Anglo Pacific Group

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Anglo Pacific Group plc
TypePublic limited company
Trades asLSE:APF
APF stock chart

Anglo Pacific Group PLC is a highly profitable FTSE 250 company in the mining sector. The company holds an extensive portfolio of royalties attached to various mining operations around the world. The strategy of the Group is to consistently enhance and expand this portfolio, either by purchasing existing royalties and mineral rights, or by providing royalty financing to early-stage mining projects [1]. Anglo Pacific are currently targeting 3-4 new royalty acquisitions per year[2] and are invested in several development projects of considerable scale such as Isua, the "Ring of Fire" and Mount Ida. The company management combines extensive experience in mining and corporate finance, and takes an active approach to their investments.


Company Overview

Anglo Pacific Group currently holds 19 mining royalties of which 4 are producing and 15 are at the development or exploration stage [3]. A variety of commodities are represented in the portfolio including Coal, Iron Ore, Gold and Uranium, and the mining operations are located in countries with good legal jurisdictions such as Canada and Australia. In FY 2011 the royalties generated income totalling £35.1m [4]. Financial performance was further enhanced with £20.3m of realised profit on Group investment activity to produce an an after-tax profit of £36.7m in 2010 [5].

Anglo Pacific is developing its royalty portfolio through 3 primary routes:
  1. Direct purchase of existing royalties.
  2. Royalty financing and strategic investment in junior mining companies.
  3. Purchasing licensed mineral claims which they vend to developers in exchange for a royalty.
Anglo Pacific's royalty acquisitions are chosen to give broad commodity exposure to long term growth markets such as Asia:
  • Steel raw materials (hard coking coal, iron ore, chromite, nickel)
  • Energy (uranium, thermal coal)
  • Precious metals (gold, PGM)
  • Base metals (copper)

Anglo Pacific maintain a debt-free balance sheet [8] and make their purchases of royalties and their equity investments from their cash at hand and from royalty revenues. The group had Cash at Bank of £32.2m at December 31, 2011 with no borrowing or hedging [9]. Because the company is not involved in the actual operation of the mines they are largely protected from cost inflation. This is reflected in very low operating expenses which currently represents less than 10% of total royalty revenue[10].

The management of Anglo Pacific takes an active approach to investment, using their extensive experience in the areas of mining and corporate finance to identify new opportunities. The Group frequently plays an important role in the development of new mining operations and are currently invested in several projects of considerable scale such as Isua, the "Ring of Fire" and Araguaia. As a result of their financing activity, the group have also built up a substantial portfolio of strategic investments in junior mining companies. These investments were recently valued at £64.6m [11]. The group frequently benefit from significant realised profits when they dispose of their investments. In 2010 these profits amounted to £20.3m [12].

In 2010 Anglo Pacific reported Earnings Per Share of 33.87p and paid out a total dividend of 9.75p[13]. The Group maintains a "progressive dividend policy" and are currently targeting growth in dividend of ~7% per annum. [14]

Royalty Portfolio

Anglo Pacific selects royalties that will give broad commodity exposure to growth industries such as steel manufacture, energy, and precious metals. The Group select mineing operations located in good legal jurisdictions, and they have a focus on North and South America, Australia and Europe. In general, Anglo Pacific seek to acquire royalties in projects operated by "world class" companies such as Rio Tinto, BHP Billiton and Anglo American. In addition, the Group selects projects that will provide long term and reliable income. The royalty portfolio is currently valued at £321m [15].

The following list of producing royalties is accurate as at February 2012.

