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 commitment through the Canada Growth Fund is a win for Manitoba and a win for all Canadians. As a leading global producer, our nickel industry not only plays a vital role in our national economy, but it also plays a key role in our clean-tech future. It creates high-quality jobs, supports regional development, and generates billions in exports each year. This investment will help keep Canada competitive in the global clean technology supply chain while supporting economic growth here at home, for generations to come.”

The Honourable François-Philippe Champagne, Minister of Finance and National Revenue

“This investment reflects the strong alignment between industry and our new government to secure Canada’s critical minerals future, including for nickel, which is critical for batteries, manufacturing, and electronics. By attracting new capital to Thompson, we are helping protect good jobs in Manitoba, supporting prosperity for the town of Thompson, and strengthening Canada’s position as a reliable energy and mining superpower.”

The Honourable Tim Hodgson, Minister of Energy and Natural Resources

“This announcement today is a big deal for Thompson and Northern Manitoba’s mining industry and the promise of strong and stable economic opportunities for northern Manitobans. Nickel is crucial for value-add products like batteries and electronics, and Manitoba is bursting with nickel and other critical minerals. As the Member of Parliament for Churchill—Keewatinook Aski, I am thrilled to see this level of alignment between our new government and the private sector. When we work together we see what is really possible.”

The Honourable Rebecca Chartrand, Minister of Northern and Arctic Affairs and Minister responsible for the Canadian Northern Economic Development Agency and Member of Parliament for Churchill—Keewatinook Aski

“Today’s announcement secures the future of mining at Thompson, a site with a significant endowment and great people, and which is a key part of northern Manitoba’s rich mining history. Having been part of this region for 60 years, we remain firm believers in the strategic value of nickel. This significant new investment will help unlock the operation’s full potential, providing long-term stability for our workers and the community as we build Thompson’s new future.”

Shaun Usmar, Chief Executive Officer of Vale Base Metals

“This transaction marks the launch of a new Canadian nickel company. We are pleased to partner with Vale Base Metals on this acquisition, to welcome them as a shareholder, and to collaborate with Thompson’s highly skilled workforce. We look forward to stewarding the Thompson Nickel Belt as a long-life, multi-generational asset.”

Shastri Ramnath, Chief Executive Officer of Exiro Minerals Corp.

“Our partnership with Vale Base Metals, Exiro and Canada Growth Fund brings together experienced stakeholders and reflects our confidence in the quality of the Manitoba operations, its 60-year history and growth potential. The consortium is aligned on building on this proven foundation, strengthening operations and advancing exploration across the Thompson Nickel Belt, while supporting high-quality jobs in Manitoba. Orion has a strong track record of partnership-based investment in mining and we look forward to working with employees, local communities and Indigenous partners to ensure the Thompson Operations operate safely, sustainably and competitively for years to come.”

Istvan Zollei, Managing Partner of Orion Resource Partners

• The Thompson, Manitoba operations include two operating underground nickel mines and an adjacent mill, which employs nearly 700 people and covers around 250 acres.

• The Canada Growth Fund is a $15 billion arm’s length public investment vehicle launched by the federal government to attract private capital and invest in Canadian projects and businesses, which is managed by Canada Growth Fund Investment Management, a wholly owned subsidiary of Public Sector Pension Investment Board and the exclusive, arm’s length and independent manager of the Canada Growth Fund.

  • The Canada Growth Fund makes strategic investments to help grow Canada’s economy at speed and scale on the path to emissions reductions, in the interest of remaining competitive globally over the longer term:
    • Reduce emissions while promoting economic growth and Canadian competitiveness;
    • Accelerate the deployment of key technologies, such as low-carbon hydrogen and carbon capture and sequestration;
    • Scale-up companies that will create jobs and drive productivity and clean growth across new and traditional sectors of Canada’s industrial base;
    • Encourage the retention of intellectual property in Canada; and,
    • Capitalize on Canada’s abundance of natural resources and strengthen critical supply chains to secure Canada’s future economic and environmental well-being.

•  As of February 2026, the Canada Growth Fund has announced 19 transactions (including this transaction), committing $5 billion across six provinces.

Media may contact:

John Fragos
Press Secretary
Office of the Minister of Finance and National Revenue
john.fragos@fin.gc.ca

Media Relations 
Department of Finance Canada 
mediare@fin.gc.ca 
613-369-4000

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TTY: 613-369-3230 
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