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business|copper|energy|exploration|mining|resources|underground|operations

Vale initiates strategic review of Manitoba nickel mine

Known as “the Hub of the North

Known as “the Hub of the North", Thompson is located 740 km north of Winnipeg and is named after John F. Thompson, chairperson of International Nickel when a significant body of ore was discovered there in 1956.

24th January 2025

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Vale Base Metals, the Canadian subsidiary of Brazilian major Vale, has launched a strategic review to assess options for its mining and exploration assets in Thompson, Manitoba.

The review, which includes the potential sale of the assets, forms part of a broader initiative to optimise the company’s global portfolio and drive long-term value for its shareholders and stakeholders.

"Our stated objective is to build a leading energy transition metals business, and this strategic review is part of the process we are undertaking to optimise our portfolio to ensure global competitiveness and unlock the value potential from our considerable copper and nickel endowment," said CEO Shaun Usmar on Thursday.

The Thompson Nickel Belt, a proven nickel deposit with significant resource upside, has been a cornerstone of Vale Base Metals’ operations for more than 60 years. The assets include two underground mines, an adjacent mill, and extensive exploration potential along the 135-km-long belt.

Thompson contributed 10 500 t finished nickel over the 12 months ending in the third quarter of 2024.

“Our activities and investments in Thompson have generated significant value for northern Manitoba for more than 60 years. This process is aimed at seeing if a new owner may be better suited to invest the capital and resources needed to unlock the vast mineral potential of this district-scale asset to continue that legacy, while delivering value for our investors,” said Usmar.

Vale Base Metals has engaged an external adviser to lead the review, which is expected to conclude in the second half of 2025.

Known as “the Hub of the North", Thompson is located 740 km north of Winnipeg and is named after John F. Thompson, chairperson of International Nickel when a significant body of ore was discovered there in 1956.

Edited by Creamer Media Reporter

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