Anglo Pacific signs US$205M Voisey’s BAY cobalt deal

Anglo Pacific has agreed to buy a share of cobalt production from Vale’s Voisey’s bay mine, giving the mining royalty and streaming company exposure to the key battery metal for the first time, it said on Wednesday. under the deal, Anglo Pacific will buy a company holding a 70 per cent interest in part of the mine’s cobalt production from private equity sellers for us$205 million cash and a contingent consideration of up to us$27 million. Voisey’s bay, in Labrador, produces nickel-cobalt-copper concentrate and copper concentrate. Vale shuttered the mine in March due to the COVID-19 pandemic, and restarted operations in July. Anglo Pacific’s profits derive from its acquisition of royalties that give it the right to a share of revenue, profit or production. It owns coking coal, copper, iron ore and uranium royalties.