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Anglo Pacific Group PLC Announces Completion of US$205m Cobalt Stream Acquisition12.03.2021 | 2:00 Uhr | Accesswire
LONDON, March 12, 2021 - Further to the announcement on 24 February 2021, Anglo Pacific Group PLC ("Anglo Pacific", the "Company", the "Group") (LSE:APF)(TSX:APY) is pleased to announce the completion of the acquisition of a 70% net interest in a stream on cobalt production from the Voisey's Bay mine in Canada from private equity sellers for cash consideration of US$205 million at closing and further contingent consideration of up to US$27 million (the "Acquisition"). The Acquisition was financed through an oversubscribed equity placing and retail offer of ~US$66m, the previously announced profitable monetisation of a portion of the Group's Labrador Iron Ore Royalty Corp. ("LIORC") investment, and the completion of the new US$180 million credit facility from a syndicate of leading Canadian banks, comprising Scotiabank, RBC Capital Markets, and Canadian Imperial Bank of Commerce. Julian Treger, Chief Executive Officer of the Company, commented: "I am extremely pleased to announce the completion of the Voisey's Bay cobalt stream acquisition. This transaction is not only the largest in our Company's history, but it also marks the start of a fundamental transformation, as we reposition the business towards 21st century commodities and become an increasingly battery metals focused royalty and streaming company. The transaction provides Anglo Pacific with significant exposure to a strategic mineral coupled with additional scale with which to undertake similar transactions to further expand our commodity exposure in high growth sectors. We have a US$20m funding commitment (subject to the satisfaction of certain conditions) with Incoa and a further US$70m of optionality within our business with Piauí, along with several prospective deals within our pipeline for similar commodities aligned to the battery storage and electric vehicle revolutions. This is the ideal time to proactively redeploy capital from the iron ore sector and invest in cobalt. Since the start of 2021, the cobalt price has increased ~60% reaching two-year highs at US$24.95/lb1; and has increased ~4% since Anglo Pacific announced the acquisition, whilst the iron ore price has fallen ~4%. The increase has been driven by continued demand from the lithium-ion battery sector as electric vehicle sales reached record highs in 2020, with projected EV battery demand growth of 17% per annum forecast over the period to 2040. Fundamentals of the cobalt market and future outlook for the commodity are firmly backed by the financial stimulus and policy frameworks adopted by western governments in order to aid the green revolution through emissions free transport, as well as the ambitious goals set out by individual automakers to become fully electric; most recently joined by Volvo and Jaguar. Again, I would like to thank all of our stakeholders for their continued support; this new cornerstone asset will help underpin Anglo Pacific's ability to deliver further growth and sustainable future returns for our shareholders." Transaction Highlights:
Analyst and Investor presentation webcast replay We are pleased to provide a replay of the Voisey's Bay acquisition presentation recorded at 9am (GMT) on 24 February 2021, hosted by Julian Treger (CEO), Kevin Flynn (CFO) and Marc Bishop Lafleche (CIO). https://webcasting.brrmedia.co.uk/broadcast/602ec5f61fc46330548fabb0/603611d6318c486b2e86d787 For further information, please contact:
About the Company This Announcement is not intended to, and does not constitute, or form part of, any offer to sell or issue or any solicitation of an offer to purchase, subscribe for, or otherwise acquire, any securities or a solicitation of any vote or approval in any jurisdiction. Any securities referred to herein have not been registered under the Unites States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements RBC Europe Limited ("RBC") is authorised and regulated in the United Kingdom by the Prudential Regulation Authority and is regulated by the Financial Conduct Authority ("FCA"). Peel Hunt LLP ("Peel Hunt") is authorised and regulated in the United Kingdom by the FCA. Berenberg Gossler & Co. KG, London Branch ("Berenberg" and together with RBC and Peel Hunt, the "Banks") is authorised by the German Federal Financial Supervisory Authority (BaFin) and subject to limited regulation in the United Kingdom by the FCA. Each Bank is acting solely for the Company and no one else in connection with the Acquisition and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for providing advice in relation to the Acquisition and/or any other matter referred to in this Announcement. Apart from the responsibilities and liabilities, if any, which may be imposed on the Banks by FSMA or by the regulatory regime established under it, neither Berenberg, Peel Hunt, RBC nor any of their affiliates accepts any responsibility whatsoever for the contents of the information contained in this Announcement or for any other statement made or purported to be made by or on behalf of any Banks or any of their affiliates in