Anglo Pacific Group PLC Disposal of Panorama Coal Project (1819Q)
August 28 2014 - 1:04AM
UK Regulatory
TIDMAPF
RNS Number : 1819Q
Anglo Pacific Group PLC
28 August 2014
August 28, 2014
Anglo Pacific Group PLC
Disposal of Panorama Coal Project
Anglo Pacific Group PLC ("Anglo Pacific", the "Company") (LSE:
APF, TSX: APY) is pleased to announce that it has entered into a
definitive agreement with Atrum Coal NL ("Atrum Coal") (ASX: ATU)
to sell its interest in the Panorama Coal Project. The total
consideration comprises US$500,000 cash payable to Anglo Pacific on
completion, together with 1,000,000 Atrum shares and a deferred
consideration of US$2.0m in the form of a 12-month promissory note
with an interest coupon of 8%. In addition, the Company will retain
a royalty on coal sales from the assets being sold equivalent to
the higher of 1% of gross revenue on a "mine gate" basis or
US$1/tonne. Completion is anticipated to occur by September 2,
2014.
The Panorama Coal Project lies approximately 15km west of Atrum
Coal's Groundhog Anthracite Project in British Columbia, Canada and
is believed to have anthracite-bearing potential.
Anglo Pacific continues to monetise non-core equity investments
in order to realise cash for investment into royalty deals. A
further update is provided in the H1 2014 interim results
announcement on August 28, 2014.
Commenting on the transaction, Julian Treger, Chief Executive
Officer of Anglo Pacific, said:
"This transaction is consistent with Anglo Pacific's strategy of
monetising equity investments and growing our portfolio of
royalties. We look forward to working with the Atrum Coal
management team on the development of these coal properties in
Canada."
For further information:
Anglo Pacific Group PLC +44 (0) 20 3435 7400
Julian Treger - Chief Executive Officer
Mark Potter - Chief Investment Officer
Peter Mason - Company Secretary
Website: www.anglopacificgroup.com
Bell Pottinger +44 (0) 20 3772 2500
Nick Lambert / Lorna Cobbett
Notes to Editors
About Anglo Pacific
Anglo Pacific is a global mining royalty company. The Company's
strategy is to create the premier base metals and bulk materials
listed royalty company, focusing on accelerating income growth
through acquiring royalties on projects that are currently cash
flow generating or are expected to be within the next 24 months. It
is a continuing policy of the Company to pay a substantial portion
of these royalties to shareholders as dividends.
About Atrum Coal
Atrum Coal is developing its flagship Groundhog Anthracite
Project in British Columbia, Canada. Atrum Coal recently completed
a Pre-Feasibility Study on the project and is progressing detailed
engineering for an initial 3Mtpa mine for export of anthracite to
Japan, Korea and China.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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