Brazilian miner Vale SA’s Canadian unit said on Thursday it has launched a strategic review that could include the potential sale of its mining and exploration assets in northern Manitoba.
Vale Base Metals produces critical minerals such as copper and nickel, which are used extensively in electric vehicle batteries, at its Thompson mine.
The assets under review include two mines and an adjacent mill along with other exploration opportunities, Vale said.
Expected to conclude in the second half of this year, the review is part of a process to optimize Vale’s global portfolio to enable copper growth in the Carajas region in Brazil.
“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 the Manitoba assets],” said Shaun Usmar, chief executive officer of the Canadian subsidiary.
Vale Base Metals says it produced 10,500 metric tons of finished nickel in Thompson during the 12-month period ending in the third quarter of 2024.