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Anglo Pacific on look out for more deals as royalty income soars

Higher coal prices and more mining on Anglo’s royalty area saw Kestrel’s income rise 115% to £28.8mln.

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Vanadium is being considered less for steel and more for long life batteries

A huge increase in the contribution from its Kestrel coal royalty in Australia helped Anglo Pacific Holdings PLC (LON:APF) to record revenues.

Total royalty income in 2017 rose by 90% to £37.4mln, but it was Kestrel, which is being mined by Rio Tinto, that stood out.

WATCH: Anglo Pacific enjoys record 2017 with royalty income of £37.4 mln

Higher coal prices and more mining on Anglo’s royalty area saw Kestrel’s income rise 115% to £28.8mln.

Maracás Menchen, a vanadium royalty in Brazil, also chipped in strongly with its income jumping 150% to £2mln as prices soared and production increased.

Julian Treger, chief executive, said: "2017 was a record year for Anglo Pacific with royalty income of £37.4mln, and total income of £42.4mln when the cash flows from our Denison transaction are included.

Adjusted earnings rose by 82% to £30mln and shareholders get a 7p dividend for the year, a 17% increase.

Treger added that the group intends to maintain the momentum by acquiring new royalties as Anglo has access to over US$50m of liquidity from its balance sheet and a favourable commodity pricing outlook.

“Our pipeline is in very good shape and we move forward into 2018 with optimism." 

Shares were unchanged at 152.5p.

Quick facts: Anglo Pacific Group PLC

Price: 137.4 GBX

Market: LSE
Market Cap: £243.38 m

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