home

Interim Results for the three months ended March 31, 2012 - Anglo Pacific Group

Anglo Pacific Group PLC (‘Anglo Pacific’, the ‘Company’, the ‘Group’) (LSE: APF) (TSX: APY) is pleased to announce interim results for the three months ended March 31, 2012. Highlights: – Royalty income for the quarter of £1.5 million (£9.9 million for Q1 2011) – Royalty cash flow per share for the three months ended March 31, 2012 of 1.80p (9.21p for the comparable period in 2011) – Strong cash position at March 31, 2012 of £20.9 million (£32.2 million at December 31, 2011), with no borrowings or hedging – Completion of the Mount Ida iron ore royalty acquisition in May, following announcement of the proposed transaction in February – Total assets of £366.0 million at March 31, 2012 (£380.2 million at December 31, 2011) Peter Boycott, Chairman of Anglo Pacific, commented: “The Company continues to receive an increasing number of new enquiries for mining finance, which are being assessed as potential royalty opportunities. We have made further progress towards building and strengthening our royalty portfolio through the recently completed acquisition of the iron ore royalty at Mount Ida, in Australia. During the period, royalty flows from Kestrel in Australia were lower compared to the same period last year: this was due to bad weather and a protracted longwall changeover impacting the level of coal produced. As seen previously, with longwall changeovers, we are confident that the shortfall in output from the period will be made up at a later stage. We have seen the valuation of our assets remain broadly similar to that at the year end, despite recent declines in mining markets. The current difficult debt and equity markets have created increased royalty opportunities for the Group. With our strong balance sheet, we are well placed to target these opportunities and further develop our royalty portfolio. Anglo Pacific’s strategy remains focused on paying a progressive dividend and acquiring new royalty cash flows from commodities linked to Asian growth.”