Producing Royalties

Coal. Queensland, Australia. Operator Rio Tinto [16]. Royalty rate: Anglo Pacific have an effective half share of the royalty on this mine which is a two tier rate of 7% of the value of coal sold below A$100 per tonne and 10% of the value of coal sold above AS$100. At present the net royalty income is taxed in Australia at a rate of 30% [17]. The Kestrel and Crinum (below) royalties were purchased for £0.195m[18].
This is Anglo Pacific's key royalty and during FY 2011 it contributed £26.5m in royalty income for the Group [19]. In 2010 Kestrel mine recorded total production of 3.8mt Hard Coking Coal and 0.7mt of Thermal Coal . The mine is currently undergoing a US$1bn expansion which is expected to lift annual production to 5.7mt by 2013 [20]. The remaining life of this royalty is 12+ years.
Coal. Queensland, Australia. Operator BHP Billiton [21]. Royalty rate: the same as for the Kestrel mine.
This royalty contributed £6.0m in revenue in FY 2011. However, there is uncertainty over the workability of the remaining areas over which the Group's royalty applies. As a consequence, the Group have no expectations regarding future royalty revenue from Crinum.
Iron Ore. Amapá, Brazil. Operator: Anglo American PLC. 1.0% Gross Revenue Royalty ( GRR) acquired in 2010 for A$31.25m [22].
The Amapá operations started commercial production on January 1, 2010. During FY 2011 the royalty produced £2.7m of income for the Group. In 2011 the Amapá mine produced 4.8Mt of Iron Ore Concentrate, a 20% increase over the previous year.[23]. Production could increase to 6.5Mt per annum with further capital investment. The life of this mine is currently given as 15 years.
Gold - Copper. Northern Spain. Operator: Orvana Minerals Corp. Convertible debenture (2.5% Net Smelter Royalty) acquired from Kinbauri Gold Corp in 2008 for C$7.5m [24]. Royalty rate increases to 3.0% for gold prices in excess of US$1,100 per ounce.
Production commenced July 2011 and the Group received maiden receipts of £0.3m which were applied against the debenture instrument [25]. Production targets: 105Koz Gold, 4Kt Copper, 160Koz Silver [26]. The life of the mine is given as 7 years initially but with potential exploration upside.

Development Royalties

The 14 development projects over which the Group hold royalties and options are at a variety of stages, from exploratory drilling right through to mine pre-production. Within the list of projects there is also a variety of different commodities represented, including Chromite, Iron Ore, Uranium, Gold, Platinum and Nickel. The portfolio includes several projects of a substantial scale, and more details about some of these operations are given below. Additional information on all the projects will be added to the Appendix.

Iron Ore. Greenland. Operator: London Mining PLC. 1% GRR acquired in 2011 for US$30m [27].
The operator has commenced work on a Bankable Feasibility Study (BFS) based on a 15Mtpa open pit and processing operation. Production targeted for 2015 with a 15-year initial mine life [28].
Chromite. Canada. Operator: Cliffs Natural Resources. 1% NSR acquired in 2011 for US$18m [29].
The project includes "Black Thor" - the largest known deposit of chromite ore in North America. Initial planning anticipates production commencing in 2015 producing up to 2.3Mtpa of chromite concentrate with a mine life of 60 years [30]. The operator is currently undertaking an environmental assessment as part of its project development plans and anticipates the production of ore for both direct sale and integrated ferrochrome production.
Iron Ore. Pilbara, Australia. Operator: BHP Billiton. 1.5% GRR acquired in 2010 for A$23m [31].
The Groups' royalty applies to three tenements totalling 263km2 owned by BHP Billiton. The area was explored by United Minerals Corporation NL (UMC) who declared the following JORC compliant mineral resource: Indicated – 100.7 mt @ 60.3% Fe, Inferred 57.4mt @ 54% Fe. Subsequent to this announcement UMC was acquired by BHP Billiton for A$204m. The tenements are adjacent to BHP's current iron ore operations which are targeted to expand over the next few years.
Iron Sands. Indonesia. Operator: Indo Mines Limited. Convertible debenture (2% reducing NSR) acquired in 2009 for A$5m. Royalty rate reduces to 1% after repayment of the principle, if liquid iron prices < US$700 per tonne.
Feasibility study successfully compl proposing the development of a 2Mtpa iron concentrate operation with production at this rate targeted from mid-2012 [32].
Uranium. Australia. Operator: JV - Quasar Resources Pty Ltd - Alliance Resources Limited. 1% NSR acquired in 2009 for A$6m [33].
The Four Mile deposit was discovered in 2005 and was the largest uranium discovery in Australia for 25 years. The mineral resource estimate is 71Mlb contained U3O8 at a rich grade of 0.33%. The JV partners are targetting production of 3.0Mlb per annum and are envisaging a 15+ year life of mine [34]. Mine Approval was granted by the Australian government in July 2009. The JV partners have been in dispute over differing development plans and various litigation procedures are underway. On the 10th February 2012 Alliance announced that the litigation concerning the Native Title Mining Agreement has been discontinued after the terms of a settlement between the parties were satisfied [35]. Other matters of dispute between the partners are currently still outstanding.
Nickel Laterite. Brazil. Operator: Horizonte Minerals PLC. 1.5% NSR Option. Acquired option in 2011 for US$0.5m, (option lasts for 6 years - US$12.5million will be payable upon exercise) [36].
This is an advanced exploration-stage project. On the 10th January 2012 Horizonte announced an updated Mineral Resource (NI 43-101 compliant) for Araguaia which included an indicated resource of 39.3 million tonnes grading 1.39% nickel (Ni) and an inferred resource of 60.9 million tonnes grading 1.22% Ni [37]. Horizonte are working on the Preliminary Economic Assessment (PEA) for the project which they expect to be ready in mid H1 2012.
Iron Ore (Magnetite). Australia. Operator: Jupiter Mines Limited. 0.75% GRR. Acquisition announced in 2012 - royalty to be acquired from Red Rock Resources in three instalments totalling US$14m [38].
The Mount Ida magnetite project is located in Western Australia and is being developed by Jupiter Mines Limited [39]. The project has a maiden JORC compliant inferred resource of 530 million tonnes at 31.94% Fe, as announced by Jupiter Mines Limited on 19th January 2011. A scoping study was completed in March 2011 outlining an operation that would produce 10 million tonnes per annum of magnetite concentrate grading +68% Fe, transported along the existing railway from Menzies to Port Esperance on Western Australia's south coast. A feasibility study is underway for completion by the end of 2012.

