Completion of royalty acquisition
Source: RNS
25 September 2024
Ecora Resources PLC
("Ecora" or the "Group")
Completion of royalty acquisition
Further to the announcement on 1 July 2024, Ecora (LSE/TSX: ECOR) announces that it has completed the acquisition of a 0.85% Gross Revenue Royalty over the Phalaborwa Rare Earths Project in South Africa. The acquisition provides Ecora with exposure to the rare earth elements required in permanent magnets used in wind turbines and electric engines.
For further information
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Ecora Resources PLC |
+44 (0) 20 3435 7400 |
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Geoff Callow - Head of Investor Relations |
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Website: |
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FTI Consulting Sara Powell / Ben Brewerton / Nick Hennis
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+44(0) 20 3727 1000 |
About Ecora Resources
Ecora Resources is a leading royalty company focused on supporting the supply of commodities essential to creating a sustainable future.
Our vision is to be globally recognised as the royalty company of choice synonymous with commodities that support a sustainable future by continuing to grow and diversify our royalty portfolio in line with our strategy. We will achieve this through building a diversified portfolio of scale over high quality assets that drives low volatility earnings growth and shareholder returns.
The mining sector has an essential role to play in the energy transition, with commodities such as copper, nickel and cobalt - key materials for manufacturing batteries and electric vehicles. Copper also plays a critical role in our electricity grids. All these commodities are mined and there are not enough mines in operation today to supply the volume required to achieve the energy transition.
Our strategy is to acquire royalties and streams over low-cost operations and projects with strong management teams, in well-established mining jurisdictions. Our portfolio has been reweighted to provide material exposure to this commodity basket and we have successfully 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. The fundamental demand outlook for these commodities over the next decade is very strong, which should significantly increase the value of our royalty portfolio.
Ecora's shares are listed on the London and Toronto Stock Exchanges (ECOR) and trade on the OTCQX Best Market (OTCQX: ECRAF).
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