Vale to Yield Control of Canada Nickel Asset in Metal Revamp

Vale SA agreed to sell most of its stake in a Canadian nickel venture to Exiro Minerals Corp., Orion Resource Partners LP and Canada Growth Fund Inc. as part of an optimization of its metals business.

The Brazilian iron ore miner’s Vale Base Metals unit signed an agreement to create a new consortium of owners for the Thompson Nickel Belt operations in Manitoba, it said in a statement Thursday. Exiro, Orion and CGF will own about 81% of the new company, with Vale retaining 19%.