New York, February 19, 2026, 08:51 EST — Premarket
- Vale’s U.S.-listed shares ticked up premarket following news of a fresh Canada nickel-mine ownership agreement.
- Vale Base Metals hangs on to a minority interest and lines up an offtake agreement for Thompson nickel concentrate.
- Investors are trying to figure out what Vale’s move signals for its base-metals strategy, with iron ore still trading close to $100 a tonne.
Vale S.A.’s U.S. shares edged up roughly 0.5% ahead of Thursday’s opening bell, trading close to $16.00.
That’s significant for Vale’s base-metals unit, which has faced calls to boost returns in nickel—a market notorious for wild price and cost swings. Shifting capital requirements, if it doesn’t mean cutting supply, usually catches traders’ attention right away.
Vale’s Vale Base Metals unit has inked a deal with Exiro Minerals, Orion Resources Partners, and Canada Growth Fund, bringing a new ownership lineup to the Thompson Nickel Belt in Manitoba. The partners take 81.1%, leaving Vale Base Metals with 18.9%. Up to $200 million in investment is on the table, though the filing stopped short of disclosing full financial terms.
Vale Base Metals has inked an offtake agreement for nickel concentrate from Thompson’s mill, locking in a buyer for the mine’s output. “Today’s announcement secures the future of mining at Thompson,” CEO Shaun Usmar said in the company’s statement. (PR Newswire)
Canada Growth Fund is putting up to $85 million into the deal, saying the consortium wants to overhaul operations once it closes, with Vale keeping an 18.9% stake in the new entity. According to the fund, the Thompson mine has a workforce of almost 700 and turns out more than 11,000 tonnes of nickel concentrate each year. (Newswire)
François-Philippe Champagne, Canada’s finance minister, threw his support behind the Canada Growth Fund pledge, describing nickel as a “designated critical mineral” that’s essential for electric-vehicle batteries and various electrification tech. (Canada)
Iron ore remains the engine behind Vale’s equity narrative. As of Feb. 18, the benchmark price hovered at about $99.74 a tonne, according to Trading Economics. That’s after a month-long slide, squeezing sector revenues while base-metals news grabs headlines.
The deal hasn’t crossed the finish line yet. Closing is targeted for the end of 2026, but plenty could change: regulators might slow things down, nickel prices could swing, or the turnaround could drag out and run over budget.
Mining stocks ticked up in early trading. Rio Tinto advanced roughly 2%, while BHP edged just a bit higher, lending a mild boost to diversified miners on the tape.
Coming up, the focus shifts to China’s official manufacturing PMI set for Feb. 28, a key early signal for steel demand—and, by proxy, iron ore interest. Traders are also keeping an eye out for any updates on the Thompson deal terms. (Fxstreet)
