Anglo Pacific Group PLC Royalty Update - Narrabri project
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
+44 (0) 20 3772 2500
Nick Lambert / Lorna Cobbett
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.