Make Kitco Your Homepage

Altius Minerals reports record royalty revenue in 2022

Kitco News

Welcome to Kitco News' 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.

(Kitco News) - Altius Minerals (TSX: ALS) said today it expects to report 2022 annual attributable royalty revenue of C$103.3 million, which is 23% higher than the C$83.9 million reported for 2021.

According to a press release, the 2022 attributable revenue amount establishes a new annual record for the company.

The company’s potash revenue for 2022 of C$41.4 million increased by 115% over the C$19.3 million reported in 2021, mainly due to higher realized pricing in the first half of the year as the market reacted to supply concerns.

Base and battery metal (primarily copper) revenue of C$28.5 million for the year is 22% lower than the C$36.6 million reported in 2021, primarily due to the closure of the 777 mine during the second quarter with royalties from other operations performing largely as expected.

The company’s iron ore revenue in the form of dividends from Labrador Iron Ore Royalty Corp. was C$10.7 million, compared to 2021 iron ore revenue of C$17.2 million.

Thermal (electrical) coal revenue was C$15.2 million, 68% higher than the C$9.1 million recorded in 2021.

The company’s attributable revenue from Altius Renewable Royalties during the year was approximately 12 times higher at C$4.8 million as compared to C$0.4 million in 2021.

Altius Minerals’ commodity exposure includes copper, renewable based electricity, several key battery metals (lithium, nickel and cobalt), clean iron ore, and potash. In addition, Altius runs a project generation business that originates mineral projects for sale to developers in exchange for equity positions and royalties.


Russian mining giant Nornickel increases production of nickel, copper and PGMs in 2022

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.