JOHANNESBURG (miningweekly.com) – Half-year sales from dual-listed royalty company Anglo Pacific Group’s private royalty lands are expected to be in the range of 35% to 40% of production, the group announced earlier this week, after receiving notification from British-Australian multinational Rio Tinto of the invoiced payable tons for the second quarter.
This represents a significant increase on the previously guided range of 20% to 25%, noted Anglo Pacific on Wednesday, adding that, while the group's guidance for 2016 remains unchanged at 60% to 65%, the latest information suggested that this could be at the upper end of this range.
The latest information also includes the forecast for the second quarter of 2017 for the first time, which is in line with the group’s expectations.
“We continue to guide that over 90% of production will be within the group's private royalty lands by the end of 2017. This, along with both the recent weakening of the pound against the Australian dollar and an increase in the coking coal benchmark contract price so far in 2016, should have a positive impact on the group's reported royalty income,” said Anglo Pacific.