4th Sep 2009 07:00
News Release
4th September 2009
Anglo Pacific Group plc
Completion of net smelter royalty financing with Northern Star
Anglo Pacific Group plc ("the Company") is pleased to announce that, further to its news release date 8th July 2009, it has completed its purchase of a net smelter royalty ("NSR") from the Northern Star Mining Corp ("Northern Star") (TSX: NSM) for C$8.0 million.
Together with its recent equity offering, this financing should enable Northern Star to complete the construction and development of the Gauthier decline at its Malartic-Midway gold project in Quebec, Canada.
For Anglo Pacific Group plc the acquisition of this NSR is another positive step in the Company's strategy to broaden and diversify its portfolio of royalties.
Anglo Pacific Group plc generates returns for shareholders by receiving royalties from operating mines including coking coal mines in Australia owned by BHP and Rio Tinto. The Company's strategy is to pay a substantial proportion of these royalties to shareholders as dividends, while reinvesting the balance in strategic listed and unlisted metal exploration and production opportunities with a view to obtaining more royalties for shareholders. The Company will continue to adopt an active, merchant banking approach to mining projects to achieve better returns at reduced risk.
For further information:
Anglo Pacific Group PLC +44 (0) 20 7318 6360
Peter Boycott, Chairman
Matthew Tack, Finance Director
Liberum Capital +44 (0) 20 3100 2000
Chris Bowman
Simon Stilwell
Scott Harris +44 (0) 20 7653 0030
Stephen Scott
James O'Shaughnessy
Website: www.anglopacificgroup.com
Related Shares:
APF.L