The Thompson Operation is wholly-owned and operated by Vale Canada Limited (Vale Canada), a wholly-owned subsidiary of Vale Base Metals Ltd., the holding entity of Vale’s Energy Transition Metals business.
On April 30, 2024, Vale S.A. announced the completion of Vale Base Metals Ltd.(“VBM”) sale to Manara Minerals, under which Manara Minerals will acquire 10% of VBM.
Terms of agreement:
On 27 July, 2023, Vale S.A. signed a binding agreement with Manara Minerals, under which Manara Minerals will invest in Vale Base Metals Ltd. at an implied enterprise value of US$ 26.0 billion.
Concurrently, Vale and investment firm Engine No. 1 entered into a binding agreement pursuant to which Engine No. 1 will make an equity investment in VBM under the same economic terms.
The total consideration to be paid to VBM under both agreements is US$ 3.4 billion, for a 13% equity interest. Manara Minerals will own 10% of VBM, while Engine No. 1 will hold a 3% stake.
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