Q3 2018 Trading Update
31.10.2018 | ACCESS Newswire
LONDON, October 31, 2018 - Anglo Pacific Group PLC ("Anglo Pacific", the "Company" or the "Group") (LSE: APF, TSX: APY), the London and Toronto listed royalty company, issues the following trading update for the period 1 July to 30 October 2018. Unless otherwise stated, all unaudited financial information is for the quarter ended 30 September 2018.
Highlights
- Total contribution1 from the Group's royalty portfolio in Q3 2018 of £12.1m, a 27% increase (Q3 2017: £9.5m); bringing 2018 YTD total contributions to £32.9m (nine-month period to 30 September 2017: £28.9m)
- Revenue from Kestrel increased by 26% compared to Q3 2017, mainly due to higher coal prices during the period
- Contribution for Q3 2018 includes £0.9m from the Group's recent investment in Labrador Iron Ore Royalty Corp. ("LIORC"), which completed in August, following LIORC's declaration of a special dividend for Q2 2018 of C$0.30 per share (total dividend for Q2 2018 of C$0.55 per share)
- A record quarter of revenue from Maracás Menchen of £1.4m, a 148% increase on the £0.6m earned in Q3 2017, driven by strong increases in the price of vanadium
- At Narrabri, the previously announced longwall changeout was completed in September 2018, resulting in a lower royalty contribution during Q3 2018 - volumes are expected to recover in Q4 2018 and forecast production guidance for the year remains unchanged
- Commodity prices across the Group's portfolio remained resilient during the quarter and the outlook for 2019 continues to improve
- Dividends for Q2 2018 and Q3 2018 of 1.625p per share will be paid on 15 November 2018 and 14 February 2019, respectively
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http://www.rns-pdf.londonstockexchange.com/rns/7791F_1-2018-10-30.pdf
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SOURCE: Anglo Pacific Group PLC