$280M Investment Secured for Thompson Nickel Mines on Feb 19 - AI Generated Image
Vale Base Metals announced a US$200 million (C$280 million) investment partnership on February 19, 2026, to secure the future of the Thompson Mine Complex through a new company, Exiro Nickel. This deal, involving Exiro Minerals, Orion Resource Partners, and the Canada Growth Fund, aims to modernize the historic nickel belt and protect local mining jobs for the next generation.
The new entity, Exiro Nickel Company, will hold an 81.1% stake in the operations, while Vale Base Metals retains 18.9%. Vale will also continue to buy the nickel concentrate produced at the mill through a long-term agreement.
The transaction follows a strategic review of the Thompson Nickel Belt, which has been in operation since 1956. Production at the site grew by over 20% in 2025, reaching 12,000 metric tonnes of finished nickel.
Exiro Nickel Company plans to run the mines safely and sustainably while honoring existing agreements with local Indigenous communities. The deal is expected to close by the end of 2026 after receiving government and regulatory approvals.
Manitoba Premier Wab Kinew and federal leaders praised the investment for supporting high-quality jobs in Northern Manitoba. The Canada Growth Fund noted that this is its first major investment in the province, focused on strengthening the critical minerals supply chain.
Emma specializes in municipal politics, community development, and the social issues shaping Thompson. She is dedicated to transparent, balanced reporting that keeps the community informed.
Contact her at emma@thethompsonnews.ca.
