June 11, 2018 / 8:26 PM / 6 months ago

Vale agrees $690 mln future cobalt sale from Canada mine

June 11 (Reuters) - Brazilian miner Vale has agreed to sell cobalt mined as a by-product from its Voisey’s Bay nickel mine in Canada from 2021 onwards to Wheaton Precious Metals Corp and Cobalt 27 Capital Corp, Vale said on Monday.

The so-called stream financing transaction, worth $690 million, will help Vale to fund the underground expansion of the Voisey’s Bay mine in the province of Newfoundland and Labrador, as the existing mine runs out of ore. (Reporting by Nicole Mordant in Vancouver, Editing by Rosalba O’Brien)

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