For the past year, car manufacturers, battery makers and tech companies have been racing to secure long-term supplies of cobalt, the metal whose scarcity risks upending the electric vehicle revolution.
Now, Vale SA has struck the first truly large-scale, long-term contract to sell cobalt from its Voisey’s Bay mine in Canada to Wheaton Precious Metals Corp. and Cobalt 27 Capital Corp. The $690 million streaming deal has set a marker for what users such as BMW AG may have to pay for the silvery-blue metal -- and it’s a pretty bullish one.