Anglo Pacific Group PLC: Kestrel Royalty Update
LONDON, UNITED KINGDOM--(Marketwired - Oct 16, 2015) - Anglo Pacific Group PLC (TSX: APY) (LSE: APF)
LSE: APF; TSX: APY
News Release
October 16, 2015
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 its Kestrel royalty following the release of Rio Tinto's Q3 2015 operations review on October 16, 2015.
In line with Anglo Pacific's expectations, Rio Tinto announced Kestrel Mine Q3 2015 production of 0.54 Mt of hard coking coal and 0.11 Mt of thermal coal run of mine compared to 0.94 Mt of hard coking coal and 0.18 Mt of thermal coal during Q2 2015.
Production rates at Kestrel were lower during Q3 2015 due to the planned longwall changeout which was announced by Rio Tinto in its Half Year Results 2015. The longwall changeout has not affected Anglo Pacific's H2 2015 guidance range of 70% to 75%, or slightly above, of production within Anglo Pacific's royalty area.
Anglo Pacific expects total production at the Kestrel Mine to recover during Q4 2015 as the mine continues to improve its production rates towards nameplate longwall capacity of around six million tonnes per annum.
Julian Treger, Chief Executive Officer of Anglo Pacific, commented:
"We are pleased that during the past quarter, both scheduled longwall changeouts at Kestrel and Narrabri were successfully completed without delays and the impact on production did not exceed foreseen levels. We anticipate production levels at Kestrel and Narrabri to rebound in the next quarter, and for H2 2015 production to be in line with our previous expectations."
For further information:
| Anglo Pacific Group PLC Julian Treger, Chief Executive Officer Kevin Flynn, Chief Financial Officer | +44 (0) 20 3435 7400 | |
| Bell Pottinger 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.
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