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Anglo Pacific portfolio contribution falls in 2020 amid hit from lower coal prices
StockMarketWire.com
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Natural resources royalty and streaming company Anglo Pacific said portfolio contribution was down about 40% year-on-year in 2020 following a hit from lower coal prices.
The company recorded £35 million to £37 million in portfolio contribution in 2020, down 40% from £59.5 million seen in 2019.
In the fourth quarter, portfolio contribution rebounded strongly from Q3 2020 as commodity markets started to recover, particularly iron ore and copper which rallied during H2 2020 and coking coal prices which continued to recover in 2021, currently trading at around $156/t, an increase of 50% year to date, the company said.
The company recommended a final dividend of 3.75 pence, which when combined with the 5.25 pence already paid or declared, resulted in total unchanged dividends for 2020 of 9 pence.
At a time when the outlook for nickel looks favourable, we were pleased to invest a further US$2m in Brazilian Nickel alongside TechMet to accelerate the development of the Piaui project,' the company said.
'Should Brazilian nickel proceed with the full-scale expansion of the project, the Group retains its option to invest a further US$70m and increase the GRR it holds from 1.25% to 4.25%,' it added.
The company expected to release its full year results on 24 March 2021.
At 9:55am: (LON:APF) Anglo Pacific Group PLC share price was 0p at 106.6p
Story provided by StockMarketWire.com
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