(MENAFN- ProactiveInvestors - UK) Mining royalty specialist Anglo Pacific Group plc (LON:APFTSX:APY) expects income this year to be well ahead of 2015 as coking coal prices have started to recover.
Royalties in the first quarter to March dropped to 1.9mln (2.3mln) but, like 2015, income is expected to be heavily weighted towards the second half of the year said Julian Treger, chief executive. 'We continue to expect royalty income for 2016 as a whole to be significantly higher than the 8.7m earned in 2015, a year which marked the beginning of a turnaround for the group in terms of production returning to the group's royalty land at Kestrel and a full year of income for the Narrabri royalty.' Narrabri and Kestrel are coal mines in Australia. Anglo Pacific has also invested into the uranium business recently with this quarter seeing 0.2mln from the Four Mile royalty, its first income from that source. The stake in Spanish uranium explorer Berkeley Energia(LON:BKY) is currently worth US$10mln more than its 10.3mln book value said Treger. Cash equivalents were 3.7mln at end March and borrowings 9.3mln.
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