Anglo Pacific pays $65m for Narrabri coal royalty
PERTH (miningweekly.com) – UK-based royalty group Anglo Pacific has invested about $65-million to obtain a 1% gross royalty on all revenue from coal produced at the Narrabri mine, in New South Wales, which ASX-listed Whitehaven Coal owns.
Anglo Pacific acquired the royalty interest from a private party.
The Narrabri investment would allow the royalty group to further diversify its producing royalty portfolio, and was consistent with the company’s strategy.
“The Narrabri royalty will immediately enhance our portfolio of producing royalties and diversify our royalty income. The acquisition is also consistent with Anglo Pacific’s strategy to acquire royalties on mining assets that are competitively positioned on the cost curve, cash or near-term cash producing and located in established mining jurisdictions; and, in Whitehaven, the royalty has an operator with an established track record of operational expertise,” said Anglo Pacific CEO Julian Treger.
He noted that the acquisition demonstrated the opportunities that the current market conditions provided, and added that Anglo Pacific would continue to look to enhance its royalty portfolio and further diversify its royalty income stream for the benefit of shareholders.
During the half-year ended December, the Narrabri mine produced 2.85-million tonnes of run-of-mine coal and three-million tonnes of saleable production.
The acquisition entitled Anglo Pacific to a royalty income from January 1.
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