Story details
Ecora Royalties published its third-quarter trading update on 28 October. Portfolio contribution for July–September was US$24.8 million, close to the US$25.0 million reported a year earlier. Nine-month contribution increased to US$56.2 million from US$42.6 million. Portfolio contribution is the company’s reported portfolio measure and should not be treated as mine production or statutory net profit.
Excluding Kestrel, quarterly contribution increased 17% to US$14.6 million. The base-metals portfolio generated US$11.6 million, also up 17%. At Voisey’s Bay, Ecora received 154 tonnes of attributable cobalt and reported US$7.2 million of net contribution, compared with 182 tonnes and US$6.0 million respectively a year earlier.
Kestrel’s steelmaking-coal royalty area generated US$10.2 million from 0.9 million tonnes of saleable production during the quarter. Specialty metals and uranium contributed US$1.6 million, compared with US$1.9 million. These figures relate to different royalty and streaming interests, whose attributable receipts differ from total output at the underlying mines.
Net debt stood at US$71.6 million on 30 September, down from US$74.9 million at the end of June. Management expected approximately US$57 million at the end of October, including royalty receivables due that month. The October figure is an expectation, while the September balance is the reported quarter-end position.