RNS13 Dec 2016 11:45
Great news on the coking coal price. Potential for further dividend growth? Company committed to paying 65% of adjusted earnings. Coking price is trebled compared to last year and Rio Tinto mining Kestrel predominantly in APF royalty area.
Anglo Pacific Group PLC ("Anglo Pacific", the "Company" or the "Group") (LSE: APF, TSX: APY), the London and Toronto listed royalty company, notes that industry sources are reporting the seaborne benchmark hard coking coal contract price for the first quarter of 2017 has settled at US$285 per tonne. This is the highest settlement price since Q4 2011 and equal to the fourth highest on record in US dollar terms. The first quarter 2017 settlement price is 43% higher than the previous quarter.
"The recent hard coking contract price settlements are materially above the levels we have seen in the past years and significantly higher than our previous assumptions. This should markedly improve our income and dividend cover next year. From the CEO