Location
Labrador, Canada
Operator
Royalty
10% of a 3% NSR (effective 0.3%)
Commodity
Nickel, Copper, Cobalt
| Asset Profile | |
|---|---|
| 2024 Royalty Revenue | C$0.9 million |
| Annual Production Capacity | 2.19 million tonnes ore |
| Estimated Mine Life | 14 years |
Altius acquired the royalty interest in mid-2003 using a conservative long-term nickel price of US$3.25 per pound for a total purchase cost of $13.6 million and by mid 2010 Altius had recognized cumulative revenue in excess of $15 million, achieving payback. The Voisey's Bay open pit mine began in 2005, and is currently mining from the open pit while completing construction of a new underground which is expected to be completed in 2021 and which will expand the mine life to 2032 - 2034, taking into account the reduced production during the final open pit years and the COVID-19 shutdown that occurred for roughly 2 quarters during 2020.
In 2024, Vale completed consutrction and commissioning of the Voisey's Bay Mine Expansion (VBME) Project and announced they are expecting an increase of production in nickel in concentrate to 45,000 tonnes per year, with full ramp-up of the project expecred in the second half of 2026.
Altius has a 10% joint venture interest in the Labrador Nickel Royalty Limited Partnership ("LNRLP"). The LNRLP holds a 3% net smelter return royalty over the Voisey's Bay nickel-copper-cobalt project in Labrador that is owned and operated by Vale INCO NL.
