Anglo Pacific Group PLC: Narrabri Updated Guidance
LONDON, UNITED KINGDOM--(Marketwired - Apr 21, 2015) - Anglo Pacific Group PLC (TSX: APY) (LSE: APF)
Anglo Pacific Group PLC
Narrabri Updated Guidance
Anglo Pacific Group PLC (the "Company") (LSE: APF, TSX: APY) is pleased to provide an update on the Narrabri Mine which is 70% owned and operated by Whitehaven Coal Ltd. (ASX: WHC). This follows the publication of the March 2015 quarterly production report by Whitehaven Coal on April 17, 2015.
Whitehaven Coal has announced that the Narrabri Mine has established another record run-of-mine ("ROM") coal production of 2.18Mt for the quarter to March 31, 2015. Saleable coal production for the quarter was 1.795Mt and coal sales were 1.643Mt. Year-to-date ROM and saleable coal production were 5.032Mt and 4.847Mt, 27% and 26% respectively higher than for the same period the previous year (July 1 to March 31).
Strong performance by the longwall in the current production panel has resulted in Whitehaven Coal upgrading guidance for production from the Narrabri Mine for the fiscal year ending June 30, 2015 to between 7.0Mt and 7.2Mt ROM coal from 6.5Mt previously.
The Company 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.
Royalty income from the Narrabri Mine for Q1 2015 is in line with market expectations.
For further information:
|Anglo Pacific Group PLC |
Julian Treger - Chief Executive Officer
Mark Potter - Chief Investment Officer
Kevin Flynn - Chief Financial Officer
|+44 (0) 20 3435 7400|
BMO Capital Markets Limited
Neil Haycock / Tom Rider
+44 (0) 20 7664 8121
Macquarie Capital (Europe) Limited
Ken Fleming / Ariel Tepperman / Nicholas Harland
+44 (0) 20 3037 2000
Peel Hunt LLP
Matthew Armitt / Ross Allister
+44 (0) 20 7418 8900
Nick Lambert / Lorna Cobbett
+44 (0) 20 3772 2500
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.