Cobalt SwapPeople are overestimating the impact of the Cobalt swap at current prices. The cobalt swap does not inherently differ from previous divided redirections. At the end of the day, if the Cuban share of the dividends is redirected in cash or cobalt, it doesn't matter (and it's basically the same thing). Where it differs from previous redirections is:
A) it's longer term
b) there is no ceiling on the cobalt value. So if Cobalt goes on a tear, Sherritt wins big. This gives the deal (as Contrarion would say) "torque" to the Cobalt price.