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Vale Base Metals has partnered with Exiro Minerals, Orion Resource Partners, and Canada Growth Fund to form a new consortium investing up to $200 million in the Thompson Nickel Belt, Manitoba. The new company, Exiro Nickel, will hold 81.1% stake while VBM retains 18.9%.

The transaction aims to secure nickel production and employment in Thompson, with expectations to double production within five years. The deal is subject to regulatory approvals and is expected to close by the end of 2026.