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Africa|Coal|Copper|Environment|Gold|Iron Ore|PROJECT|Resources|Maintenance|Operations
Africa|Coal|Copper|Environment|Gold|Iron Ore|PROJECT|Resources|Maintenance|Operations
africa|coal|copper|environment|gold|iron-ore|project|resources|maintenance|operations

Anglo Pacific expects stronger second-half performance

24th July 2020

By: Donna Slater

Features Deputy Editor and Chief Photographer

     

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LSE- and TSX-listed natural resources royalty and streaming company Anglo Pacific Group expects the second half of the year to be stronger than the first half, as demand gradually recovers, driving improved commodity pricing.

CEO Julian Treger says that, although the group has experienced limited Covid-19 operational disruptions at its main producing assets, it has been impacted through a softer pricing environment in the second quarter of this year, particularly in relation to metallurgical and thermal coal caused by a combination of Indian import restrictions and weaker economic activity in China during the first quarter.

“Both events have resulted in a supply surplus which has impacted on prices.”

Anglo Pacific holds royalties over the Kestrel and Narrabi coal operations in Australia.

Anglo Pacific's portfolio contributions fell from £25.5-million in the second half of 2019, to between £18.5-million and £19-million in the six months ended June 30, mainly as a result of the recent softening of coal prices as a result of Covid-19.

Meanwhile, the company reports in a trading update, that two instances of Covid-19-related disruptions had resulted in the El Valle-Boinàs/Carlés gold, copper and silver mine, in Spain, being placed on care and maintenance for a two-week period, with production having resumed in April. 

Further, the Cigar Lake uranium mine, in Canada, remains on care and maintenance.

Despite iron-ore prices having held up well as a result of the supply issues persisting in Brazil, income from Labrador Iron Ore Royalty Corp, in Canada, had been lower as a result of planned capital expenditure at the underlying operation.

In Africa, Anglo Pacific has a royalty on Aim-listed Hummingbird Resources' Dugbe 1 gold project, in Liberia.

 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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