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Anglo Pacific acquires 70% stake in Voisey's Bay cobalt stream
StockMarketWire.com
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Royalty and streaming company Anglo Pacific said it had completed the acquisition of a 70% stake in a stream on cobalt production from the Voisey's Bay mine in Canada for up for $232 million.
'This is the ideal time to proactively redeploy capital from the iron ore sector and invest in cobalt,' the company said. 'Since the start of 2021, the cobalt price has increased ~60% reaching two-year highs at US$24.95/lb1; and has increased ~4% since Anglo Pacific announced the acquisition, whilst the iron ore price has fallen ~4%.'
The company paid US$205 million at closing and agreed a further contingent payment of up to US$27 million.
At 8:15am: (LON:APF) Anglo Pacific Group PLC share price was 0p at 106.6p
Story provided by StockMarketWire.com
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