Today, the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, welcomed a strategic commitment to invest up to US$85 million (approximately C$116 million) by the Canada Growth Fund as part of a broader transaction to acquire and turn around the Vale Base Metals Thompson Mine Complex. This investment would form part of a US$200 million capitalization alongside partners Vale Base Metals, Exiro Minerals Corp and Orion Resource Partners. The transaction is expected to close by the end of 2026, subject to certain closing conditions, including regulatory and government approvals.
The Vale Base Metals nickel mining and exploration assets in Thompson, Manitoba, include two operating underground mines, an adjacent mill and significant exploration opportunities. As global demand for critical minerals continues to accelerate, the investment announced today will support and strengthen Canada's nickel supply chains to ensure global competitiveness and help sustain high-quality, skilled jobs in the region. The Canada Growth Fund's participation in this investment is critical to securing the continued operations of this important mining complex and its crucial output.
Critical minerals, and the clean technology and energy sources they enable, present a generational economic opportunity for Canada. Nickel is a designated critical mineral and a key input in electric vehicle batteries and broader electrification technologies. Today's announcement furthers the Government of Canada's plan to position Canada as a leading global supplier of responsibly sourced critical minerals, while spurring economic growth as part of a net-zero future.
