Vale Base Metals reviews potential sale of nickel operations in Manitoba

Vale (NYSE: VALE) subsidiary Vale Base Metals announced Thursday it has launched a strategic review to evaluate the potential sale of its mining and exploration assets in Thompson, Manitoba.

The review is part of a process to optimize Vale Base Metals’ asset base, ensuring the competitiveness of its vertically integrated nickel portfolio, the company said in a news release, adding that a report is due in the second half of 2025.

The Manitoba-based assets include two operating underground mines, an adjacent mill and significant exploration opportunities on the 135-km long Thompson nickel belt.

The Thompson orebody was first discovered in 1956 by former Canadian giant Inco, which Vale bought in 2006 for $17 billion. Mining began in 1961.

Vale Base Metals’ finished nickel production from Thompson totalled 10,500 tonnes for the 12-months period ending Sept. 30, 2024.

In 2021, Vale announced it was investing C$150 million ($122 million) to extend its mining activities in the Canadian province by 10 years.