Vale to sell Manitoba nickel complex to investor group

In a strategic move that signals evolving dynamics in the critical metals market, Brazilian mining giant Vale is transferring control of its Manitoba Thompson nickel complex to a trio of investors, marking a significant shift in industrial metals investment strategies.

The transaction involves Exiro Minerals, Orion Resource Partners, and the Canada Growth Fund, who will collectively own 81.1% of a new company named Exiro Nickel, with Vale retaining a minority 18.9% stake. This investor group has committed up to $200 million to develop and sustain the historic mining operation, which has been a cornerstone of northern Manitoba's mining economy since Inco first discovered the orebody in 1956.

Vale's strategic review, launched in early 2025, reflects broader industry trends of portfolio optimization and targeted strategic asset repositioning. The new ownership structure aims to focus on mine development, exploration, and infrastructure upgrades to ensure long-term operational sustainability.

For precious metals investors, this transaction underscores the increasing importance of critical metals like nickel in emerging technologies, particularly electric vehicle batteries and renewable energy infrastructure. The investment signals confidence in the long-term demand for nickel, a key component in energy transition technologies.

Thompson represents one of Canada's largest underground nickel mining operations, and this ownership transition ensures continued employment and economic activity in northern Manitoba. Vale's Base Metals CEO Shaun Usmar emphasized the strategic value of nickel and the commitment to securing the mine's future.