The Canadian firm Exiro Nickel has closed a deal to acquire the Thompson Operations nickel complex in the province of Manitoba from Brazil’s Vale Base Metals.
Vale had announced its intention to sell the asset earlier in 2025 as part of a strategy to optimize its global portfolio.
The complex comprises two mines and a facility for the production of refined nickel. According to the most recent data—covering the period from the fourth quarter of 2023 through the third quarter of 2024—Thompson Operations produced 10,500 tonnes of nickel over those 12 months.
The facility is located within the 135-kilometer-long Thompson Nickel Belt. The mines have been in operation since 1956 and are now largely depleted; however, Exiro Nickel has committed to extracting at least 2 million tonnes of ore annually for the next five years.
Exiro Nickel was established in 2025, with Vale Base Metals holding an 18.9% stake. Other investors in the company include the U.S.-based strategic metals investment fund Orion Resource Partners, the state-backed Canada Growth Fund, and Exiro Minerals Corporation, according to the online portal metalinfo.
Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished
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