16:06:23 EDT Tue 23 Apr 2024
Enter Symbol
or Name
USA
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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 releases production figures for Kestrel

2015-07-16 07:23 ET - News Release

Mr. Julian Treger reports

ANGLO PACIFIC GROUP PLC: ROYALTY UPDATE: KESTREL

Anglo Pacific Group PLC is providing an update on Kestrel, the company's primary royalty asset.

Production rates at the Kestrel mine have improved following a panel change-out during fourth-quarter 2014. Kestrel production during second-quarter 2015 totalled 1,118,000 tonnes (second-quarter 2014: 720,000 tonnes) and during first-half 2015 totalled 2,252,000 tonnes (first-half 2014: 1.59 million tonnes). Kestrel production within the Anglo Pacific royalty area during first-half 2015 was 22 per cent and in line with the company's previous guidance of 20 per cent to 25 per cent.

In accordance with Anglo Pacific's Kestrel information rights, Rio Tinto has provided updated tonnage sales forecasts, which confirm that the second half of this year is in line with, or slightly above, the company's previous guidance of 70 per cent to 75 per cent of production within Anglo Pacific's royalty area. Full-year 2016 guidance of 60 per cent to 65 per cent of Kestrel production within the company's royalty area remains unchanged.

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

"The first two quarters of 2015 have been encouraging for Anglo Pacific, with revenues from the company's Kestrel royalty continuing to perform in line with our expectations. Kestrel production within the company's royalty area remains on track to increase significantly in the second half of 2015 and will further underpin Anglo Pacific's dividend."

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