Commodity mix
The commodity mix underlying Ecora’s sources of revenue are undergoing a transition. For many years the majority of revenue was generated by the Kestrel steelmaking coal royalty. In 2020, the Group announced that future investments would focus on commodities that support a more sustainable world and that there would be no further investments in thermal coal assets.
Against this backdrop, 2025 is a landmark year for Ecora as it represents the first time revenue from critical minerals outweighs that from coal which only represented ~30% of revenue in 2025. This trend will accelerate over the coming years with the sell-side analyst’s forecasts (as at year end 2025) for portfolio contribution from coal expected to fall to around 20% in 2026, and then below 10% from 2027. On the current mine plan, we expect 2030 to be the last year with revenue from coal.
During 2025, we acquired a copper stream over the Mimbula mine, cementing copper exposure at the core of our portfolio which also includes other commodities linked to the trend of electrification, energy transition, infrastructure renewal and urbanisation, digital infrastructure, robotics and energy security. These commodities include cobalt, nickel, rare earths and uranium.
