Anglo Pacifc announce a recommended final dividend for 2020 of 3.75p, which will take the total dividend for 2020 to 9p per share.
Other financial highlights include:
Results reflect lower production levels from Kestrel compared to the record level produced in 2019. 2020 volumes were 11% lower at 5.8mt which are expected to be the level the operators are targeting in the near-term
Coal prices were significantly impacted by the closure of Indian ports for a period in mid-2020 as a measure to contain the outbreak of COVID-19
Royalty income reflects a US$1.3m charge at Maracás Menchen due to monies owed to Glencore upon the termination of its offtake agreement
£34.0m in royalty related revenue (2019: £55.7m)
Total portfolio contribution of £37.0m (2019: £59.5m)
Operating profit of £22.1m (2019: £44.8m)
Loss after tax, which includes valuation and impairment charges, of £18.6m (2019: profit after tax £29.0m) which reflects a £44.2m valuation charge against Kestrel and impairments of £3.4m
Basic loss per share of 10.31p (2019: earnings of 16.06p)
Adjusted earnings per share of 12.35p (2019: 20.41p)
Net debt at the year-end of £24.3m (2019: £28.8m) benefitting from the £15.2m of LIORC disposals made in December 2020, at a profit of £1.9m, in preparation for the financing of the Voisey's Bay stream acquisition
Kestrel represented 17% of the Group's royalty assets on the balance sheet (2019: 26%) expected to reduce further to 12% upon the acquisition of the Voisey's Bay cobalt stream in March 2021
