TORONTO, Jan. 23,
2025 /PRNewswire/ -- Vale Base Metals has launched a
strategic review to explore and evaluate a range of alternatives,
including the potential sale, for its mining and exploration assets
in Thompson, Manitoba, the
Canadian-based subsidiary of Vale SA (NYSE: Vale) announced
today.
The Thompson review is part of
a process to optimize Vale Base Metals' global mining portfolio to
enable copper growth in the Carajas region and ensure the
competitiveness of its vertically integrated nickel portfolio to
create long-term value for its shareholders and stakeholders.
Vale Base Metals has engaged an external advisor to lead the
Thompson review, which is expected
to conclude in 2H 2025.
The Thompson Nickel Belt is a proven nickel deposit with
significant resource upside and the operations have been producing
nickel since 1956. The assets include two operating underground
mines, an adjacent mill and significant exploration opportunities
on the 135-km long Thompson Nickel Belt. Thompson produced 10.5 thousand metric tonnes
of Vale Base Metals' finished nickel for the 12-month period ending
Q3 2024.
"Our stated objective is to build a leading energy transition
metals business, and this strategic review is part of the process
we are undertaking to optimize our portfolio to ensure global
competitiveness and unlock the value potential from our
considerable copper and nickel endowment," said Chief Executive
Officer Shaun Usmar.
"Our activities and investments in Thompson have generated significant value for
northern Manitoba for more than 60
years. This process is aimed at seeing if a new owner may be better
suited to invest the capital and resources needed to unlock the
vast mineral potential of this district-scale asset to continue
that legacy, while delivering value for our investors."
About Vale Base Metals
Vale Base Metals, the business line for Vale SA's energy transition
metals business, is one of the world's largest producers of
high-quality nickel and an important producer of responsibly
sourced copper and cobalt. Its corporate office is based in
Toronto, Canada, with operations
in Newfoundland & Labrador,
Ontario, Manitoba, Indonesia, Brazil, the United
Kingdom and Japan.
Media Relations Office – Vale Base
Metals, media.valebasemetals@vale.com; Brunswick Group,
ValeBaseMetals@brunswickgroup.com, +44 (0) 20 7404 5959
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