Vale Base Metals Launches Strategic Review of Thompson Assets

Vale Base Metals, a subsidiary of Vale has initiated a strategic review to assess the potential sale of its mining and exploration assets in Thompson, Manitoba. This move is part of the company’s broader effort to optimize its vertically integrated nickel portfolio, ensuring long-term competitiveness. The review’s findings are expected in the second half of 2025, according to a company statement.

The Manitoba-based operations include two active underground mines, a nearby mill, and extensive exploration opportunities within the 135-kilometer-long Thompson nickel belt. Discovered in 1956 by the former Canadian mining giant Inco, the Thompson orebody has been a significant source of nickel since mining began in 1961. Vale acquired Inco in 2006 for $17 billion.

In the 12 months ending September 30, 2024, Vale Base Metals produced 10,500 tonnes of finished nickel from its Thompson operations. In 2021, the company announced a C$150 million ($122 million) investment to extend mining activities in the region by 10 years, underscoring the strategic importance of the assets.

The potential sale of these assets aligns with Vale Base Metals’ focus on refining its asset base to remain competitive in the evolving global nickel market, where demand continues to rise due to the growth of electric vehicle (EV) production and renewable energy storage.