Vale S.A. closes cobalt streaming transaction with Wheaton Precious Metals Corp. and Cobalt 27 Capital Corp.

Date Closed

June 28, 2018

Lead Office



690.00 Million USD

On June 28, 2018, Vale S.A. announced that it had closed a US$690 million streaming transaction pursuant to which it will sell cobalt mined as a by-product from its Voisey’s Bay Mine commencing January 1, 2021 to Wheaton Precious Metals Corp. and Cobalt 27 Capital Corp. Wheaton paid US$390 million and Cobalt 27 paid US$300 million upfront in cash for a combined purchase of cobalt equal to 75% of future cobalt production from Voisey’s Bay. The transaction is touted as the world’s largest cobalt stream to date.

Vale is a global mining company with headquarters in Brazil. It is the market leader in the production of iron ore and nickel, and one of the largest logistics operators in Brazil.

McCarthy Tétrault LLP advised Vale with a team led by Roger Taplin that included Christopher Langdon, Frederico Marques, Adam Wanke, Patrick Deutscher, Ainslie Hurd and James Clinton (Business) and Peter Brady (Environmental).