SOURCE: Anglo Pacific Group PLC
LONDON, UNITED KINGDOM--(Marketwired - Aug 18, 2014) - Anglo Pacific Group PLC ("Anglo Pacific", the "Company") (TSX: APY) (LSE: APF) is pleased to announce that it has entered into an agreement with Kestrel Coal Pty Ltd, a subsidiary of Rio Tinto Coal Australia, and its Kestrel Mine joint venturers, Queensland Coal Pty Limited and Mitsui Kestrel Coal Investment Pty Limited, relating to the provision of information in respect of the Kestrel coal mine in Queensland, Australia. Rio Tinto Coal Australia manages Kestrel Mine on behalf of the joint venture partners.
The information to which Anglo Pacific is entitled under the agreement includes, on a quarterly basis:
- The invoiced payable tonnes (including the hard coking coal, soft coking coal and thermal coal splits), royalty payable and the split between the public royalty payable and the private royalty payable
- The estimated private royalty payable for the next quarter and the forecast production tonnages, split on a public and private royalty basis, for the next 4 quarters
Anglo Pacific expects approximately 43% of production from Kestrel to be within our royalty lands for 2H 2014. We expect minimal royalty income from Kestrel during the period 1H 2015, but Anglo Pacific management expects a substantial recovery thereafter as Rio Tinto mines more coal within our royalty lands.
Commenting on the agreement, Julian Treger, Chief Executive Officer of Anglo Pacific, said:
"We are pleased to have reached agreement with Rio Tinto and Mitsui on these information rights which will provide us and our investors more visibility on expected growth in royalty income from this key asset over the next 24 months."
For further information:
Anglo Pacific Group PLC +44 (0) 20 3435 7400
Julian Treger - Chief Executive Officer
Mark Potter - Chief Investment Officer
Kevin Flynn - Chief Financial Officer
Bell Pottinger +44 (0) 20 3772 2500
Nick Lambert / Lorna Cobbett
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