Exiro Nickel Company Inc. completed its acquisition of Manitoba’s Thompson Mine Complex on Oct. 16, taking over operations while Vale retains a minority stake and a multi-year nickel-concentrate sales agreement.
Exiro Nickel is 81.1%-owned by Exiro Minerals, Orion Resource Partners and Canada Growth Fund, while Vale Canada holds the remaining 18.9%. Vale, through Vale Canada Limited, retains an 18.9% interest. Vale said customary regulatory and government approvals were obtained before the transaction closed.
The transaction includes an investment commitment of up to US$200 million, about C$280 million. Canada Growth Fund has committed up to US$85 million, about C$116 million, toward the investment. The closing announcements did not state how much of the commitment has been spent.
The complex includes two underground mines, a mill and exploration assets across about 135 kilometers of the Thompson Nickel Belt. Natural Resources Canada estimates the operation accounts for 10% to 15% of Canada’s annual nickel production. The department said the investment is intended to support exploration and development and maintain about 675 local jobs.
Canada classifies nickel as a critical mineral, with uses that include batteries, clean-energy technologies and advanced manufacturing. The belt was discovered in 1956, commercial production began in 1961, and the operation became part of Vale after the company acquired Inco in 2006, according to Natural Resources Canada.
The transaction followed a strategic review Vale launched in January 2025 to improve the competitiveness of its global mining portfolio. Manitoba Premier Wab Kinew welcomed the closing, saying, “This is a great day for Thompson and all of northern Manitoba.”
Exiro says the complex has annual milling capacity of two million tonnes. The company’s targets include bringing the concentrator to that capacity within five years and reaching positive cash flow within two to three years.
