Interim Results for the three and six months ended June 30, 2012 - Anglo Pacific Group

Interim Results for the three and six months ended June 30, 2012Anglo Pacific Group PLC (‘Anglo Pacific’, the ‘Company’, the ‘Group’) (LSE: APF) (TSX: APY) is pleased to announce interim results for the three and six months ended June 30, 2012.  The Group has published both the unaudited financial statements and the Management’s Discussion and Analysis, and these, together with this release, are available on both the Group’s website at www.anglopacificgroup.com and on SEDAR at www.SEDAR.com. Highlights:• Royalty income for the period of £6.9 million (H1 2011: £16.3 million (restated))• Production at Kestrel returned to expected levels in the second quarter• Interim dividend increased by 4.7% to 4.45p per share (H1 2011: 4.25p)• Cash and receivables at June 30, 2012 of £20.4 million (£44.5 million at December 31, 2011 (restated)• Strong balance sheet with no borrowings or hedging• El Valle, the gold-copper mine in Spain, building up to full production• Progress continues at a number of the Group’s development royalties• Total assets of £342 million at June 30, 2012 (£371 million at December 31, 2011 (restated))• Completion of Mount Ida magnetite royalty in May 2012• Announcement of Churchrock uranium royalty option in August 2012• The Group owns a total of 21 royalty interestsPeter Boycott, Chairman of Anglo Pacific, commented:“With the uncertain outlook for parts of the world economy, favourable conditions exist for acquiring additional royalties.  The Group’s total asset position continues to remain strong with no hedging or borrowings and a good degree of liquidity.A number of adverse factors impacted royalty income from Kestrel in the first six months of 2012, including a longwall changeover and adverse weather.  The level of production output on the Group’s private royalty ground at Kestrel recovered in the second quarter and should continue in the second half.  We are also encouraged by the progress made at a number of the Group’s development royalties, which should bring forward future anticipated cash flows.We are pleased to announce an increased interim dividend, which is in line with the Group’s progressive dividend policy.”Interim Results Webcast:There will be an audio webcast for analysts on August 14, 2012 at 9:30am (BST).  The webcast will be accessible via www.anglopacificgroup.com, following which there will be a replay facility available.
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