LONDON, UNITED KINGDOM--(Marketwired - Nov 10, 2014) - Anglo Pacific Group PLC ("Anglo Pacific", the "Company" or the "Group") (LSE: APF) (TSX: APY) today releases its interim management statement for the period July 1, 2014 to November 9, 2014.
Highlights
- Royalty related income in the third quarter of £0.5m (Q3 2013: £3.2m)
- Non-core mining and exploration realisations of £1.8m in the third quarter, with a remaining £14.3m of value in non-core mining and exploration interests and receivables
- Cash and cash equivalents of £9.2m as at September 30, 2014 (£14.4m at June 30, 2014)
- The Board is committed to maintaining the absolute level of the dividend and increasing it when appropriate, subject, amongst other things, to market conditions, the level of royalty income and proceeds from the disposals of non-core mining and exploration interests
- Anglo Pacific estimates that the Rio Tinto forecast for mining within our Kestrel royalty lands during Q4 2014 represents approximately 50% of production and approximately 25% during the period January 1, 2015 to September 30, 2015
- First production and sales achieved at Maracás which we expect to contribute to royalty income during 2015
- First production achieved at Four Mile, with 2015 production expected to be 2.6Mlbs of uranium ore concentrate, but royalty income deferred until 2016
- Continued sales of non-core mining and exploration interests to realise cash, along with the sale of Anglo Pacific's Panorama coal properties in British Columbia, Canada to Atrum Coal Limited for US$0.5m of cash, a US$2.0m promissory loan note, 1.0m Atrum Coal shares and a retention of a royalty
- An impairment charge of approximately £15.0m for the Isua royalty, an early stage iron ore project owned by London Mining PLC
- Appointment of Mr David Archer as an independent non-executive director
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