Pala to buy 100% of Cobalt 27 shares; newly listed Nickel 28 to hold JV, royalty portfolio

Pala Investments will buy 100% of the remaining shares in Cobalt 27 for C$501 million ($374 million), the companies said on Tuesday June 18.

A newly created company, Nickel 28, will hold Cobalt 27’s joint-venture interest in the Ramu nickel-cobalt mine, as well as its other royalty and equity positions. Cobalt 27’s physical cobalt position – about 2,900 tonnes – and its streaming deal for Vale’s Voisey’s Bay, will be held by Pala. “Nickel 28 will continue to provide shareholders with direct exposure to the electric vehicle market through nickel and cobalt exposure,” the companies said. Under the transaction, Cobalt 27 shareholders will take C$5.75 per...

Published

Charlotte Radford

June 18, 2019

15:08 GMT

London