LONDON, UNITED KINGDOM--(Marketwired - May 25, 2016) - Anglo Pacific Group PLC (
(
News Release
May 25, 2016
Anglo Pacific Group PLC
Q1 2016 Trading Update
Anglo Pacific Group PLC ("Anglo Pacific", the "Company" or the "Group") (
Highlights
- Royalty income of £1.9m in Q1 2016 (Q1 2015: £2.3m, Q4 2015: £3.0m) in line with the Group's expectations that the majority of royalty income, similar to 2015, will be received in H2 2016
- Guidance from Kestrel remains unchanged with 30-35% of production expected within the Group's land in H1 2016 and 85-90% in H2 2016
- Recovery in both the outlook and price of coking coal and vanadium pentoxide
- First receipts from the Four Mile royalty of £0.2m
- Cash and cash equivalents of £3.7m as at March 31, 2016 (December 31, 2015: £5.7m)
- Borrowings of £9.3m as at March 31, 2016 (December 31, 2015: £7.3m)
- Following positive developments at Berkeley Energia Limited ("Berkeley"), the Group's equity stake is valued at £10.3m (as of May 23, 2016) and the implied value of the Group's royalty, based on Berkeley's recently announced deal, is approximately $10m higher than the value carried on our balance sheet
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For further information:
Anglo Pacific Group PLC | +44 (0) 20 3435 7400 |
Julian Treger - Chief Executive Officer | |
Kevin Flynn - Chief Financial Officer and Company Secretary | |
Website: | http://www.anglopacificgroup.com/ |
BMO Capital Markets Limited | +44 (0) 20 7664 8020 |
Jeffrey Couch / Neil Haycock / Tom Rider | |
Macquarie Capital (Europe) Limited | +44 (0) 20 3037 2000 |
Raj Khatri / Nicholas Harland / Ariel Tepperman | |
Peel Hunt LLP | +44 (0) 20 7418 8900 |
Matthew Armitt / Ross Allister | |
Bell Pottinger | +44 (0) 20 3772 2500 |
Nick Lambert / David Bass / Richard Crowley | |
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