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Vale Reaches $700 Million Deal to Sell Cobalt Output

Jack Farchy, Rt Watson, Danielle Bochove
Vale Reaches $700 Million Deal to Sell Cobalt Output

Vale SA reached agreements to sell future production of cobalt for $690 million upfront as producers look to capitalize on the battery-commodity boom to raise cash for investments. The deal includes $390 million from Wheaton Precious Metals Corp. and $300 million from Cobalt 27 Capital Corp., the companies said in separate statements Monday. Vale will "sell an aggregate total of 75 percent cobalt stream," with deliveries to begin January 2021.