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Anglo Pacific Signs 205 mln Voiseys Bay Cobalt Deal

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JOHANNESBURG, Feb 24 Reuters Anglo Pacific has agreed to buy a share of cobalt production from Vales Voiseys Bay mine in Canada, 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 interest in part of the mines cobalt production from private equity sellers for 205 million cash and a contingent consideration of up to 27 million.

Voiseys Bay, in Canadas remote Labrador province, produces nickelcobaltcopper concentrate and copper concentrate. Vale shuttered the mine in midMarch due to the COVID19 pandemic, and restarted operations in early July.

Anglo Pacifics 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.

Reporting by Helen Reid. Editing by Mark Potter

Source Reuters

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