(Kitco News) - Royalty company Altius Minerals (TSX: ALS) said today it expects to report Q3 2022 annual attributable royalty revenue of C$26.4 million, up 27% compared to C$20.8 million in Q3 2021.
On a nine-month basis, the company generated attributable royalty revenue of C$80.5 million in 2022 compared to C$60.5 million revenue generated during the prior year period.
The company noted that its potash portfolio revenue during the quarter was C$10.3 million, which is an increase of 171% compared to C$3.8 million in Q3 2021, reflecting significantly higher average realized prices.
Base and battery metal (primarily copper) revenue was C$5.8 million for the quarter compared to C$8.2 million reported for the third quarter of 2021 due primarily to the scheduled closure of the 777 mine and lower realized prices.
Iron ore revenue in the form of dividends from Labrador Iron Ore Royalty Corp. was C$3.7 million compared to C$6.0 million in Q3 2021 due to higher sustaining and growth capital spending and lower declared dividends by the Iron Ore Company of Canada.
Thermal (electrical) coal revenue was C$3.8 million during the current quarter compared to C$2.6 million during the third quarter of last year on slightly higher attributable royalty volumes as well as a higher inflation-based royalty rate.
Renewable energy and other royalty revenue included approximately C$2.0 million related to the company’s 59% interest in Altius Renewable Royalties, compared to C$0.02 million in the same quarter last year. The difference relates to the addition of new operating stage royalty projects as well as stronger merchant power prices in the current year, the company said.
|
| BHP ups copper, iron ore and nickel production in September quarter |
