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The Brazilian mining giant will retain an 18.9 per cent stake in its Thompson, Man., nickel mine, with the majority of the ownership split between the independently managed government fund and two other companies, Canada-based Exiro Minerals and U.S.-based Orion Resource Partners. Canada Growth Fund is paying US$85 million into the US$200-million transaction. (The Logic)
Talking point: The investment will stabilize the employment outlook for Thompson, a town that was built to support the mine and that still counts it as a major employer. Vale launched a strategic review last year that raised doubts about the mine’s future. But the new ownership will also have to execute a turnaround. Shastri Ramnath, CEO of Exiro, will also lead the new, privately held company that runs the mine. Ramnath plans to raise headcount and improve the mine’s economics by increasing production and cutting overhead costs. Although Exiro is best known as an exploration company, Vale Base Metals CEO Shaun Usmar expressed confidence in Exiro’s plan, which also includes exploring new deposits.
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