LONDON (Alliance News) - Anglo Pacific Group PLC on Thursday said its royalty income rose in the third quarter despite the pressure on commodities markets.
The company, which holds royalty income stakes in mining projects, said its royalty-related income rose to GBP1.9 million in the third quarter to the end of September, up from GBP500,000 a year earlier. Royalty-related income for the nine months to the end of September rose to GBP5.7 million from GBP3.0 million.
The group added the production targets for the Kestrel and Narrabri mines in Australia, in which it holds royalty stakes, remain on track for the full year.
"We are pleased to build on the half-year performance and report a significant increase in royalty income compared to the third quarter of last year. The increase in the Group's royalty income is largely due to the royalty income received from the Narrabri royalty, acquired in the first half of the year, and has been achieved in a period where commodity prices have remained under significant pressure," said Chief Executive Julian Treger.
Shares in the company were up 0.4%% to 64.75 pence on Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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