Vale to form new consortium to invest in Thompson Mine Complex

Vale Base Metals is forming a new consortium to invest in the Thompson Mine Complex.

TORONTO — Vale Base Metals has signed a deal to partner with three companies in a consortium that will invest up to $280 million in its Thompson Mine Complex in Manitoba.

The new owners aim to double production in five years and add to the operation’s current workforce of 700.

“We want to ramp up production and we want to get back to what peak periods of production were in the past,” Shastri Ramnath, CEO of the new consortium, called Exiro Nickel Company, said Thursday.

“There is currently 20 years in the life-of-mine plan that ... we believe we can mine profitably. And that’s going to be our goal. And the way we’re going to do that, the way we’re going to lower unit costs, is to ramp up production.”

Under the agreement, Exiro Minerals Corp., Orion Resource Partners LP and the federal Canada Growth Fund Inc. will join VBM to acquire and invest in the mine. Exiro, Orion and CGF will own a combined 81.1 per cent stake in the new company, while Vale will own the remaining 18.9 per cent.

Vale has signed an offtake agreement for the nickel concentrate produced at the mill. The Thompson complex includes two underground operating mines, an adjacent mill and significant exploration opportunities.

The mine has seen job cuts and uncertainty in recent decades. VBM launched a strategic review of its Thompson operations in January 2025 and said a sale was a possibility.

The Manitoba government said Thursday’s announcement was welcome.

“It’s about keeping good jobs in northern Manitoba,” said Glen Simard, the province’s minister for municipal and northern relations.

Tim Hodgson, the federal minister of energy and natural resources, said in a press release that the investment will help secure Canada’s critical minerals future, including for nickel, which is used in batteries, manufacturing, and electronics.

This report by The Canadian Press was first published Feb. 19, 2026.