Anglo Pacific Group PLC Royalty Update: Narrabri (3387T)
July 17 2015 - 2:00AM
UK Regulatory
TIDMAPF
RNS Number : 3387T
Anglo Pacific Group PLC
17 July 2015
News Release
July 17, 2015
Anglo Pacific Group PLC
Royalty Update: Narrabri
Anglo Pacific Group PLC ("Anglo Pacific", or the "Company")
(LSE: APF, TSX: APY), the London and Toronto listed royalty
company, is pleased to provide an update on its Narrabri royalty.
This follows the release of the Whitehaven Coal Limited
("Whitehaven Coal") (ASX: WHC) June 2015 quarterly production
report on July 16, 2015.
Whitehaven Coal has announced record Narrabri mine production
for the quarter and fiscal year ending June 30, 2015. Run of Mine
("ROM") coal production for the quarter was 2.7 Mt, up 57% compared
to 1.7 Mt in the quarter ended June 30, 2014. Saleable coal
production for the quarter was 2.3 Mt, with coal sales of 2.2 Mt.
ROM and saleable coal production in the fiscal year ending June 30,
2015 were 7.7 Mt and 7.2 Mt respectively, 36% and 37% higher than
the previous fiscal year.
As previously announced by Whitehaven Coal, a scheduled annual
longwall changeout is planned to begin in August 2015 with a target
changeout period of five weeks.
Anglo Pacific acquired the royalty on March 11, 2015 and is
entitled to royalty income over 100% of sales from the Narrabri
mine from January 1, 2015.
Julian Treger, Chief Executive Officer of Anglo Pacific,
commented:
"We are pleased to see Whitehaven Coal achieve a second
consecutive quarterly production record at Narrabri. The realised
fiscal year 2015 ROM production of 7.7 Mt, substantially higher
than Whitehaven Coal's previous guidance of 6.5 Mt at the time of
the royalty acquisition along with the more recent guidance of 7.0
Mt to 7.2 Mt, represents the delivery on our strategy to acquire
royalties with strong production upside potential. This, along with
an expected continued recovery of production within our Kestrel
royalty area will further underpin Anglo Pacific's dividend."
For further information:
Anglo Pacific Group PLC +44 (0) 20 3435 7400
Julian Treger, Chief Executive Officer
Kevin Flynn, Chief Financial Officer
Bell Pottinger +44 (0) 20 3772 2500
Nick Lambert / Lorna Cobbett
Notes to Editors
About Anglo Pacific
Anglo Pacific Group PLC is a global natural resources royalty
company. The Company's strategy is to develop a leading
international diversified royalty company with a portfolio centred
on base metals and bulk materials, focusing on accelerating income
growth through acquiring royalties on projects that are currently
cash flow generating or are expected to be within the next 24
months. It is a continuing policy of the Company to pay a
substantial portion of these royalties to shareholders as
dividends.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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