Video News/BMO Capital Markets 2026

Vale Base Metals is advancing a consortium that will invest more than $200 million in the Thompson Nickel Complex in Manitoba while accelerating plans to double copper production to 700,000 tons per year. Speaking with Kitco Mining at the 35th BMO Global Metals, Mining & Critical Minerals Conference, CEO Shaun Usmar said the Thompson transaction brings in new capital and partners while Vale Base Metals retains a 19% stake and remains a key customer. He said operational improvements and capital discipline have driven a sharp financial turnaround. “We exceeded guidance for the first time in the history of this business,” Usmar said. The company reported EBITDA rising from about $1.3 billion in 2024 to $2.3 billion in 2025, with nearly $1 billion of cash performance improvement driven largely by management actions rather than price. Usmar said brownfield copper projects in Brazil are now delivering internal rates of return above 25%, with some exceeding 50% following capital reductions and design changes. He added that Vale Base Metals is positioning to be IPO-ready by mid- to late-2026 while driving its nickel operations into the lower half of the cost curve.