EVBC / Gold, copper and silver

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The El Valle-Boinás/Carlés (‘EVBC’) project is located in the Rio Narcea Gold Belt in Northern Spain, near the port city of Avilés.




Gold, copper and silver


Orvana Minerals



Royalty rate and type
2.5–3% NSR

Balance sheet classification
Royalty financial instrument

The Group has a 2.5% life of mine NSR royalty on the EVBC gold, copper and silver mine owned by TSX-listed Orvana Minerals Corp (‘Orvana’). EVBC is located in the Rio Narcea Gold Belt of northern Spain and was previously mined from 1997 to 2006 by Rio Narcea Gold Mines. The royalty rate increases to 3% when the gold price is over $1,100 per ounce.

EVBC is an underground mine and the main mining methods are overhand cut and fill and transverse and longitudinal longhole stoping. The cut and fill mining method is utilised in the oxides and some transitional areas of the Boinas mine. Longhole stoping is used in the more competent skarns.

The EVBC royalty contributed $2.8m in 2022, fractionally down on the 2021 figure of $3.2m. Looking forward, production guidance for 2023 of 46Koz to 51Koz of gold and 4.0Mlbs to 4.4Mlbs of copper is broadly flat on 2022. Ecora is in discussion with the operator of the EVBC royalty following recent margin pressure and it is likely that in the short term a portion of cash royalties, including H2 2022, will be deferred.