Thompson Mine Complex transaction closes, helping secure a stronger future for Canadian nickel
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THOMPSON, MB, Oct. 16, 2026 /CNW/ -- Today, the Honourable Wab Kinew, Premier of Manitoba; the Honourable Rebecca Chartrand, Canada's Minister of Northern and Arctic Affairs and Minister responsible for the Canadian Northern Economic Development Agency; and representatives from Exiro Minerals Corp., Orion Resource Partners and Vale Base Metals (VBM) marked the completion of Exiro Nickel's acquisition of the Thompson Mine Complex in Manitoba, ushering in a new chapter for one of Canada's most significant nickel mining operations.
Located along the world-renowned Thompson Nickel Belt, which is the fourth-largest Class 1 nickel sulphide resource globally, the Thompson Mine Complex includes two underground mines, a mill and extensive exploration assets and produces 10 to 15 percent of annual Canadian nickel production. For more than six decades, it has been a cornerstone of Manitoba's economy, supporting thousands of skilled workers and contractors while developing and supplying Canadian nickel, a critical mineral essential to electric vehicle batteries, stainless steel production and energy storage systems.
In February 2026, the Government of Canada announced support for Exiro Nickel's acquisition of the Thompson Mine Complex through the Canada Growth Fund. Canada committed up to US$85 million (approximately C$116 million) as part of a broader US$200-million (approximately C$280 million) transaction involving Exiro Minerals Corp., Orion Resource Partners and VBM. This investment will help strengthen the mine's competitiveness, support future exploration and development, maintain approximately 675 local jobs and reinforce Canada's critical minerals supply chains. It reflects confidence in the long-term future of the Thompson Mine Complex and the economic opportunities it provides for northern Manitoba.
The transaction reinforces Manitoba's position as a leading mining jurisdiction. The province's mining sector supports roughly 2,400 jobs, generates significant economic activity and is built on world-class mineral resources, a highly skilled workforce and strong partnerships with Indigenous communities.
As global demand for critical minerals grows, the Thompson Mine Complex will continue to play an important role in strengthening Canada's economic security, supporting resilient North American and global supply chains, and creating long-term jobs and prosperity in northern Manitoba.
Quotes
"Canada has what the world wants, and the Thompson Mine Complex demonstrates what that looks like in practice. By bringing together industry, governments and Indigenous partners, Thompson's next chapter will strengthen Canada's critical minerals value chain, support high-quality jobs and enhance our economic security. The Thompson Mine Complex has long been an important part of Manitoba's and Canada's economies, and this transaction positions it to continue contributing to Canada's growth and competitiveness for generations to come."
The Honourable Tim Hodgson
Minister of Energy and Natural Resources
"For more than 60 years, the Thompson Mine Complex has been a cornerstone of the economy in northern Manitoba, supporting workers, families and communities while helping supply nickel that the world needs. This moment marks the beginning of an important new chapter for Thompson and its surrounding communities. This demonstrates the confidence that industry, investors and governments have in the future of the region and its importance for the Canadian economy. By advancing this project, we are creating opportunities for northern and Indigenous communities, supporting well-paid jobs and helping ensure that Manitoba continues to play a leading role in Canada's critical minerals industry."
The Honourable Rebecca Chartrand
Minister of Northern and Arctic Affairs and Minister responsible for the Canadian Northern Economic Development Agency
"Canada has what the world needs: abundant critical minerals, skilled workers and the expertise to develop them responsibly. Today's milestone marks an exciting new chapter for Thompson, Manitoba, and for Canada's critical minerals sector. For generations, the Thompson Mine Complex has helped create good-paying jobs and opportunity across northern Manitoba. As global demand for critical minerals grows, investments like this strengthen Canada's competitiveness, position us as a supplier of choice and create prosperity for Canadians."
The Honourable François-Philippe Champagne
Minister of Finance and National Revenue
"This is a great day for Thompson and all of northern Manitoba. This deal shows what can happen when Manitoba, Canada, municipal governments and First Nations work together. The Thompson operations have been a cornerstone of Manitoba's economy for decades, supporting workers, families and businesses across northern Manitoba. This sale helps ensure this mine can continue creating opportunities for Manitobans for years to come."
The Honourable Wab Kinew
Premier of Manitoba
"Today's milestone marks an important milestone for the Thompson Mine Complex, a strategic asset for Manitoba and for Canada. We are proud to support its development alongside Exiro Nickel and top-tier industry leaders. Through our ability to structure unique transactions, we help de-risk projects that will enable Canada to position itself as a leader in the production of critical minerals essential to our industrial base and to our partners."
Yannick Beaudoin
President and Chief Executive Officer, Canada Growth Fund Investment Management Inc.
"Completing this transaction marks an important new chapter for Thompson and for the people who have built its proud mining history, many of whom are the second or even third generation in their families to work at the operation. I want to recognize and congratulate our new partners, Exiro Nickel, Orion Resource Partners and Canada Growth Fund, on the completion of this transaction. VBM is proud to remain a shareholder and excited to work with our partners to realize Thompson's immense long-term potential. We continue to believe in the strategic value of Canadian nickel, and our retained interest and offtake agreement allow us to maintain that connection in Manitoba."
Shaun Usmar
Chief Executive Officer, Vale Base Metals
"Thompson is one of Canada's great nickel operations, and we believe its best years are still ahead. The people here have created something remarkable, and our job is to build on it. The geology is compelling, the workforce is exceptional, and the demand for what this region produces has never been stronger. Exiro Nickel was built specifically for this moment, and we are committed to investing in the people, the mine and the exploration potential that will define the next chapter of the Thompson Nickel Belt."
Shastri Ramnath
Chief Executive Officer, Exiro Minerals Corp.
"Today marks an important milestone for Thompson and the beginning of an exciting new chapter for this high-quality nickel asset. Orion is proud to be investing alongside Exiro Nickel, the Canada Growth Fund and Vale to support its long-term future. We look forward to working with our partners to unlock Thompson's potential, support local communities, and strengthen critical mineral supply chains."
Istvan Zollei
Managing Partner, Orion Resource Partners
Quick Facts
- Nickel is designated as a critical mineral under Canada's Critical Minerals List and is an essential input for batteries, clean energy technologies, advanced manufacturing and other strategic industries.
- The Thompson Mine Complex is located within the Thompson Nickel Belt, one of the world's most significant nickel-producing regions, and operations include approximately 135 kilometres of prospective exploration assets.
- The Thompson Mine Complex was developed by Inco Limited following the discovery of the Thompson Nickel Belt in 1956. Commercial production began in 1961. The operation became part of Vale Base Metals following Vale S.A.'s acquisition of Inco in 2006.
- The 2026 transaction transferred ownership of the Thompson nickel operations from VBM to Exiro Nickel Company, a consortium led by Exiro Minerals Corp., with participation from Orion Resource Partners, the Canada Growth Fund and VBM. Exiro Nickel Company will own and operate the Thompson operations, while VBM will retain a minority ownership stake and continue purchasing nickel concentrate produced at the Thompson Mine Complex. This successful transaction reflects collaboration among governments, industry, investors and Indigenous partners.
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Contacts: Natural Resources Canada, Media Relations, 343-292-6096, [email protected]; Charlotte Power, Office of the Minister of Energy and Natural Resources, [email protected]
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