Reuters reports Tuesday Vale has hired Canada’s Bank of Montreal...

Reuters reports Tuesday Vale has hired Canada’s Bank of Montreal to raise around $500m from bidders for cobalt that will be produced at the Brazilian giant's Voisey’s Bay nickel mine in eastern Canada, citing four sources. Vale is extending the nickel mine underground to extend the life of the mine to 2035, but depressed nickel prices have slowed development.
Such a streaming deal – making an upfront payment in exchange for future production



So let me understand we shell out 500m for future production...