Cobalt 27 signs streaming deal for Ramu cobalt, nickel

Canada-based minerals supplier Cobalt 27’s Electric Metals Streaming subsidiary has entered a metal purchase and sale agreement with Ramu Nickel (RNL) for cobalt and nickel produced at the Ramu mine in Papua-New Guinea, Metal Bulletin has learned.

Under the agreement, Cobalt 27 will have the right to purchase 55% of RNL’s share of cobalt metal produced at Ramu, and 27.5% of its nickel, for the life of the mine. This will equate to about 450,000 lb (204 tonnes) of cobalt and 2.25 million lb (1,021 tonnes) of nickel in concentrate per year, Cobalt 27 said on Tuesday May 22. For this, Cobalt 27 will pay $113 million to Highlands Pacific, which owns 100% of RNL. Australia-based Highlands will use the funds to increase its ownership in Ramu to 11.3% from 8.56%. Electric Metals Streaming is a wholly owned subsidiary of Cobalt 27 which...

Published

Charlotte Radford

May 22, 2018

21:30 GMT

Las Vegas