Vale Base Metals has completed the transfer of the Thompson Mine Complex in Manitoba to Exiro Nickel Company, a new operator owned 81.1% by Exiro Minerals, Orion Resource Partners and Canada Growth Fund, the company said on 16 October. Vale retains an 18.9% interest.
Why Exiro Nickel Company (Exiro Minerals, Orion Resource Partners, Canada Growth Fund) is buying Thompson Mine Complex (81.1% from Vale Base Metals)
Vale Base Metals said dedicated ownership and focused investment give Thompson the best chance of reaching its potential, while it keeps exposure through its minority stake and offtake. Exiro Nickel plans to ramp production towards the concentrator's 2.0 million tonne annual capacity within five years and targets positive cash flow within two to three years.
Deal terms and financing
Exiro Nickel has up to US$200m of new capital for the operations, including up to US$85m from Canada Growth Fund. Vale Base Metals signed a multi-year offtake agreement for concentrate from the Thompson mill. No purchase price was disclosed.
Regulatory approvals and timing
Vale Base Metals said all customary regulatory and government approvals had been received.
Market context
The complex comprises two underground mines and an adjacent mill on the 135km Thompson Nickel Belt, where mining has run for more than 60 years. Vale Base Metals began a strategic review of Thompson in January 2025.
