Exiro Nickel takes ownership of Thompson Mine Complex

Exiro Nickel Company officially became the majority owner of nickel mining operations in Thompson. The acquisition, valued at $5.77 plus GST every four weeks, was finalized on Thursday evening after being inked in February. Exiro Nickel CEO Shastri Ramnath announced plans to double mining production to two million tonnes from the current one million annually within five years.

This increase will be achieved by constructing tunnels to the Howling Wolf deposit, which holds approximately 15 million tonnes of nickel concentrate over the next two to three years. The Thompson Mine Complex, formerly operated by Vale, will retain 675 jobs with Exiro. The company has secured $280 million for operations, with $116 million coming from the Canada Growth Fund, one of three partners including Exiro Minerals Corp. and Orion Resource Partners.

Exiro Nickel will establish a Toronto office while maintaining a presence in Thompson. The Thompson Nickel Belt, the fourth largest nickel district globally, is poised for further exploration by Exiro, aiming to discover additional resources. Premier Wab Kinew praised the deal for protecting local jobs and supporting Manitoba's mining industry goal of tripling production over five years.

Nisichawayasihk Cree Nation Chief Cheryl Moore emphasized the importance of including her community in mining development, expressing a desire for a lasting relationship with Exiro. The government-led announcement addressed concerns and apologized for protocol mishandling, allowing community leader Moore to restate her position on equitable benefits from mining.