SOURCE: Anglo Pacific Group PLC
December 13, 2016 06:37 ET
LONDON, UNITED KINGDOM--(Marketwired - Dec 13, 2016) - Anglo Pacific Group PLC (LSE: APF) (TSX: APY)
LSE: APF; TSX: APY
December 13, 2016
Anglo Pacific Group PLC
Q1 2017 Coking Benchmark Price
Anglo Pacific Group PLC ("Anglo Pacific", the "Company" or the "Group") (LSE: APF; TSX: APY), the London and Toronto listed royalty company, notes that industry sources are reporting the seaborne benchmark hard coking coal contract price for the first quarter of 2017 has settled at US$285 per tonne. This is the highest settlement price since Q4 2011 and equal to the fourth highest on record in US dollar terms. The first quarter 2017 settlement price is 43% higher than the previous quarter.
Julian Treger, Chief Executive Officer of Anglo Pacific, commented:
"The recent hard coking contract price settlements are materially above the levels we have seen in the past years and significantly higher than our previous assumptions. This should markedly improve our income and dividend cover next year.
Anglo Pacific has royalties over the sales of coking coal at the Kestrel mine in Australia where the majority of production is expected to be within the Group's private royalty land during the next twelve months. In addition, the weakness of the pound post Brexit should also improve our income figures in the first half of next year."
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