Usmar said the new ownership structure could help Thompson realize its potential as a resilient, district-scale nickel asset.