A cobalt deal emerged as the highest-valued transaction in metals and mining M&A activity during the week ended Feb. 26, according to a screener using S&P Global Market Intelligence's online platform.

Anglo Pacific Group PLC agreed to acquire a holding company that owns a 70% net interest in a cobalt stream on Vale SA's Voisey's Bay nickel-cobalt-copper mine in Eastern Canada. The company agreed to pay private investors $232 million, comprising $202 million at closing and contingency payments over five years.

Beijing Rongrui Investment Co. Ltd. signed a framework agreement to acquire 20% of Xinjiang Hejin Holding Co. Ltd. in a $108.3 million deal. Xinjiang Hejin is based in Xinjiang, China, and the company makes and sells nickel-based alloys.

Acquiring the remaining shares it does not own, Tongyu Communication Inc. signed an equity transfer agreement to acquire a 41.1% stake in Shenzhen OPWAY Communication Co. Ltd. in a $21.6 million deal.

P2 Gold Inc. agreed to acquire the Gabbs gold-copper project in the U.S. from Waterton Global Resource Management in a $16.5 million transaction. The Gabbs project in Nevada comprises 355 unpatented lode mining claims and one patented lode mining claim.

To round out the top five metals and mining deals for the week, Thomson Resources Ltd. signed a binding term sheet to acquire a 70% stake in White Rock Minerals Ltd.'s Mt Carrington gold-silver project in Australia in a transaction valued at $11 million.