This company collects royalties rather than profits from mining activities so earnings are more stable . Personally I would like it nearer 150-160p but bearing in mind the retracement we have seen I have made a modest re-entry here to keep and only to add to if it gets cheaper for an acceptable reason. The bulk of the activity is in the black stuff plus a bit in gold etc the latter in downtrend but probably not permanently.
13 Feb '13
"We have been particularly encouraged by the progress across a number of the Group's development royalties, which we believe will bring forward future royalty cash flows," Wides said. Royalty entitlements for the year, however, came to �15.2m, down from �35m the year earlier. Anglo's cash position was at �24m by the end of the year, a drop from �32.2m in 2011. The firm expects results to pick up this year as production at Kestrel recovers and the world economy improves in markets including China, the US, Japan, India and South Korea. "This confidence has produced better mining markets and a more optimistic outlook for metal prices and in particular iron ore," the company said. "As Rio Tinto continues to progress with the Kestrel expansion project, we remain confident of a recovery in production from Kestrel in 2013. "This together with, the substantial increase in royalty rates announced by the Queensland Government in September last year [...] should impact positively on royalty receipts from Kestrel in 2013."
13 Feb '13
Anglo Pacific Group increased its final dividend by 4.5 per cent to 5.75p per share despite a fall in annual operating profits. The natural resources company reported 9.3m in operating profits, a 70% drop from 31.8m the previous year. Results were hit by production problems and delays at the firm's Kestrel coking coal mine in Australia due to a longwall changeover and adverse weather during the period. Commissioning setbacks also impacted output. Despite the difficulties, Acting Chairman Brian Wides said the group achieved solid performance throughout the year. He said a rise in coal royalty rates in the Australian state of Queensland offset impact of weaker commodity prices. The Queensland Government raised royalty rates by 25% to 12.5% above AU$100 and 50% to 15% above AU$150 sales price per tonne. The company believes it will directly benefit future sales from the Kestrel mine. The group subsequently acquired two new royalty interests during the year, bringing its total up to 22.
Anglo Pacific Group has signed a royalty financing agreement of 15m dollars for a gold mining project in south east Liberia. The global natural resources royalties company will inject the payment in exchange for 2% net return for ore produced from the Dugbe 1 Gold Project, operated by Hummingbird Resources - an AIM mineral exploration company based in London. The agreement is for ore taken from within a 20-kilometre radius of Dugbe F, including the Tuzon project. The first $5m will be paid upfront after local consents and documentation. A further $5m will be handed over after December 31st following the completion of 25,000 metres of infill drilling or the publication of the results of a scoping study on the Dugbe 1 Project. The final $5m instalment will be given after March 31st 2013, once another scoping study and 5,000 metres of infill drilling at the project is finished. John Theobald, Chief Executive Officer of Anglo Pacific, said: "We are extremely pleased with the acquisition of the royalty on the Dugbe 1 gold project, the third royalty financing we have announced this year. The acquisition enables Anglo Pacific to further diversify its royalty portfolio by strengthening our focus on precious metals, which we believe will offer considerable long term revenue growth and cash flows for the Company and its shareholders."
31 Oct '12
Anglo Pacific Group PLC ('Anglo Pacific', the 'Company', the 'Group') (LSE:APF)(TSX:APY) is pleased to announce its financial results for the three and nine months ended September 30, 2012. The Group has published both the unaudited financial statements and the Management's Discussion and Analysis, and these, together with this release, are available on both the Group's website at www.anglopacificgroup.com and on SEDAR at www.SEDAR.com. Highlights: -- Royalty income for the quarter of GBP 5.0 million (Q3 2011: GBP 8.0 million (restated)) -- Cash and current receivables at September 30, 2012 of GBP 20.4 million (GBP 44.5 million at December 31, 2011 (restated)) -- Increase in the independent valuation of coal royalties due to the recently announced rise in Queensland coal royalty rates -- Completion of Churchrock uranium royalty option and financing agreement with Laramide Resources Ltd -- Significant progress at a number of the Group's development royalties -- Total assets of GBP 353.2 million at September 30, 2012 (GBP 371.0 million at December 31, 2011 (restated)) John Theobald, Chief Executive Officer of Anglo Pacific, commented: "The Group achieved a solid performance in the period, despite the adverse commodity price environment. The increase in the independent valuation of our coking coal royalties, following the rise in the Queensland coal royalty rates announced in September 2012, has significantly offset the impact of current commodity prices on our royalty asset value. Favourable conditions for acquiring additional royalties exist and we have grown our royalty portfolio to a total of 21, following the completion of the Churchrock royalty option this period. The Group has now acquired two new royalties in 2012 and further new royalty opportunities are being assessed. We have been particularly encouraged by the progress across a number of the Group's development royalties, which we believe will bring forward future royalty cash flows, most notably the 132% increase in resources at the Mount Ida project and the announcement of plans to commence production at the Four Mile project."
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