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No new thermal coal projects for Anglo Pacific, after investment review shifts focus to sustainable commodities

The company will focus on more sustainable commodities

Anglo Pacific Group PLC -

Anglo Pacific Group PLC (LON:APF)(TSE:APY) plans to focus on investing in commodities that support a more sustainable world, following an investment review.

This means that the company will not invest in any more thermal coal projects.

It has also established a Sustainability Committee to strengthen its ESG due diligence processes.

Over the last five years Anglo Pacific has invested approximately US$250 million in new royalties, which have seen the company focus increasingly on purer, higher quality products.

Examples include higher quality and more energy efficient iron ore and pellets, base metals linked to energy storage or power transition, specialist alloying materials like niobium, vanadium and aluminium and battery materials like lithium, cobalt and nickel.

The company's sole thermal coal asset, Narrabri, which was acquired at the beginning of 2015, represented only 7% of revenue in 2019, a significant reduction on the 37% contribution at the time of acquisition.

“We are pleased to announce this further refinement of our investment strategy which follows extensive discussion by management and the board,” said Anglo Pacific 0chief executive Julian Treger.

“We firmly believe that a sustainable and responsible mining industry can make a meaningful contribution to addressing the climate change challenge in order to help transition the world away from a dependency on carbon generated energy.”

Quick facts: Anglo Pacific Group PLC

Price: 132 GBX

LSE:APF
Market: LSE
Market Cap: £239.92 m
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