Anglo Pacific Group PLC - London-based natural resources royalty company - Notes first production from the PNP1000 plant at the Piaui nickel project in Brazil. Annual production guidance for 2022 is 300 tonnes of nickel and three tonnes of cobalt, ramping up to 1,400 tonnes of nickel and 35 tonnes of cobalt in 2023.
Anglo Pacific was an early-stage sponsor of the Piaui project, having invested USD2 million in September 2017, in return for a 1.25% royalty on the project.
The company has the option to acquire, for USD70 million, an incremental 3% royalty rights to part fund the construction of a mine with an expected annual production capacity of up to 24,000 tonnes of nickel and 1,000 tonnes of cobalt.
Current stock price: 142.96 pence, up 0.5% in London on Monday
12-month change: up 1.5%
By Heather Rydings; heatherrydings@alliancenews.com
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