connection with the Company or the Acquisition. Berenberg, Peel Hunt and RBC and each of their affiliates accordingly disclaim all and any responsibility and liability whatsoever, whether arising in tort, contract or otherwise (save as referred to above) in respect of any statements or other information contained in this Announcement and no representation or warranty, express or implied, is made by any Banks or any of their affiliates as to the accuracy, completeness or sufficiency of the information contained in this Announcement. Cautionary statement on forward-looking statements and related information Forward-looking statements are based upon certain material factors that were applied in drawing a conclusion or making a forecast or projection, including assumptions and analyses made by the Group in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate in the circumstances. The material factors and assumptions upon which such forward-looking statements are based include: the stability of the global economy; the stability of local governments and legislative background; the relative stability of interest rates; the equity and debt markets continuing to provide access to capital; the continuing of ongoing operations of the properties underlying the Group's portfolio of royalties, streams and investments by the owners or operators of such properties in a manner consistent with past practice; no material adverse impact on the underlying operations of the Group's portfolio of royalties, steams and investments from a global pandemic; the accuracy of public statements and disclosures (including feasibility studies, estimates of reserve, resource, production, grades, mine life and cash cost) made by the owners or operators of such underlying properties; the accuracy of the information provided to the Group by the owners and operators of such underlying properties; no material adverse change in the price of the commodities produced from the properties underlying the Group's portfolio of royalties, streams and investments; no material adverse change in foreign exchange exposure; no adverse development in respect of any significant property in which the Group holds a royalty or other interest, including but not limited to unusual or unexpected geological formations and natural disasters; successful completion of new development projects; planned expansions or additional projects being within the timelines anticipated and at anticipated production levels; and maintenance of mining title. A variety of material factors, many of which are beyond the Group's control, affect the operations, performance and results of the Group, its businesses and investments, and could cause actual results to differ materially from those suggested by any forward-looking information. Such risks and uncertainties include, but are not limited to current global financial conditions, royalty, stream and investment portfolio and associated risk, adverse development risk, financial viability and operational effectiveness of owners and operators of the relevant properties underlying the Group's portfolio of royalties, streams and investments; royalties, steams and investments subject to other rights, and contractual terms not being honoured, together with those risks identified in the 'Principal Risks and Uncertainties' section of our most recent Annual Report, which is available on our website. If any such risks actually occur, they could materially adversely affect the Group's business, financial condition or results of operations. Forward-looking statements are provided for the purposes of assisting readers in understanding the Group's financial position and results of operations as at and for the periods ended on certain dates, and of presenting information about management's current expectations and plans relating to the future. Readers are cautioned that such forward-looking statements may not be appropriate other than for purposes outlined in this announcement. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions, that may be general or specific which could cause actual results to differ materially from those forecast, anticipated, estimated or intended in the forward-looking statements. Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. The forward-looking statements made in this announcement relate only to events or information as of the date on which the statements are made and, except as specifically required by applicable laws, listing rules and other regulations, the Group undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. No statement in this communication is intended to be, nor should it be construed as, a profit forecast or a profit estimate. This announcement also contains forward-looking information contained and derived from publicly available information regarding properties and mining operations owned by third parties. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. SOURCE: Anglo Pacific Group PLC View source version on accesswire.com: https://www.accesswire.com/635118/Anglo-Pacific-Group-PLC-Announces-Completion-of-US205m-Cobalt-Stream-Acquisition Dieser Artikel stammt von Rohstoff-Welt.de
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