Summary:
Portfolio contribution of
Strong Q3 portfolio performance achieved against the backdrop of an expected softening in commodity prices, although these have started to stabilise and increase again at the start of Q4.
Revenue from Voisey's Bay was impacted by the timing of deliveries as a number of cobalt shipments scheduled for Q3 were delayed and are now expected to be received in Q4.
The Company was renamed
Agreement with lending syndicate to maintain the Group's revolving credit facility at
Net debt at
'The South32 royalty portfolio acquisition has positioned copper, nickel and cobalt at the centre of Ecora's commodity exposure with the Company poised to benefit from a strong fundamental demand outlook over the next decade.
'We expect a strong finish to the year with key commodity prices underlying our portfolio currently in excess of average Q3 price levels. As a permanent source of capital to the mining sector, we are well positioned to respond to opportunities which may present themselves as a result of challenging market conditions.'
Contact:
Chief Executive Officer
T: +44 (0) 20 3435 7400
Chief Financial Officer
Head of Investor Relations
Website: www.ecora-resources.com
Camarco
T: +44 (0) 20 3757 4997
About Ecora Resources
Ecora Resources is a leading royalty company focused on supporting the supply of commodities essential to creating a sustainable future.
Our vision is to be globally recognised as the royalty company of choice synonymous with commodities that support a sustainable future by continuing to grow and diversify our royalty portfolio in line with our strategy. We will achieve this through building a diversified portfolio of scale over high quality assets that drives low volatility earnings growth and shareholder returns.
The mining sector has an essential role to play in the energy transition, with commodities such as copper, nickel and cobalt - key materials for manufacturing batteries and electric vehicles. Copper also plays a critical role in our electricity grids. All these commodities are mined and there are not enough mines in operation today to supply the volume required to achieve the energy transition.
Our strategy is to acquire royalties and streams over low-cost operations and projects with strong management teams, in well-established mining jurisdictions. Our portfolio has been reweighted to provide material exposure to this commodity basket and we have successfully transitioned from a coal orientated royalty business in 2014 to one that by 2026 will be materially coal free and comprised of over 90% exposure to commodities that support a sustainable future. The fundamental demand outlook for these commodities over the next decade is very strong, which should significantly increase the value of our royalty portfolio.
Ecora's shares are listed on the
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