Further to the announcement on 14 October 2021, Anglo Pacific Group PLC (“Anglo Pacific”, the “Company”, or the “Group”) (LSE: APF, TSX: APY) is pleased to announce the completion of the sale of its 1% gross revenue royalty over the Narrabri mine to the operator, Whitehaven Coal Limited (“Whitehaven”) for consideration of up to $36 million.
The consideration is structured as fixed payments totalling $21.6 million and contingent payments which could generate a further $14million. The fixed payments are to be received in instalments until 31 December 2026, of which ~$13 million will be received within the next 18 months.
The completion of the sale of the Narrabri royalty marks the Group’s exit from thermal coal as we continue to pursue our strategy of increasing our exposure to commodities that support a more sustainable world. We remain active, evaluating opportunities and are confident in our pipeline and ability to further diversify the business.
The Group will release its Q4 2021 trading update in January 2022, which will include further details on the Chief Executive Officer transition.
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