Ecora Resources PLC (LSE:ECOR, TSX:ECOR, OTCQX:ECRAF) portfolio income dropped by 10% in its latest quarter as the contribution from its coking coal royalty at Kestrel fell sharply as expected.
Without Kestrel, where mining shifted to areas outside of Ecora’s royalty, income in the three months to the end of September 2024 rose by 4% to US$5 million helped by an almost tripled contribution from the cobalt operation at Voisey Bay.
Mantos Blancos (copper) was flat while Maracas Menchen (vanadium) and Carlota (copper) saw lower contributions.
Overall, group income in the third quarter was US$5.2 million against US$5.8 million a year ago and US$56.8 million, up 15%, for the nine months this year reflecting an exceptional contribution from Kestrel in the first half.
Marc Bishop Lafleche, chief executive, said it was a ‘solid’ performance.
“Importantly, underground operations at Voisey's Bay are ramping up with total deliveries in H2 on schedule to at least double the number received in H1.
“The number of cobalt deliveries is anticipated to continue to increase throughout 2025 ahead of full steady state production being achieved during 2026.
"There were several positive developments in our sector leading copper portfolio, including the updated Feasibility Study at Santo Domingo, which confirmed the project's robust economics and potential to operate within the lowest cost quartile of global copper mines."