21st Jul 2016 10:02
LONDON (Alliance News) - Anglo Pacific Group PLC on Wednesday afternoon said sales from its private royalty lands will be higher than it had previously guided, but said its guidance for 2016 remains unchanged.
The London and Toronto listed royalty company said it had been notified by Rio Tinto PLC of invoiced payable tonnes for the second quarter of 2016. This means that sales from Anglo Pacific's private royalty lands will be in the range of 35% to 40% in the first half of 2016, ahead of its previously guided range of 20% to 25%.
Whilst its guidance for 2016 remains unchanged at 60% to 65%, this suggests that it could be at the upper end of this range, the company said.
Anglo Pacific said that it continues to guide that over 90% of production will be within its private royalty lands by the end of 2017.
This, along with the recent weakening of the pound against the Australian dollar, and an increase in the coking coal benchmark contract price so far in 2016, should have a positive impact on its reported royalty income, it said.
Shares in Anglo Pacific were up 3.7% at 93.88 pence on Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
APF.L