News Wrap

IN THIS morning’s News Wrap: Vale at work on pioneering Canadian cobalt stream deal; Miners pressed on despite leaks of explosive gas, trial told; and freedom hope for Perth businessman stuck in Mongolian jail.

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Vale at work on pioneering Canadian cobalt stream deal

Brazilian miner Vale is seeking to sell unmined cobalt worth hundreds of millions of dollars to investors, as speculation rises over a shortage of the metal needed to make batteries, sources familiar with the matter told Reuters.

Such streaming, which allows an investor to make an upfront payment in exchange for future production at a discounted price, has expanded as a form of finance for precious and base metals companies but this deal would be a first for the booming cobalt sector.

Cobalt is a critical component in rechargeable lithium-ion batteries and its price has benefited from a push by governments and automakers to promote electric vehicles to cut emissions from diesel...

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