Mar 05, 2013- 11:46 AM
Vale S.A. has completed a definitive agreement with Silver Wheaton Corp. to sell 70 per cent of the payable gold byproduct stream from certain Sudbury nickel mines for 20 years.
Vale has an agreement to sell the Canadian company 25 per cent of the payable gold byproduct stream from the Salobo copper mine in Brazil for the life of the mine.
The initial consideration of US$ 1.9 billion shall be received within the next 10 business days. Vale also gets 10 million warrants of Silver Wheaton.
Vale will receive future cash payments for each ounce of gold delivered to Silver Wheaton under the agreement.
