Anglo Pacific a mining investor is a company I have held for about three weeks now and I have only just got around to posting about its excelent forward potential.
What I was really looking for was a play on coking coal as China just cant get enough of the stuff to build up its industrial infrastructure, and the World spot prices have risen drammaticaly which will lead to increased end profits for coal mining companies and coal mining investment companies.

I looked at a few options and this one easily came out on top not only that but it has other mining interests in its portfolio as you will see.

From last results year ending 31st DEC 2003.

HIGHLIGHTS

• Proposed Final Dividend of 1.3p per share (2002:- 0.65p)

• Total Dividends for the year increase by 49% to 2.6p (2002:-1.75p)

• Australian Coal Royalty Independent Valuation increases by 54% to 44.3
million

• Cash and Strategic Investments increases by 64% to 11.2 million

• Earnings of 3.7p per share (2002:- 4.09p) due to reduced coal royalties
on account of mining more on Crown Land than Private Ground

• Much stronger Royalty Flows from Private Ground expected in 2004

• Encouraging outlook for Coking Coal prices and Production Rates due to
Chinese, Indian and Far East demand

• Increased holding in substantial Canadian Coal Deposits in British
Columbia which are currently included in the accounts at negligible value

• Canadian Coal Bed Methane opportunity in British Columbia

• 40 million of Unused Tax Losses

Chairmens Comments.

Our coal royalty interests are independently valued at 44.3 million as of
December 2003 which is 15.6 million more than the valuation at 31st December
2002.

During the year your Company has participated in financings for a number of
strategic mining opportunities. Our mining operational interests and quoted
stakes in gold, diamond and PGM projects were valued at 31st December 2003 at
9.6 million. This included an unrealised profit over book value of 3.5 million
in addition to the realised gains referred to earlier. The Company also had cash
of 1.6 million at 31st December 2003.

The Mining Investments.

COAL ENERGY INTERESTS

COAL ROYALTIES

In Australia, coal royalty receipts from the Kestrel and Crinum mines, operated
by Rio Tinto and BHP Billiton respectively, were 3,376,000 (2002: 5,802,000).
The Company has increased its holding in its Canadian coal deposits in British
Columbia to 65% of the Groundhog and Peace River projects. The outlook for the
potential joint venture development of these resources has further improved due
to the increasing demand for coal products from China, Japan and the Far East as
well as North American domestic demand. The Groundhog and Peace River projects
are reflected in the accounts at negligible value.

COAL BED METHANE

The Company owns a circa 15% interest in the Merritt coal and coal bed methane
project in British Columbia. With coal bed gas prices having risen sharply
during 2003 joint venture discussions continue with potential partners to
progress this project.

GOLD AND PLATINUM GROUP METALS

At 31st December 2003 the Company had investments at a market value of 9.6
million in gold, diamond and platinum projects based mostly in North America and
Australia.

The Company's strategy continues to be to acquire projects that expect to yield
dividend and royalty cashflow as well as substantial share appreciation in the
next few years. The two largest strategic mining stakes of the Company are in
Kirkland Lake Gold and Platinum Australia .

• Kirkland Lake Gold is now producing gold at its Macassa mine in Northern
Ontario . Its higher market rating has resulted in a substantial capital
gain for the Company on its holding. Kirkland Lake Gold is still
discovering gold at grades in excess of 16 grams per ton and sometimes at
much higher grades and hopes to further increase gold production in 2004.
Other strategic holdings include Aquiline Resources, Starfield Resources and
Muscox Minerals.

TALC

The Board continues to look for a joint venture funding partner for the
Company's Shetland talc interests. The company intends to jointly mine this
deposit with a view to establishing a royalty flow in due course.

OUTLOOK

The outlook for coking coal prices remains extremely encouraging and, with
production at the two mines in Australia expected to be at record levels and
mostly on the private ground, the Board expects much stronger coal royalties
this year. Furthermore current spot prices are well ahead of this year's fixed
contract prices which themselves are over 25% up on the previous year.

