13th May 2008 06:00
News Release
13th May 2008
Anglo Pacific Group PLC
Interim Management Statement
Anglo Pacific Group PLC ("Anglo Pacific Group", "the "Group"), the natural resources royalty company, today releases its first interim management statement for the period from 1st January 2008 to 12th May 2008.
Material Events and Transactions
During the period Anglo Pacific Group negotiated a 2.5% escalating gold royalty from Kinbauri Gold Corp on Kinbauri's El Valle and Carles mines in Northern Spain for C$7.5 million.
In addition the Group has disposed of a number of mature mineral development interests where royalties are not currently being considered resulting in realised gains of in excess of £9 million during the period.
Financial Performance
During the relevant period reduced coal royalty receipts were received due to weather and transport related disruptions to coal operations in Australia. However, the Group recently announced that coking coal prices rose sharply to between US$250 and US$300 per tonne. This is expected to have a favourable impact on the Group's future coal royalty flows.
Realisations of mature mineral development interests were not significantly impacted by difficult equity market conditions.
Financial Position
The Group's financial position remains strong with no significant changes to the balance sheet or equity structure since the publication of the Report and Accounts for the year ended 31st December 2007.
A dividend of 4.35p per share was approved at the Group's Annual General Meeting on 23rd April 2008 and will be paid on 1st August 2008. Shareholders will again be given the opportunity to elect to receive a scrip dividend instead of cash.
Outlook
The setbacks in the markets due to liquidity problems continue to make mining finance difficult to raise from conventional lenders. As a result Anglo Pacific Group, with its strong balance sheet and experienced management team, is well positioned to secure new royalty flows and develop its mining interests.
For further information:
Anglo Pacific Group PLC +44 (0) 20 7318 6360
Peter Boycott, Chairman
Matthew Tack, Finance Director
Numis Securities +44 (0) 20 7260 1000
James Black
John Harrison
Scott Harris +44 (0) 20 7653 0030
Stephen Scott
James O'Shaughnessy
Website: www.anglopacificgroup.com
Related Shares:
APF.L