11th Jul 2024 21:52
Ecora Resources PLC - London-based royalty company - Notes BHP Group Ltd's suspension of operations and construction at its West Musgrave nickel project in Western Australia in which Ecora holds a 2% net smelter return royalty. Decision was made as miner BHP grapples with depressed prices due to a glut in the global nickel market. Operations to be suspended from October with a review planned for February 2027.
Further, Ecora notes asset Kestrel's second quarter saleable volumes were ahead of expectations, resulting in USD26.6 million in royalty income with USD40.8 million generated in whole of first half. Ecora has not updated its full year volume guidance, however, as it expects minimal second half volumes.
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By Aidan Lane, Alliance News reporter
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