With the weakness of the US dollar and the current demand for metals and energy
fuels worldwide driven by Chinese, Indian and Far Eastern demand, the Board is
optimistic about the opportunities for its gold, diamond, base metal and PGM
interests, as well as for the substantial coal and coal gas projects that the
Company has in Canada.

Website www.anglopacificgroup.com

I think this company is a medium to long term investment and if you are interested please DYOR and you are responsible for your buying and selling timing actions.



cheers GF.

StockMarketWire.com
Anglo Pacific Group will be publishing its results for the 12 months ended 31 December on 25th March.

StockMarketWire.com
Anglo Pacific Group has completed the purchase of a private party's royalty interest in the Narrabri coal project.

Of the total consideration of US$65m, the cash component of US$60m has been paid (subject to a number of completion adjustments) and the balance of US$5m has been satisfied by the issue of 4,135,238 acquisition shares.

Chief executive Julian Treger said: "We are pleased to have completed the acquisition of the Narrabri royalty. The Acquisition will immediately enhance our portfolio of producing royalties and help to diversify our royalty cash flow through the addition of thermal coal exposure, which we believe is beginning to benefit from recent supply cuts in Australia and a recovery in spot pricing.

"The acquisition is also in line with Anglo Pacific's strategy to acquire royalties on mining assets that are competitively positioned on the cost curve, cash or near-term cash producing, located in established mining jurisdictions and operated by experienced mining companies with strong track records. We hope to continue to capitalise on current market conditions and find similar opportunities that can deliver long-term value to our shareholders."

Ex-divi 25th June (4p)

StockMarketWire.com
Anglo Pacific Group has issued an update on its Kestrel royalty following the first quarter operational update by Rio Tinto on Tuesday. Rio Tinto announced production from the Kestrel mine of 1.017 Mt of hard coking coal and 0.118 Mt of thermal coal for Q1 2015.

Production rates at Kestrel are improving following the long wall ramp up as total production at the mine during Q1 2015 was 147% higher than Q4 2014 and 30% higher than Q1 2014.

The Kestrel mine production rate is expected to reach full production within the next 9 to 15 months as the mine continues to ramp up. Rio Tinto's Q1 Kestrel production update indicates that production tonnes on Anglo Pacific's royalty lands continue to be in line with guidance for 2015. The company estimates that Rio Tinto will mine between 60% and 65% of total production within Anglo Pacific's royalty lands during 2016.

StockMarketWire.com
Anglo Pacific Group has received maiden royalty payments from both the Narrabri and Maracás royalties, shareholders at the annual general meeting were told today.

The receipt of the maiden royalty payments increases the number of producing royalties within the Anglo Pacific portfolio and provides further cash flow diversification.

Anglo Pacific said that all the resolutions proposed at the annual general meeting passed by a show of hands.

StockMarketWire.com
Anglo Pacific Group reports significant progress in delivering on its stated strategy in the first quarter.

Highlights include:
- Acquisition of the Narrabri royalty for US$65.0 million along with the associated, successful equity raise and obtaining a new US$30.0 million revolving credit facility

- Maiden royalty revenue earned for Narrabri and Maracás during Q1 2015

- Royalty income of £2.3 million in Q1 2015 (Q4 2014: £0.5 million, FY 2014: £3.5 million)

- £1.7 million in cash generated from disposal of non-core assets

- Appointment of Patrick Meier as independent non-executive director from 30 April

Chief executive Julian Treger said: "The first quarter of 2015 has been encouraging for Anglo Pacific with the first royalty income earned from our two recent acquisitions, Narrabri and Maracás. We are also pleased with the underlying production in Q1 2015 at Narrabri, which is ahead of our expectations. In addition, we are increasingly confident about the recovery of royalty income from Kestrel, supported by the level of information now received from Rio Tinto."

Mining stocks getting hammered at the moment, but one for the watchlist when the industry picks up.

StockMarketWire.com
Revenues from Anglo Pacific Group's Kestrel royalty continue to perform in line with its expectations.

