Wheaton precious metals has agreed to acquire a cobalt stream from a subsidiary of Vale S.A. as a fixed percentage of the cobalt produced at the Voisey Bay mine. The agreement involves an upfront payment by Wheaton to Vale, as well as an ongoing payment plan. Vale has a separate streaming agreement with Cobalt 27 Capital Corp. The Voisey Bay mine is on the north coast of Labrador, Canada. Open pit mining commenced in 2005 and is production is planned to continue until 2022 with a transition from open pit to underground occurring in 2021. Production is expected to be about 45 000 tonnes/year of nickel-in-concentrate to be processed at Vale’s facilities in Long Harbour, Newfoundland.
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