June 13, 2018 |
Vale has signed individual streaming agreements with Wheaton Precious Metals Corp. and Cobalt 27 Capital Corp. to supply cobalt from the Voisey's Bay mine in Canada, the Brazilian miner said in a statement.
Streaming agreements involve selling 75% of the mine's cobalt streams, which is the cobalt by-product, delivered from January 1, 2021. The total upfront payment is $690m, plus additional 20% payments based on average cobalt prices upon delivery. The entire $690m will be paid upon closing the
Wheaton Precious Metals and Cobalt 27 Capital will pay $690m to the Brazilian miner for supply of the magnetic commodity