23 Sep 2022 11:06
News Release
23 September 2022
Anglo Pacific Group PLC
West Musgrave Final Investment Decision
Anglo Pacific Group PLC (the "Group" or "Anglo Pacific") (LSE: APF, TSX: APY) notes the press release issued by OZ Minerals earlier today (https://bit.ly/3R72uKo) announcing that it has made a Final Investment Decision on the West Musgrave copper-nickel project in Australia. Anglo Pacific has a 2.0% net smelter royalty interest over the West Musgrave project.
The highlights of the announcement were:
· First production targeted for H2 2025
· Processing capacity increased from 12.0 Mtpa to 13.5 Mtpa through mine planning and plant optimisation
· Average annual production ~35,000 tpa nickel, ~41,000 tpa copper in the first five years. Average annual production ~28,000 tpa nickel and ~35,000 tpa copper over a 24-year operating life1
· Bottom quartile C1 cost of ~ US$0.50/lb (Ni payable net of by-product credit) and ~US$(1.10)/lb (Cu payable net of by-product credit)
· One of the largest fully off-grid, hybrid renewable powered mines in the world with an initial ~80% renewable power contribution2
Marc Bishop Lafleche, CEO of Anglo Pacific Group commented:
"West Musgrave is everything we look for in a royalty acquisition, a high quality project and operator in a recognised mining jurisdiction with strong sustainability credentials. We are delighted to see OZ Minerals continue to progress the project in-line with the expected timetable."
1. These production targets must be read in conjunction with the Production Targets Cautionary Statement on page 6 of the OZ Minerals announcement
2. ~80% renewable energy penetration relates to power generation. Does not include mining fleet
For further information:
Anglo Pacific Group PLC | +44 (0) 20 3435 7400 |
Marc Bishop Lafleche - Chief Executive Officer Kevin Flynn - Chief Financial Officer Geoff Callow - Head of Investor Relations
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Website: | www.anglopacificgroup.com
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Berenberg | +44 (0) 20 3207 7800 |
Matthew Armitt / Jennifer Lee / Detlir Elezi | |
Peel Hunt LLP | +44 (0) 20 7418 8900 |
Ross Allister / David McKeown |
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RBC Capital Markets | +44 (0) 20 7653 4000 |
Farid Dadashev / James Agnew / Jamil Miah |
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Capital Market Communications Limited (Camarco) | +44 (0)20 3757 4997 |
Gordon Poole / Owen Roberts / Elfie Kent |
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Notes to Editors
About the Group
Anglo Pacific Group PLC is a global natural resources royalty and streaming company. The Group's strategy is to become a leading natural resources company through investing in high quality projects in preferred jurisdictions with trusted counterparties, underpinned by strong ESG principles. It is a continuing policy of the Group to pay a substantial portion of these royalties and streams to shareholders as dividends.