Anglo Pacific Group PLC
Interim Results for the six months ended 30 June 2011
Anglo Pacific Group PLC (‘Anglo Pacific’ or the ‘Company’) (LSE: APF) (TSX: APY) is pleased to announce the interim results for the six months ended June 30, 2011.
Highlights:
§ Record royalty income for the period of £16.4 million compared to £15.7 million in the first half of 2010.
§ Interim dividend increased by 7.6% to 4.25p per share (2010: 3.95p) in line with progressive dividend policy.
§ Strong cash position at June 30, 2011 of £36.7 million compared to £28.3 million at December 31, 2010, with no borrowings or hedging.
§ El Valle, the gold-copper mine in Spain, entered production in June, increasing the number of producing royalties in the portfolio to five.
§ Two recent chrome and iron ore royalty acquisitions made in August 2011.
§ The Group now owns a total of 17 royalty interests.
§ Total assets of £410 million at June 30, 2011 (£416 million at December 31, 2010).
§ Cash resources increased due to recent sale of First Coal Corporation shareholding.
John Theobald, CEO of Anglo Pacific, commented:
“The record royalty income that the Company achieved in the period is testament to the quality and resilience of the royalty portfolio. The adverse weather conditions in Australia that impacted production levels at our key royalty project, Kestrel, were offset by higher coking coal prices.
We have expanded our royalty portfolio during the period with the completion of the Araguaia option and the acquisition of two additional royalties after the period end. This continues our strategy of adding depth and diversification to our future royalty income.”
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