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Anglo Pacific Group PLC
Symbol APY
Shares Issued 169,942,034
Close 2015-07-10 C$ 1.90
Market Cap C$ 322,889,865
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Anglo Pacific's royalty project produces 7.7Mt coal

2015-07-17 07:17 ET - News Release

Mr. Julian Treger reports

ANGLO PACIFIC GROUP PLC: ROYALTY UPDATE: NARRABRI

Anglo Pacific Group PLC is providing an update on its Narrabri royalty. This follows the release of the Whitehaven Coal Ltd. June, 2015, quarterly production report on July 16, 2015.

Whitehaven Coal has announced record Narrabri mine production for the quarter and fiscal year ending June 30, 2015. Run-of-mine (ROM) coal production for the quarter was 2.7 million tonnes (Mt), up 57 per cent compared with 1.7 Mt in the quarter ended June 30, 2014. Saleable coal production for the quarter was 2.3 Mt, with coal sales of 2.2 Mt. ROM and saleable coal production in the fiscal year ending June 30, 2015, was 7.7 Mt and 7.2 Mt, respectively, 36 per cent and 37 per cent higher than the previous fiscal year.

As previously announced by Whitehaven Coal, a scheduled annual longwall changeout is planned to begin in August, 2015, with a target changeout period of five weeks.

Anglo Pacific acquired the royalty on March 11, 2015, and is entitled to royalty income over 100 per cent of sales from the Narrabri mine from Jan. 1, 2015.

Julian Treger, chief executive officer of Anglo Pacific, commented:

"We are pleased to see Whitehaven Coal achieve a second consecutive quarterly production record at Narrabri. The realized fiscal year 2015 ROM production of 7.7 Mt, substantially higher than Whitehaven Coal's previous guidance of 6.5 Mt at the time of the royalty acquisition along with the more recent guidance of seven Mt to 7.2 Mt, represents the delivery on our strategy to acquire royalties with strong production upside potential. This, along with an expected continued recovery of production within our Kestrel royalty area, will further underpin Anglo Pacific's dividend."

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