The group said production rates at the Kestrel mine have improved following a panel change out during Q4 2014.

Kestrel production during Q2 2015 totalled 1.118 mt (Q2 2014: 0.72 mt) and during H1 2015 totalled 2.252 mt (H1 2014: 1.59 mt). Kestrel production within the Anglo Pacific royalty area during H1 2015 was 22%, and in line with the company's previous guidance of 20% to 25%. In accordance with Anglo Pacific's Kestrel information rights, Rio Tinto has provided updated tonnage sales forecasts which confirms that the second half of this year is in line with, or slightly above the Company's previous guidance of 70% to 75% of production within Anglo Pacific's royalty area. Full year 2016 guidance of 60% to 65% of Kestrel production within the company's royalty area remains unchanged.

Chief executive Julian Treger said: "The first two quarters of 2015 have been encouraging for Anglo Pacific with revenues from the company's Kestrel royalty continuing to perform in line with our expectations. Kestrel production within the company's royalty area remains on track to increase significantly in the second half of 2015, and will further underpin Anglo Pacific's dividend."

is divi safe with a 4 Bn four thousand million impairment , directors buy can they
do sums? s/p 81p 27.7.15 BB ends

Narrabri production guidance FY2016

Anglo Pacific Group PLC ("Anglo Pacific", or the "Company") (LSE: APF, TSX: APY), the London and Toronto listed royalty company, is pleased to provide an update on its Narrabri royalty following the release of Whitehaven Coal Limited's ("Whitehaven") (ASX: WHC) Full Year to 30 June 2015 Results.

Whitehaven has announced its guidance for Run of Mine ("ROM") coal production for the next fiscal year at the Narrabri North mine to be 6.6 Mt to 6.8 Mt.

Julian Treger, Chief Executive Officer of Anglo Pacific, commented:
"We are encouraged by Whitehaven's production guidance for FY2016 which is a testament to Whitehaven's management, who have delivered one of the most productive and lowest cost underground longwall coal mines in Australia. The expected coal production for next year is above the 6.5 Mt of ROM coal production that Anglo Pacific had assumed at the time of the royalty acquisition. This royalty continues to exceed our expectations."

StockMarketWire.com 28th Jan 2016

Anglo Pacific Group is pleased with the underlying performance of the royalties and expects further income growth from its royalties in 2016.

Highlights
- Royalty income for Q4 2015 in the range of GBP2.7-3.0m (Q4 2014: GBP0.4m)

- Royalty income for 2015 in the region of GBP8.5-8.8m (2014: GBP3.5m)

- H2 2015 and full year Kestrel coal production within Anglo Pacific's royalty area of 84% (above guidance of 70-75%) and 49% respectively

- Updated tonnage sales forecasts from Rio Tinto, in accordance with Anglo Pacific's Kestrel information rights, confirm previous guidance of 60-65% of Kestrel coal production will be within the Group's royalty area during 2016 (H1 2016: 30-35% and H2 2016: 85-90%)

- The Narrabri mine's production continues to outperform the Group's expectations, setting an annual production record of 8.3 Mt run-of-mine coal for the calendar year 2015, well in excess of the original design capacity of 6 Mtpa

- Laramide Resources C$5m loan receivable repaid to Anglo Pacific on December 31, 2015 upon maturity

- Unaudited cash and cash equivalents of £5.7m as at December 31, 2015 (September 30, 2015: £3.6m)

- Unaudited net debt at December 31, 2015 of £1.8m (September 30, 2015: £5.2m)

- Coking coal price weakness likely to result in a Q4 2015 pre-tax reduction in the carrying value of the Group's Kestrel royalty in the range of A$28 - A$33m, with a corresponding reduction in the associated deferred tax liability

- Operating costs, excluding share based payments, will be less than £4.0m, a significant reduction on the £4.9m equivalent in 2014

- Final dividend for 2015 to be reduced to 3p, from the previous level of 4p per half year, bringing the total dividend for the year ended December 31, 2015 to 7p per share

- The Company's revised dividend reflects lower income expectations due to an approximate decline in coking and thermal coal prices during 2015 of between 15% and 25%

- It is a continuing policy of the Company to pay a substantial proportion of its royalties to shareholders as dividends, with a long term target dividend of 65% of adjusted earnings

Chief executive Julian Treger, said: "We are very pleased with the underlying performance of the Group's royalties and expect further income growth from our royalties in 2016.

