Q3 2018 Trading Update
LONDON, UK / ACCESSWIRE / 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.
HighlightsTotal 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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SOURCE: Anglo Pacific Group PLC