14th May 2015 09:53
LONDON (Alliance News) - Anglo Pacific Group PLC on Thursday said it generated its first royalty income from the Narrabri and Maracas acquisitions in the first quarter, furthering its strategy to diversify its royalty income away from the Kestrel project in Australia.
Anglo Pacific said overall royalty income in the quarter to the end of March was GBP2.3 million, compared to GBP0.5 million in the quarter to the end of December and GBP3.5 million for 2014 as a whole.
The company said it remains confident its royalty income will be significantly higher in 2015 than in 2014.
"The first quarter of 2015 has been encouraging for Anglo Pacific with the first royalty income earned from our two recent acquisitions, Narrabri and Maracás. We are also pleased with the underlying production at Narrabri, which is ahead of our expectations. In addition, we are increasingly confident about the recovery of royalty income from Kestrel, supported by the level of information now received from Rio Tinto," said Chief Executive Julian Treger.
Shares in the company were up 5.1% to 98.25 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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