Anglo Pacific Inc. on Wednesday announced a $205 million acquisition of a holding company that has a net interest in 70% of cobalt production from the Voisey's Bay mine in Canada.
Voisey's Bay, owned by Brazil's Vale, is one of the largest sources of cobalt outside the Republic of Congo.
Julian Treger, the company's chief executive, said the deal would immediately add to profits and boost the company's exposure to the fast-growing demand for electric vehicles.
Treger believes this fulfills the promise of recycling short-term coal cash flows into clean products, boosting the development of clean energy and technology.
This acquisition will strengthen the Company's ability to deliver economic growth and sustainable returns to shareholders.
"Taking advantage of the recent strong rebound in iron ore prices, we have sold most of our stake in LIORC, raised capital with cobalt, and the support of a leading Canadian banking group means the company is well positioned to further diversify its portfolio," Treger said.
Anglo Pacific received 22.82% of cobalt production from Voisey's Bay until 7,600 tonnes of finished cobalt were delivered, then reduced it to 11.41%.
For the delivery price of cobalt per pound, the Company will continue to pay 18% of the industry cobalt reference price until the Company recuperates the previously paid $300 million advance through the delivery of cobalt, and the ongoing payment will increase to 22% of the cobalt reference price.
The acquisition is expected to close in March, subject to customary conditions.
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