Vale Base Metals to form consortium for $200m Thompson mine investment

Group 1 - Vale Base Metals (VBM) is forming a consortium with Exiro Minerals, Orion Resource Partners, and the Canada Growth Fund to invest up to $200 million in the Thompson Mine Complex in Manitoba, Canada [1] - The new entity, Exiro Nickel Company, will be primarily owned by Exiro, Orion, and CGF, holding 81.1%, while VBM will retain an 18.9% stake [1] - The investment aims to secure the future of nickel mining and job stability in the region [1] Group 2 - VBM has secured an offtake agreement for nickel concentrate from the Thompson Mill, expected to close by the end of 2026, pending regulatory approvals [2] - A strategic review of VBM's Thompson operations was initiated in January 2025, with ongoing management of daily operations until conditions are met [2] Group 3 - Exiro Nickel's CEO emphasized the importance of this transaction for launching a new Canadian nickel company and collaborating with the skilled workforce at Thompson [3] - Exiro Nickel aims to manage the Thompson operations safely and sustainably, maintaining agreements with local stakeholders and indigenous communities [3] Group 4 - The consortium views the investment as a pathway to a competitive and sustainable future for the company and its stakeholders [4] - The Thompson Mine Complex includes two underground mines and a mill, with significant exploration potential along the 135 km Thompson Nickel Belt [4] - In 2025, the complex produced 12,000 tons of finished nickel, a 21.2% increase from the previous year [4] Group 5 - VBM and Glencore Canada have entered into an agreement to assess a potential brownfield copper development project in the Sudbury Basin, Ontario [5]