"Like everyone in the sector, we have been affected by the commodity environment and weakening coal prices have reduced our revenue. This decline, combined with a lower commodity price outlook, has led the Board to reconsider our dividend policy. Despite this, we remain committed to paying attractive dividends and maximising shareholder value.

"We continue to believe these challenging times for the mining sector will provide opportunities for Anglo Pacific to identify attractive new royalties that will enhance the lifespan and diversity of our portfolio."

StockMarketWire.com
Anglo Pacific Group will release its results for the year ended 31 December on 23 March 2016.

StockMarketWire.com
Anglo Pacific Group's royalty income rose by 149% to GBP8.7m in the year to the end of December, driven largely by strong production performance at Narrabri and an increase in mining within the group's royalty lands at Kestrel.

The group reports a 34.5% reduction in overheads (before share-based payments) to GBP3.2m (2014: £4.9m) and adjusted earnings, which excludes non-cash revaluations and impairment charges, increased by GBP6.2m to GBP4.0m (2014: loss GBP2.2m) resulting in adjusted earnings per share of 2.47p (2014: loss of 1.97p).

Losses after tax were £22.6m (2014: £47.6m), due largely to the Kestrel revaluation charge of £27.2m (2014: £11.8m), resulting in a loss per share of 14.06p (2014: 42.09p).

The group also reports a significant reduction in reported impairment charges to £5.3m (2014: £31.5m).

Recommended final dividend of 3p per share resulting in a total dividend for 2015 of 7p (2014: 8.45p).

Chief executive Julian Treger said: "Anglo Pacific made good progress in 2015, despite this being a very difficult year for the mining sector in general. We were pleased to see our royalty income more than doubling in the period along with a significant reduction in our operating costs.

"We look well placed to build on this with strong growth expected in 2016. Of particular note was the performance of our Narrabri royalty, which we acquired in March 2015. Production at the mine totalled 8.3Mt in 2015 which was considerably higher than the ROM estimates we had used to price the royalty at the time of acquisition. We expect there to be further production upside in the coming years driven by increased permitting capacity and extended longwall infrastructure. Despite a decline in commodity prices, we believe this royalty is worth more today than we paid for it just over twelve months ago.

"Despite the progress we have made in the year, Anglo Pacific has not been immune to the declines which have beset the mining sector over the past year. The indiscriminate selling which has affected commodity stocks has also impacted our share price, to an extent that we trade well below our net asset value per share and at a very high dividend yield. Ordinarily such a yield would suggest to the market a further dividend cut. However, following our announcement on January 28, 2016, in which we outlined a revision to our dividend policy, we have now made the cuts we believe are necessary to protect our balance sheet, subject to ongoing market conditions being relatively stable.

"We recognise the attractive opportunities present in the market at this time and are determined not to let these prospects pass without obtaining exposure to some high quality attractive royalties. We are now seeing investment opportunities with well positioned counterparties which have not been as freely available in recent years. We are confident that we can continue to acquire attractive royalties which will enhance the lifespan and diversity of our existing portfolio and which will enable us to continue our policy of paying a substantial portion of royalties to shareholders as dividends."

24 Mar 16 finnCap Buy 72.88 79.00 85.00 Reiterates

23 Mar 16 Peel Hunt Buy 72.88 83.00 83.00 Reiterates

21 Mar 16 finnCap Buy 72.88 79.00 79.00 Reiterates

StockMarketWire.com
Anglo Pacific (APF) noted the publication by Berkeley Energia of an independent definitive feasibility study (DFS) on its Salamanca Project.

