Exiro-led group completes purchase of Thompson nickel complex
Exiro Nickel has completed its acquisition of Manitoba’s Thompson Mine Complex, with Vale retaining a minority stake and an offtake agreement.
An Exiro-led consortium has completed its acquisition of the Thompson Mine Complex in northern Manitoba from Vale Base Metals.
The operation includes two underground mines, a mill and about 135 kilometres of exploration assets. It accounts for an estimated 10% to 15% of Canada’s annual nickel production, according to an October 16 Natural Resources Canada release.
Exiro Nickel Company will own and operate the complex. Vale will retain a minority interest and continue buying nickel concentrate through an offtake agreement.
The federal government had announced support in February through the Canada Growth Fund, committing up to US$85 million, about C$116 million, toward a broader US$200-million transaction. Ottawa says the investment is intended to maintain approximately 675 local jobs and support future exploration and development.
Nickel is used in batteries, stainless steel and energy-storage systems. Commercial production at Thompson began in 1961.
Illustrative mining image; it does not show the Thompson complex. Photo by Abdul Basit via Unsplash; cropped and resized.
AI-assisted news brief. Sources are linked above.
How we work