Voisey’s Bay, Canada / Cobalt
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Voisey’s Bay is located in the Province of Labrador and Newfoundland, Canada, and operated by Vale Canada, a subsidiary of Vale S.A., one of the world’s largest mining companies.
Producing
Cobalt
Vale
Canada
22.82% stream
Royalty rate and type
22.82% stream
Balance sheet classification
Metal stream
Key facts
560 tonnes
Ecora’s expected volume of attributable cobalt when the mine reaches steady state production (H2 2026)
2039
Projected mine life with potential for further mine life extension
Ecora acquired a 70% net interest in a cobalt stream over the Voisey’s Bay mine which entitles it to receive 22.82% of all cobalt production from Voisey’s Bay up until 7.6kt of finished cobalt have been delivered, and 11.41% entitlement thereafter. Ecora will make ongoing payments equal to 18% of an industry cobalt reference price for each pound of cobalt delivered under the cobalt stream, until it has recovered the $300m original upfront amount paid for the stream (through accumulating credit from 82% of the cobalt reference price) through cobalt deliveries; thereafter, the ongoing payments will increase to 22% of the cobalt reference price.
The ramp up of cobalt production from the Voisey’s Bay underground mine was a highlight of 2025. Cobalt volumes attributable to Ecora increased 113% to 448t (2024: 210t and average realised cobalt prices increased 43% to $19.11/lb (2024: $13.34/lb). The combination of volume and price growth saw portfolio contribution from Voisey’s Bay increase 208% to $15.3m (2024: $5.0m). Further volume growth is anticipated during 2026 with Ecora expecting to receive between 500 and 560tpa with the mine expected to reach steady state production during the course of 2026. Successful exploration and resource conversion at the Voisey’s Bay site are expected to extend the life of mine by another four years to 2044