The DFS reports that the project is capable of producing an average saleable production of 4.4 million pounds of uranium per annum over ten years of steady state production, or an average of 3.5 million pounds of uranium per year over a 14 year mine life.

This is significantly higher than the rate of production assumed when the company acquired the royalty in 2009 due to the considerable increase in resource discovered by Berkeley over the past twelve months.

First production, and hence first generation of royalty income for the company, is expected in 2018.

In December 2009, Anglo Pacific acquired a 1% NSR royalty applicable to production from Berkeley's Spanish and Portuguese assets for A$4.1 million which continues to be its carrying value.

Anglo Pacific also holds 30.3 million Berkeley ordinary shares.

Anglo Pacific CEO Julian Treger said: "We are encouraged by the timely release of this positive DFS.

"Based on Berkeley's long-term contracted uranium price assumptions, the project should generate average gross annual sales revenue of approximately $180m.

"Anglo Pacific has a 1% NSR royalty based on the revenues received by Berkeley.

"We look forward to Berkeley's progress in bringing this exciting project into production."

Peel Hunt today reaffirms its buy investment rating on Anglo Pacific Group PLC (LON:APF) and raised its price target to 108p (from 83p).

StockMarketWire.com
Anglo Pacific reports a strong first half with higher royalty income, a doubling in free cash flow and a 50% increase in adjusted earnings.

Total royalty income of £4.1m in H1 2016, a 6% increase from £3.8m in H1 2015 and the group said the weakening of sterling following the outcome of the EU referendum significantly benefited the balance sheet at 30 June and should impact positively on the income statement in H2.

Interim dividend maintained at the 2015 final dividend level of 3.00p (2015 interim dividend: 4.00p) as per the previously announced dividend policy.

The group reports free cash flow of £3.6m in H1 2016, more than double the £1.7m generated in H1 2015 and it posts an after-tax loss of £5.4m resulting in a basic loss per share of 3.18p (30 June 2015: £8.8m and 5.81p respectively) mainly arising from the £10.2m non-cash Kestrel revaluation deficit.

Other highlights:

- Adjusted profit after tax of £2.4m, up 50% on H1 2015, resulting in adjusted earnings per share of 1.43p (June 30, 2015: £1.6m and 1.04p respectively)

- Net debt of £5.0m at June 30, 2016 (December 31, 2015: £1.8m) and currently £7.5m following the dividend payment in August

- Significant increase in the value of the Group's equity stake in Berkeley Energia in the period, to £11.3m at June 30, 2016 (December 31, 2015: £7.2m), currently valued at £13.5m

- Increase in net assets at June 30, 2016 to £164.8m from £162.0m at December 31, 2015 resulting in net assets per share of 97p (December 31, 2015: 95p)

Chief executive Julian Treger said: "Anglo Pacific performed strongly in the first six months of 2016, reporting higher royalty income, a doubling in free cash flow and a 50% increase in adjusted earnings. We expect this to continue for the remainder of 2016 as, similar to 2015, the majority of our income should be generated in the second half of the year, due to increased mining in our private royalty lands at Kestrel.

"The immediate impact of Brexit was the weakening of the pound and this should be positive for the Group as our assets and income are in dollar denominated currencies. The price of both coking coal and thermal coal ended the second quarter strongly, mainly on the back of supply cuts in China. Both of these tailwinds combined should facilitate a stronger second half of the year for the Group.

"There have been a number of positive developments in our royalty portfolio during the period: increased permitting at Narrabri; record production levels at Maracas Menchen; first royalty revenue from Four Mile; and significant progress by Berkeley Energia Limited at Salamanca. We were also pleased to see Berkeley announce a further royalty during the year which would imply that our existing royalty over the project is now worth three times the balance sheet value.

"Our encouraging start to the year, coupled with the near-term improved outlook for commodity prices and a weaker pound, should now accelerate dividend cover. We continue to work hard to acquire accretive acquisitions but remain disciplined to only invest in those opportunities which will, over time, enable us to grow the dividend and create shareholder value."

