Ecora expects volume growth in 2024

Ecora Resources (TSX:ECOR) continues to expect volume growth in 2024 at operations underlying its producing royalty portfolio which, at current commodity price levels, would imply year-on-year portfolio contribution growth.

The royalty company, which is focused on commodities essential to creating a sustainable future, in a portfolio update, says its near-term development royalties are poised for significant de-risking events in the year ahead.

Ecora’s strategy is to acquire royalties and streams over low-cost operations and projects with strong management teams, in well-established mining jurisdictions.

The assets that are producing royalties include Voisey’s Bay, which is operated by Vale (NYSE:VALE).

Vale announced the Voisey’s Bay underground project was more than 90% complete as of December 2023. Vale continues to anticipate ore mined at the underground Reid Brook and Eastern Deeps ore bodies to ramp-up during the course of 2024, with the Eastern Deeps main production start-up expected to occur in the second half of this year.

Ecora continues to expect to receive between 12 and 16 deliveries of cobalt during 2024 (each delivery is 20 tonnes of which 70% is attributable to Ecora).

At the Mantos Blancos asset, which is operated by Capstone Copper (TSX:CS), production for the full-year is forecast to be in line with Ecora’s expectations at 49-57,000t.

Capstone stated that during the first half of 2024 it intends to install the necessary equipment to remove bottlenecks between major components of the Mantos Blancos processing circuit.

Capstone expects the mine to operate at nameplate throughput rates of 7.3Mtpa and subsequently intends to recommence studies related to Mantos Blancos phase two expansion.

Meanwhile, the Iron Ore Company of Canada (IOC) has been awarded C$18.1 million from the Government of Canada’s Low Carbon Economy Fund to support the decarbonisation of the production of iron ore concentrate and iron ore pellets.

Ecora says IOC’s cumulative greenhouse gas emissions are expected to be reduced by 9% over the life of the project.

The TSX-listed royalty company also has a development portfolio which includes the West Musgrave, Santo Domingo, and Piauí assets.

Its portfolio has been reweighted to provide material exposure to this commodity basket and it has 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.

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Images: Capstone
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Written By Adam Orlando Editor-in-Chief Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Orlando has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.