Anglo Pacific Group PLC: Royalty Update: Kestrel
LONDON, UNITED KINGDOM--(Marketwired - Jul 16, 2015) - Anglo Pacific Group PLC (TSX: APY) (LSE: APF)
News Release
| July 16, 2015 | LSE: APF; TSX: APY |
Anglo Pacific Group PLC
Royalty Update: Kestrel
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 Kestrel, the Company's primary royalty asset.
Production rates at the Kestrel mine have improved following a panel change out during Q4 2014. Kestrel production during Q2 2015 totalled 1.118 mt (Q2 2014: 0.72 mt) and during H1 2015 totalled 2.252 mt (H1 2014: 1.59 mt). Kestrel production within the Anglo Pacific royalty area during H1 2015 was 22%, and in line with the Company's previous guidance of 20% to 25%.
In accordance with Anglo Pacific's Kestrel information rights, Rio Tinto has provided updated tonnage sales forecasts which confirms that the second half of this year is in line with, or slightly above the Company's previous guidance of 70% to 75% of production within Anglo Pacific's royalty area. Full year 2016 guidance of 60% to 65% of Kestrel production within the Company's royalty area remains unchanged.
Julian Treger, Chief Executive Officer of Anglo Pacific, commented:
"The first two quarters of 2015 have been encouraging for Anglo Pacific with revenues from the Company's Kestrel royalty continuing to perform in line with our expectations. Kestrel production within the Company's royalty area remains on track to increase significantly in the second half of 2015, and 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 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.
Contact
Contact:
RNS
Customer Services
0044-207797-4400
rns@londonstockexchange.com
http://www.rns.com
