23rd Oct 2024 14:25
(Alliance News) - Ecora Resources PLC on Wednesday said it remained on track to meet 2024 guidance following a "strong performance" in the third quarter.
Ecora is a South and North America-focused royalty and streaming company providing capital to the mining sector.
For the three months ended September 30, Ecora reported a portfolio contribution of USD5.2 million, down 10% from USD5.8 million a year before.
The company explained that the decline was primarily down to lower production levels within its private royalty area at Kestrel. However, it said it expects mining to return to its royalty area at Kestrel in the first half of 2025.
More positively, Ecora posted a steep increase in underground cobalt mining activity at Voisey's Bay during the quarter.
It received four cobalt deliveries, each of 20 tonnes, at an average realised sales price of USD11.4 per pound.
Ecora said underground operations at Voisey's Bay are expected to continue to rise, and anticipates between 8 and 12 deliveries in the second half of the year, up from 4 in the first half.
It added that guidance for 2024 remains unchanged at between 12 and 16 deliveries.
Chief Executive Officer Marc Bishop Lafleche said that he expects this to "offer leverage to a recovery in cobalt prices from current cyclical lows".
Ecora shares were down 2.5% at 62.90 pence each in London on Wednesday afternoon.
By Lydia Doye, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.