Vale (NYSE:VALE) is shaking up its nickel game. The mining giant just kicked off a strategic review that could lead to selling off its mining and exploration assets in Thompson, Manitoba. The site isn't small potatoesit includes two underground mines, a mill, and a long stretch of exploration opportunities along the 135-km Thompson Nickel Belt, a proven deposit that's been churning out nickel since 1956. The review is expected to wrap up in the second half of 2025, signaling a potential shift in Vale's priorities as it looks to double down on copper growth in Brazil's Carajas region.

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Despite producing 10,500 metric tons of finished nickel over the past year, Thompson might not fit into Vale's long-term vision anymore. In 2021, Vale announced a C$150 million investment to extend its mining activities in Canada by a decade, but now, it's weighing whether someone else should take the reins at Thompson. A potential sale could shake up the nickel market, especially at a time when demand for battery metals is heating up. The big question: Will a new player see more value in unlocking the full potential of this asset?

For investors, this move could have ripple effects beyond Vale. Nickel is a critical component in electric vehicle batteries, and with the sector ramping up, any shifts in supply dynamics are worth watching. If a well-capitalized buyer steps in, Thompson could become a key piece in North America's EV supply chain. Expect more movement as Vale inches closer to a decision.