An anonymous director reports

ANGLO PACIFIC GROUP PLC INTERIM MANAGEMENT STATEMENT

Anglo Pacific Group PLC has released its interim management statement for the period July 1, 2014, to Nov. 9, 2014.

Highlights:

• Royalty-related income in the third quarter of 500,000 pounds sterling (third quarter 2013: 3.2 million pounds sterling);
• Non-core mining and exploration realizations of 1.8 million pounds sterling in the third quarter, with a remaining 14.3 million pounds sterling of value in non-core mining and exploration interests and receivables;
• Cash and cash equivalents of 9.2 million pounds sterling as at Sept. 30, 2014 (14.4 million pounds sterling at June 30, 2014);
• The board is committed to maintaining the absolute level of the dividend and increasing it when appropriate, subject, amongst other things, to market conditions, the level of royalty income, and proceeds from the disposals of non-core mining and exploration interests;
• Anglo Pacific estimates that the Rio Tinto forecast for mining within its Kestrel royalty lands during the fourth quarter of 2014 represents approximately 50 per cent of production and approximately 25 per cent during the period Jan. 1, 2015, to Sept. 30, 2015;
• First production and sales achieved at Maracas, which the company expects to contribute to royalty income during 2015;
• First production achieved at Four Mile, with 2015 production expected to be 2.6 million pounds of uranium ore concentrate, but royalty income deferred until 2016;
• Continued sales of non-core mining and exploration interests to realize cash, along with the sale of Anglo Pacific's Panorama coal properties in British Columbia, Canada, to Atrum Coal Ltd. for $500,000 (U.S.) of cash, a $2.0-million (U.S.) promissory loan note, one million Atrum Coal shares and a retention of a royalty;
• An impairment charge of approximately 15 million pounds sterling for the Isua royalty, an early-stage iron ore project owned by London Mining PLC;
• Appointment of David Archer as an independent non-executive director.

An associated PDF document is available on-line.