Anglo Pacific pivots towards battery metals as world turns green
- Anglo Pacific says CEO Julian Treger to step down; sees positive second half
- Anglo Pacific transforms itself at a stroke into a major battery metals player, with a particular emphasis on cobalt
- Anglo Pacific Group announce CEO is stepping down as the firm gears up for 'strong' second half
Quick facts: Anglo Pacific Group PLC
Price: 129.4 GBX
Market Cap: £276.63 m
About the company
Anglo Pacific Group PLC is a global natural resources royalty and streaming company.
The company's strategy is to become a leading natural resources company through investing in high quality projects in preferred jurisdictions with trusted counterparties, underpinned by strong ESG principles.
It is a continuing policy of the company to pay a substantial portion of these royalties and streams to shareholders as dividends.
How it is doing
Anglo Pacific Group PLC (LSE:APF, TSX:APY, OTC:AGPIF, FRA:HGR), a natural resources royalty and streaming company, said Julian Treger wishes to step down as chief executive in due course and that it has started a search for his replacement.
Treger, who was instrumental in moving the group’s focus away from coal and towards 21st century commodities during his eight years in the role, will remain as CEO until 31 March 2022 to ensure a smooth transition, the company said.
"2021 has been truly transformational for Anglo Pacific, as we completed our largest ever acquisition in March of the Voisey's Bay cobalt stream,” Treger said.
“The company has been transformed from predominantly a single producing royalty holder in 2013, which is when I took over, to a business with a stable revenue profile and exposure to commodities which should be key towards the transition away from fossil fuels and into cleaner energy and technology.”
The company, in a statement, highlighted that Shine is a highly experienced mining director and was previously chief executive of De Beers Trading Company.
Anglo Pacific Group PLC (LSE:APF, TSX:APY, OTC:AGPIF, FRA:HGR) is optimistic about the remainder of 2021 after the natural resources royalty and streaming company saw its portfolio contribution fall in the first half.
The portfolio contribution dipped to £16.2mln, from £19.1mln in the first half of 2020, as lower coking coal prices and volumes at both Kestrel and Narrabri, mainly in the first quarter, outweighed maiden contributions from the group's Voisey's Bay cobalt stream of £1.7mln.
Insight: Anglo Pacific transforms itself at a stroke into a major battery metals...
What management says
Anglo Pacific Group PLC (LSE:APF, TSX:APY, OTC:AGPIF, FRA:HGR)'s (LON:APF, TSE:APY) Chief Financial Officer Kevin Flynn joins Proactive London's Katie Pilbeam after announcing Julian Treger is stepping down as chief executive in due course and that it has started a search for his replacement.
Flynn takes viewers through the details of their interim results, which were reported in US dollars for the first time as the majority of Anglo Pacific's revenue is in that currency.
Portfolio contributions were US$23.0mln, down from US$24.1mln in the first half of 2020, as lower coking coal prices and volumes at both Kestrel and Narrabri, primarily in the first quarter, outweighed the maiden contribution from the Voisey's Bay stream.
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