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Anglo Pacific reports income growth in first half as Maracás mine posts record income

Published: 07:59 23 Aug 2018 BST

mining truck
The Maracás Menchen mine in Brazil reported a 170.7% increase in royalty income for the firm

Anglo Pacific Group PLC (LON:APF) has reported increased earnings in the first half of its financial year, boosted by a record showing from its Maracás Menchen mine in Brazil.

The mining group reported adjusted earnings for the period of £15.4mln, up 19.2% from the same period last year, while revenues climbed 12% to £19mln.

WATCH: Anglo Pacific anticipating ‘significant volume growth’ ahead for portfolio

The firm also reported a 20.1% increase in its total portfolio income to £20.8mln, with a record royalty income of £2.1mln from the Menchen mine.

Anglo also saw income growth from the Kestrel and Denison projects, which rose 12.9% to £14.2mln and 12.5% to £1.07mln respectively. The only decline is earnings was from the Narrabi project, where incomes fell 22.6% to £1.4mln.

In its outlook, the company said documentation for a new larger borrowing facility was “well advanced” and that it would soon have more financial flexibility to “fund further growth”.

Anglo added that it looked forward to the second half with “cautious confidence” given the outlook for commodity prices, “particularly for premium products”, but that there was also the potential for a significant increase in production at Kestrel in the coming years.

Julian Treger, chief executive of Anglo Pacific, said the US$51mln the group had invested in two acquisitions in the period would ”complement and diversify [the] existing portfolio”, adding that volumes at Kestrel “could double in the coming years” following a change in ownership of the project.

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