(Kitco News) - Anglo Pacific Group (TSX: APY), a global natural resources royalty and streaming company, today announced record portfolio contribution of $49.2m in Q2 2022 (Q2 2021: $13.6m).
According to the company's statement, this result is a fourth consecutive quarterly record – 13% higher than the previous record of $43.6m in Q1 2022.
The company said that its Q2 2022 results have benefitted from consistent volumes and very strong commodity prices during the first half of the year.
However, Anglo Pacific noted that Q2 2022 expected to be the strongest quarter of the year, with commodity prices trading off thus far in H2 2022 and the gradual step down in Kestrel volumes likely to commence at the end of the year.
CEO Bishop Lafleche stated, "The portfolio continued to generate record levels of income during Q2, and along with the contribution from Q1 provided ~$93m of revenue, which in large part has been recycled into the acquisition of a high-quality royalty portfolio from South32. These record levels of income are not expected to be sustained in the second half of the year as commodity prices have pulled back, although the increase in the Queensland royalty rates will offset some of the impact of lower coking coal prices at Kestrel."
"The recent volatility in commodity prices across the board may also present opportunities for us to pursue further value-enhancing acquisitions and with over $160m of firepower we remain well capitalized to transact," he added.
Anglo Pacific Group is a global natural resources royalty and streaming company. The company indicated that its strategy is to become a leading natural resources company through investing in high quality projects in preferred jurisdictions with trusted counterparties, underpinned by strong ESG principles.
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| Anglo American says cost inflation, lower production and metal prices impacted its financial results in H1 2022 |
