18th Aug 2014 13:45
LONDON (Alliance News) - Anglo Pacific Group PLC Monday said that it has entered into an agreement to gain information on the Kestrel coal mine in Queensland, Australia.
The agreement has been entered into with Kestrel Coal Pty Ltd, a subsidiary of Rio Tinto PLC's wholly owned Rio Tinto Coal Australia, and the company's Kestrel Mine joint venturers, Queensland Coal Pty Ltd and Mitsui Kestrel Coal Investment Pty Ltd.
Rio Tinto Coal Australia manages Kestrel Mine on behalf of the joint venture partners.
In a statement, Anglo Pacific said it is now entitled to certain information under the agreement, on a quarterly basis, including the invoiced payable tonnes, estimated private royalty payable for the next quarter and the forecast production tonnages.
Anglo Pacific said it expects approximately 43% of production from Kestrel to be within its royalty lands for the second-half of the year.
"We expect minimal royalty income from Kestrel during the first half of 2015, but Anglo Pacific management expects a substantial recovery thereafter as Rio Tinto mines more coal within our royalty lands," the company said in its statement.
Anglo Pacific shares were up 3.5% at 190.75 pence Monday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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