Anglo Pacific Group PLC: Narrabri Royalty Update
LONDON, UNITED KINGDOM--(Marketwired - Oct 15, 2015) - Anglo Pacific Group PLC (TSX: APY) (LSE: APF)
LSE: APF; TSX: APY
October 15, 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 Ltd. ("Whitehaven") (ASX: WHC) September quarterly production report on October 15, 2015.
Whitehaven announced that a planned longwall changeout was successfully completed at Narrabri during the quarter. Run of Mine ("ROM") coal production for the quarter was 1.0 Mt, down 52% compared to 2.1 Mt in the quarter ended September 30, 2014. Narrabri production was impacted by the scheduled longwall changeout, therefore quarterly production is not fully comparable with the same quarter of the previous year, during which no longwall changeout occurred.
Saleable coal production for the quarter was 1.6 Mt, with coal sales of 1.6 Mt. The sale of coal inventories resulted in coal sales exceeding ROM coal production.
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 achieve coal sales in excess of coal production during the past quarter. As a result, we would expect total Narrabri fiscal year 2016 coal sales to exceed saleable coal levels implied by Whitehaven's Narrabri ROM coal production guidance of 6.6 Mt to 6.8 Mt."
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.