The Canadian government welcomed a C$116 million commitment from the Canada Growth Fund on Wednesday as part of a US$200 million deal to transfer control of the Vale Base Metals Thompson Mine Complex to a newly formed Canadian company.
The consortium — comprising Exiro Minerals Corp., Orion Resource Partners, and the Canada Growth Fund — will create Exiro Nickel Company Inc., holding an 81.1% stake in the Thompson operations. Vale retains an 18.9% minority interest and an offtake agreement for nickel concentrate from the mill.
The Thompson Mine Complex includes two operating underground mines, a mill, and roughly 135 kilometres of exploration claims along the Thompson Nickel Belt. It employs nearly 700 workers and has operated since a nickel discovery in 1956. Vale launched a strategic review of the assets in January 2025 amid sustained low nickel prices.
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Exiro CEO Shastri Ramnath told CBC News that the consortium sees roughly 20 years of profitable mining ahead and has no plans for layoffs. Federal Finance Minister François-Philippe Champagne called the investment “a win for Manitoba and a win for all Canadians,” citing nickel’s role in electric vehicle batteries and clean technology supply chains.
The deal marks the Canada Growth Fund’s fourth mining sector investment. It remains subject to regulatory approvals and is expected to close by the end of 2026.
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