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Wheaton Precious Metals Announces Closing of the Cobalt Streaming Agreement from Vale's Voisey's Bay Mine
Wheaton Precious Metals Announces Closing of the Cobalt Streaming Agreement from Vale's Vo...
About this update from Wheaton Precious Metals Corp
[{"type":"text","content":"\n\n\n\nWheaton Precious Metals Announces Closing of the Cobalt Streaming Agreement from Vale's Voisey's Bay Mine\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen3{\nBORDER-TOP:1pt; BORDER-RIGHT:1pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:1pt; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:1pt; PADDING-RIGHT:0.50em\n}\n.prngen4{\nBORDER-TOP:1pt; BORDER-RIGHT:1pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:1pt; PADDING-LEFT:0.50em; BORDER-LEFT:1pt; PADDING-RIGHT:0.50em\n}\n.prntblns{\nBORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt\n}\n.prnsbb1{\nBORDER-BOTTOM:1pt\n}\n.prnsbr1{\nBORDER-RIGHT:1pt\n}\n.prnvab{\nVERTICAL-ALIGN: BOTTOM\n}\n.prnsbl1{\nBORDER-LEFT:1pt\n}\n.prnpl6{\nPADDING-LEFT:0.50em\n}\n.prnsbt1{\nBORDER-TOP:1pt\n}\n.prnpr6{\nPADDING-RIGHT:0.50em\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, June 28, 2018\n\n\n\nTSX: WPMNYSE: WPM\n\n\n\nVANCOUVER, June 28, 2018 /CNW/ - Wheaton Precious Metals™ Corp. (\"Wheaton\" or the \"Company\") is pleased to announce that it has completed the acquisition of a Cobalt Stream from a subsidiary of Vale S.A. (\"Vale\") (NYSE:VALE). Under the Cobalt Stream, Wheaton will be entitled to receive an amount of finished cobalt equal to a fixed percentage of cobalt production from the Voisey's Bay mine. Wheaton has paid Vale an upfront cash consideration of US$390 million and will make ongoing payments of 18% of the Metal Bulletin market price (\"cobalt spot price\") per cobalt pound delivered1. The upfront cash payment was paid by using amounts drawn from the Company's US$2 billion revolving credit facility. The closing of this transaction is in conjunction with Vale completing a separate streaming agreement with Cobalt 27 Capital Corp. (\"Cobalt 27\"). Wheaton and Cobalt 27 have provided Vale with an aggregate of US$690 million in funding for the combined purchase of cobalt equal to 75% of Voisey's Bay cobalt production effective January 1, 2021.\n\nAs of January 1, 2021, Wheaton will be entitled to receive from Vale an amount of cobalt equal to 42....