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The latest announcement is out from Scully Royalty ( (SRL) ).
Scully Royalty Ltd. has reported financial results for the first half of 2024, highlighting its royalty interest in the Scully iron ore mine, which provides a significant revenue stream. The mine, acquired by Tacora Resources in 2017, faced financial restructuring in 2023 due to over-indebtedness but has since emerged stronger with the support of a new consortium of shareholders, including Cargill and Millstreet Capital Management. This development positions the Scully Mine for long-term success, catering to the growing demand for high-quality iron ore in the steel industry.
More about Scully Royalty
Scully Royalty Ltd. is involved in the mining industry, holding a royalty interest in the Scully iron ore mine located in Newfoundland and Labrador, Canada. The company benefits from its share of revenues generated from iron ore shipments, which are essential for steel production and thus global economic development. The mine produces premium-grade iron ore with over 65% iron content, aligning with the industry’s move towards ‘green’ steel production.
YTD Price Performance: 13.44%
Average Trading Volume: 9,140
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $102.6M
Find detailed analytics on SRL stock on TipRanks’ Stock Analysis page.