StockMarketWire.com
Anglo Pacific Group's royalty related income rose to £4.7m in third quarter - 147% up on a year ago.

Royalty related income for the first nine months totalled £9.0m comapred with £5.7m for the nine months to the end of September 2015 and £8.7m for the full year of 2015.

The group had cash and cash equivalents of £4.0m as at 30 September (31 December 2015: £5.7m) and net debt of £8.2m (31 December 2015: £1.8m), both prior to receipt of Q3 2016 royalty income.

Outlook:
- Significant increases in both coking and thermal coal prices since the half year, with spot prices up 229% and 110% year to date respectively, which should benefit royalty income in Q4 2016

- Royalty income for 2016 expected to be considerably higher than previous expectations

- Net debt currently stands at £4.2m following receipt of the Q3 2016 royalty income

- Currency hedging measures implemented to protect a significant portion of forecast next six months' Australian dollar income at spot rates of approximately GBP:AUD 1.60, following the continued weakness of sterling post the outcome of the EU referendum

- Full dividend cover now expected for 2016 ahead of previous guidance, and acceleration in the timeframe when the Group can consider gradually increasing its dividend

Chief executive Julian Treger said: "We are delighted by the Group's progress this year, underlined by the significant increase in royalty income which is already ahead of 2015 as a whole. Encouragingly, we believe that more good news is still to come in Q4 2016, when increased coal prices and mining in our royalty areas should benefit the Company still further. "With the outlook for robust coal prices set to continue through H1 2017, we look forward to the corresponding benefit to our dividend cover. We remain very excited about the Group's prospects, as Anglo Pacific continues to be one of the only listed royalty companies that provides such high levels of exposure to coking coal price increases."

Peel Hunt today downgrades its investment rating on Anglo Pacific Group PLC (LON:APF) to add (from buy) and raised its price target to 128p (from 108p).

Peel Hunt today (20/12/16) reaffirms its add investment rating on Anglo Pacific Group PLC (LON:APF) and raised its price target to 141p (from 128p)

Anglo Pacific Group PLC (LSE: APF, TSX: APY), the London and Toronto listed royalty company, issues the following trading update for the period October 1, 2016 to December 31, 2016, ahead of the release of its full year results on March 30, 2017. Unless otherwise stated, all unaudited financial information is for the quarter ended December 31, 2016.

Highlights
§ ~240% increase in royalty income for the year to £20.5 - £21.5m (2015: £8.7m), mainly driven by the significant increase in saleable tonnes at Kestrel being derived from the Group's private royalty lands
§ Royalty income for Q4 2016 in the range of £11.6m - £12.6mm (Q3 2016: £4.8m, Q4 2015: £3.0m)
§ 88% and 67% of Kestrel's saleable tonnes in H2 2016 and FY 2016 respectively derived from the Group's private royalty lands
§ The Group continues to expect 85-90% of Kestrel's saleable tonnes will be derived from its private royalty lands in 2017
§ Narrabri performed in line with the Group's expectations in H2 2016 with further production growth expected in 2017 through the imminent expansion of the longwall infrastructure
§ Kestrel valuation expected to be A$195.0m - A$205.0mm at December 31, 2016 (June 30, 2016: A$147.8m)
§ Expected impairment charges of £5.0 - £8.0m relating to the Group's Amapá and Dugbe 1 royalties
§ Net debt at December 31, 2016 of £0.9m (September 30, 2016: £8.2m)
§ Dividend cover for 2016 expected to be approximately 1.5x

