Anglo Pacific Group almost doubles royalty revenue in 2017
Source - SMW
Anglo Pacific Group said it almost doubled royalty income in 2017, helping it push into a net cash position.
Royalty income in the year through December jumped 90% to £37.0m-to-£37.5m.
At the end of December, the company had cash of £8.1m, compared to net debt of £1.0m at the same time in 2016.
The company declared a final dividend of 2.5p per share, bringing the total dividend for 2017 to 7p, up from 6p in 2016.
'The outlook for the year ahead, assuming consistent volumes, remains positive, with 90%+ of production at Kestrel expected to come from within our lands, and with commodity prices remaining resilient,' chief executive Julian Treger said.
'Prices for both coking and thermal coal are being buoyed by Chinese environmental restrictions on low quality coal.'
'It has long been our view that, over time, high quality lower polluting coal would start to become more desirable. It appears that this is now happening.'