On Friday, October 16, 2026, Vale (VALE3) reported that its subsidiary Vale Base Metals (VBM) completed the transaction that establishes Exiro Nickel Company as the new controlling shareholder and operator of the Thompson Mine Complex in Manitoba, Canada.
Exiro Minerals Corp., Orion Resource Partners LP and Canada Growth Fund Inc. jointly came to hold an 81.1% stake in Exiro Nickel, while Vale Base Metals, through its subsidiary Vale Canada Limited, retains a minority stake of 18.9%. According to the company, all regulatory and governmental approvals required to close the transaction have been obtained.
In addition to preserving its minority stake, Vale Base Metals signed a multi-year offtake agreement to purchase the nickel concentrate produced at the Thompson plant. The company states that the transaction is aligned with its strategy of actively managing its portfolio and enabling a dedicated control and investment structure for the asset, concluding the strategic review of the Thompson operations.