Julian Treger, Chief Executive Officer of the Company, commented:
"Anglo Pacific enjoyed a strong second half of 2016, principally due to the significant increase in saleable tonnes from Kestrel being derived from the Group's private royalty lands and another strong and consistent production quarter from Narrabri. The Group expects to report income of £11.6m - £12.6m in the fourth quarter alone, which is approximately 147% and 299% higher than both the immediately preceding quarter and the same quarter in the previous year respectively. Combined with the £8.9m earned to the end of Q3 2016, this should result in overall royalty income for 2016 of £20.5 - £21.5m. Such an outcome would represent the highest level of annual income reported by the Group since 2011.
Equally encouraging is our outlook for 2017, where we expect further growth in our income as 85-90% of Kestrel's saleable tonnes are expected to be derived from our private royalty area, a significant uplift from the 67% in 2016. Our royalty income is also expected to be strong in Q1 2017 following the settlement of coking coal contract prices at $285/t. The combination of increased saleable tonnes and higher prices, along with the potential for the pound to remain weak in the near term, should translate into further growth in royalty income for this year.

The Group ended the year with very little net debt and has the flexibility to draw down on its facility to finance future acquisitions. The additional income generated in H2 2016 has also directly benefited our dividend cover which is expected to be in excess of 1.5x for 2016 as a whole.

We are pleased with the improvement in our financial position, though the Board is mindful that the coking coal price is widely anticipated to level off during the course of the year. As such, we feel it is prudent to monitor the level of income received during 2017 and reassess the dividend should income grow as expected.

In addition to its reassessment of the dividend, the Board is also considering investing some surplus cash in growth royalties where these opportunities meet our strict investment criteria. Although cash producing royalties will remain at the forefront of our strategy, we now feel that we are in a position to deploy a modest amount of capital in development royalties which, by their nature, should result in higher returns over time. We have seen some opportunities in this area, which is still largely closed to more conventional sources of capital, and will cautiously select certain projects which are consistent with our strict investment criteria but have the ability to provide exceptional returns over the next decade.

Overall, we are very pleased with the progress we have made in 2016 and our outlook for the year ahead."

StockMarketWire.com 31/07/17
Anglo Pacific Group's royalty income rose to £15.9-16.3m - 290% up on a year ago.

It said the increase in royalty income was mostly attributable to ~88% of sales from Kestrel within the group's private royalty land compared to 38% in H1 2016, along with a ~10% increase in total sales volumes.

Other highlights:
- Free cash flow of £18.5-19.0m generated in H1 2017 (H1 2016: £4.7m) which includes the £3.1-3.4m received as part of the Denison financing arrangement (£1.7m of which related to H2 2016)

- Significant milestone achieved at Kestrel in Q2 2017 with a royalty paid on ~95% of sales which the group expected to remain around these levels for the foreseeable future

- Fair value decline of £10.5-11.5m in relation to Kestrel, largely as a result of resource depletion

- Net debt of £0.8m at June 30, 2017 (December 31, 2016: £1.0m) including repayment, within six months, of the C$12.75m drawn as part of the Denison finance arrangement

- Cash generated in July resulted in the group returning to a net cash position

- New dividend schedule with intention to pay quarterly instalments in even tranches, although the fourth quarter dividend may be adjusted to reflect the actual level of income earned during the year

Chief executive Julian Treger said: "We are encouraged by the level of royalty income received in the first half of the year, and expect this trend to continue into the second half now that we anticipate being paid a royalty on almost all sales by Rio Tinto at Kestrel.

"Royalty income for 2017 is already ~80% of that reported for 2016 as a whole.

"However on the flip side of such strong revenue from Kestrel is that it will impact on the valuation of the asset through resource depletion.

"The level of cash generated during the first six months is also pleasing, and is already ahead of that generated in 2016 as a whole. This will allow us to repay in full the amount of borrowings drawn as part of our Denison transaction.

"With spot coking coal prices running higher than we had anticipated so far in Q3 2017, we will review the absolute level of the final dividend as part of our Q4 2017 trading update and will communicate this to the market in February 2018.

"With the full availability of our US$30m revolving credit facility, a recent strengthening of the spot coking coal price, further weakening of the pound against our income currencies and a comfortably covered dividend expected in 2017, we are in a healthy financial position with good liquidity to pursue further royalty acquisitions and provide meaningful returns to our shareholders."