A consortium led by Orion Resource Partners, Canada Growth Fund, and Exiro Minerals Corp has agreed to invest up to $200 million in Vale's Thompson Mine Complex in Manitoba. The partners will form Exiro Nickel Company to make the investment, with the consortium holding an 81.1 percent stake and Vale retaining 18.9 percent.

Located in Thompson, Manitoba, the Thompson Mine Complex encompasses two underground nickel mines, an adjacent mill, and extensive exploration opportunities across the 135-kilometer Thompson Nickel Belt. Vale, a London-based producer of high-quality nickel, copper, and cobalt, has signed an offtake agreement for nickel concentrate produced at the mill. The deal is expected to close by the end of 2026.

This investment represents a significant vote of confidence in the Manitoba operations, which have a 60-year history and substantial growth potential. The partnership aims to strengthen operations and advance exploration while supporting high-quality jobs in the region. CGF, a C$15 billion public investment fund managed by Public Sector Pension Investment Board, is designed to attract private capital to Canada's clean economy.