Anglo Pacific Group PLC (“Anglo Pacific” or the “Company”) (LSE: APF, TSX: APY) is pleased to announce that at the Annual General Meeting of the Company held on 27 May 2020 (“AGM”) all resolutions were duly passed by a show of hands. Resolutions 15 to 18 were passed as special resolutions.
Following today’s AGM the Chief Executive Officer and Chief Financial Officer gave a short presentation followed by a Q&A session with the Board for shareholders – a replay of this webcast will be available on the Company’s website.
In accordance with Listing Rule 14.3.6, a copy of Resolutions 15, 16, 17 and 18 will shortly be submitted to the National Storage Mechanism and the full text of all the resolutions passed at the meeting can be found in the Notice of Annual General Meeting, both available for inspection at www.data.fca.org.uk/#/nsm/nationalstoragemechanism.
- Business as usual for Anglo Pacific with all staff members continuing to work remotely and investment opportunities being pursued
- Kestrel operations are continuing, and social distancing measures have not impacted productivity or the ability to export product
- IOC has temporarily adjusted production to meet increased demand for 65% Fe concentrate in response to a slowdown in demand for pellets
- After a two-week shutdown in early April, EVBC has resumed full production
- McClean Lake is currently on care and maintenance and is working to determine a restart date. The Group received a full Q1 2020 contribution and expects to received a reduced Q2 2020 contribution from McClean Lake, which accounted for approximately 6% of 2019 portfolio contribution
- Operations underlying our Maracás Menchen and Mantos Blancos royalties in Brazil and Chile continue as usual
- The impact on commodity prices underpinning the Group’s revenues has been mixed year to date, although most have started recovering since the levels seen in February/March
Portfolio News Update
Cañariaco Copper Project – One of the largest development stage copper projects in the world
- Update: on 22 May 2020, it was announced that Australian iron-ore major Fortescue Metals had increased its holding in TSX-listed Candente Copper from 9.72% to 19.9%. At its cost, Fortescue will allocate two engineers to work part-time on a joint technical committee with Candente to identify the optimum strategy for the development of the Cañariaco project anglopacificgroup.com/acquisition-of-a-royalty-on-the-canariaco-copper-project Anglo Pacific owns a 0.5% royalty over the project.
Incoa Calcium Carbonate Project – High purity calcium carbonate project
- Update: The Tranche 1 financing closed in May 2020, and Incoa is now proceeding with project construction anglopacificgroup.com/us20-million-financing-agreement-in-relation-to-a-calcium-carbonate-project
Maracás Menchen Vanadium Project – One of the highest-grade vanadium resources in the world
- Update: Largo Resources announced in May 2020 that its vanadium off-take agreement with Glencore expired on 30 April 2020. Largo also announced board approval to build a ferro vanadium plant, both developments should be positive for our royalty anglopacificgroup.com/acquisition-of-maracas-vanadium-royalty
For a full copy of this release please click here
Full details of the proxy voting can also be found here