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Name | Symbol | Market | Type |
---|---|---|---|
Rio Tinto Plc | NYSE:RIO | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.54 | -0.80% | 67.29 | 68.02 | 67.29 | 67.90 | 979,969 | 18:45:42 |
By Alex MacDonald
LONDON--Mining royalty investment firm Anglo Pacific Group PLC (APF.LN) warned its 2014 royalty income would be significantly lower than the previous year due to the price slump in the global commodities market and production setbacks at the Rio Tinto PLC (RIO) operated Kestrel coal mine in Queensland, Australia.
The London and Toronto-listed firm said in a trading update it expects its gross royalty income to be in the region of GBP3.2 million ($4.9 million) to GBP3.6 million for 2014. This compares with GBP14.7 million in royalty income the previous year. Anglo Pacific is scheduled to report its full-year results this quarter.
Anglo Pacific said it faced challenging commodity-market conditions during 2014 even as the number of its producing mine royalties increased to five from three over the year.
It said its royalty from the Kestrel mine was hit by lower-than-expected coal output stemming from unexpected maintenance carried out in the fourth quarter of last year and slower-than-expected ramp-up of production at the mine.
Anglo Pacific said it expects the proportion of Kestrel's coal output from Anglo Pacific's royalty lands to rise over the next three years. Chief Executive Julian Treger also said there were an "increasing number of prospective royalty acquisition opportunities in the Anglo Pacific pipeline."
The royalty firm also said it generated GBP8.7 million from disposals and has GBP8.8 million in cash as of the end of the year.
-Write to Alex MacDonald at alex.macdonald@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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