London England (FSCwire) - 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 January 2018 to 15 May 2018. Unless otherwise stated, all unaudited financial information is for the quarter ended 31 March 2018.

 

Highlights

 

• Total free cash flow generated in Q1 2018 of £13.3m, in line with the £13.4m generated in Q1 2017

 

• Cash at 31 March 2018 of £18.7m (31 December 2017: £8.1m), and full access to the US$40m undrawn revolving credit facility

 

• Well-publicised longwall changeouts and production shortfalls at both Kestrel and Narrabri led to a 6% reduction in income from the royalty portfolio compared to Q1 2017

 

• Volumes from Kestrel and Narrabri are expected to recover in the remaining three quarters, and neither Rio Tinto nor Whitehaven have altered their guidance for FY 2018

 

• Lower volumes partially offset by the continued strength of commodity prices, in particular the price of vanadium which has increased by 130% compared to Q1 2017

 

• Significant increase in revenue from Maracás Menchen in the period to £0.8m from £0.4m in Q1 2017 as a result of strong operational performance and significant increases in the vanadium price

 

• Total contribution from the royalty portfolio of £7.9m in Q1 2018 (Q1 2017: £8.2m + £1.8m related to H2 2016)

 

• Received US$2.5m (£1.7m) in April 2018 in final settlement of the Indo Mines debenture as part of its takeover by the Rajawali Group - the debenture was carried at £nil on the Group's balance sheet

 

• Rio Tinto announced the sale of Kestrel for US$2.25bn, significantly in excess of what commentators had expected the sale to achieve twelve months ago

 

Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/0359O_1-2018-5-14.pdf

This information is provided by RNS

The company news service from the London Stock Exchange

 

END

To view the associated document to this release, please click on the following link:
public://news_release_pdf/anglopacific05152018.pdf

To view the original release, please click here

Source: Anglo Pacific Group PLC (LSE:APF, TSX:APY, OTC Bulletin Board:AGPIF, FWB:HGR)

To follow Anglo Pacific Group PLC on your favorite social media platform or financial websites, please click on the icons below.

 

Maximum News Dissemination by FSCwire. https://www.fscwire.com

Copyright © 2018 FSCwire