Ecora Royalties PLC (ECOR) Q2 2024 Earnings Call

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WEBVTT 00:00:01.398 -- 00:00:06.946 Good morning, and thank you for joining us for eCora's first half 2024 results presentation. 00:00:06.946 -- 00:00:12.093 In the H1 period, we saw strong portfolio contribution of 52 million, and that was driven 00:00:12.093 -- 00:00:18.042 primarily by a high volume production within our Kestrel royalty area. 00:00:18.042 -- 00:00:22.468 During the period, we acquired a royalty over the advanced stage Palabora rare earths 00:00:22.468 -- 00:00:24.010 project. 00:00:24.010 -- 00:00:27.555 It's a high quality rare earths development project that's targeting first production 00:00:27.555 -- 00:00:33.353 in the latter half of this decade. We also saw the underground mine extension project 00:00:33.353 -- 00:00:38.508 at Voises Bay approach completion. A key milestone for ramp-up was 00:00:38.508 -- 00:00:42.861 achieved in the first half of the year, and a second key milestone is expected to be 00:00:42.861 -- 00:00:47.974 achieved in the second half. In light of a weak nickel price environment, 00:00:47.974 -- 00:00:52.981 BHP has temporarily halted the construction of the West Musgrave project with 00:00:52.981 -- 00:00:56.205 a restart to be considered by February 2027. 00:00:56.205 -- 00:00:59.890 And this is of course disappointing, 00:00:59.890 -- 00:01:04.456 although we do remain very confident in this asset's potential as a low cost, long life, 00:01:04.456 -- 00:01:08.054 fully permitted nickel and copper project. 00:01:08.054 -- 00:01:12.642 Capstone Copper released a feasibility study or an updated feasibility study on Santo 00:01:12.642 -- 00:01:18.974 Domingo, which confirmed the project's robust economics as a low cost producer of copper. 00:01:18.974 -- 00:01:24.023 We ended the period with net debt of approximately $8...