Strategic Mining Interests

When the Group engage in royalty financing they will often couple this with a strategic equity investment in the developer. Over time this has produced a significant portfolio of investments in junior mining companies. The rationale for these investments is that they allow the Group to gain a detailed understanding of project risks and form a working relationship with management. The investments are never passive but rather the Group aims to actively support management with necessary resources through the development process.

Where royalty financing ceases to be an option the Group looks to dispose of the investment in a manner that is profitable to the Group and minimises disruption to the investee company. This frequently results in a large realised profit for the Group. In 2010 these gains amounted to £41m.[40]

The Groups' investments currently includes explorers and developers operating in Gold, Iron Ore, Copper, Nickel, Uranium, Platinum and Coal and includes quoted and unquoted companies.

The following list of investments in quoted companies is far from comprehensive but might give a sense of the sort of investments the Group makes and their scale. Thanks are due to Piedro for his help with researching the Group's investments.

Please note that Group investments vary frequently and it is not easy to discover the latest position. Whilst some effort has been made to find up to date information, the details given below should not be relied on to inform investment decisions and accurate information should be sought.

Selected Investments
Quoted Companies Number of Shares % of Issued Capital
Royalco Resources Ltd [41] 18,006,538 34.16%
Empire Mining Corp [42] 9,243,000 18.00%
Magma Metals Ltd [43] 46,932,673 17.55%
Berkeley Resources Ltd [44] 27,066,733 15.53%
Firestone Ventures Inc [45] 18,111,789 14.04%
Diagnos Inc [46] 7,126,000 13.75%
Yorbeau Resources Inc [47] 21,711,857 13.53%
Horizonte Minerals PLC [48] 31,775,000 11.35%
Indo Mines Ltd[49] 28,872,314 10.00%
Maudore Minerals ltd [50] 2,355,800 9.50%
Mundo Minerals Ltd [51] 31,561,398 9.04%
Atna Resources Ltd [52] 8,296,000 8.20%
African Eagle Resources PLC [53] 30,050,000 7.34%
Unquoted Companies % Ownership
Orecorp Ltd [54] ~10%

More detailed information about Anglo Pacifics' investments will be added to the Appendix.

Licensed Mineral Claims

Anglo Pacific have 100% ownership of a number of mineral rights. The Group's strategy is to vend these claims to a third party developer in exchange for a royalty. The main projects in this category are the Group controlled assets in Canada.

Canadian Coal Interests[55]

Anglo Pacific has full ownership of the mineral rights to two substantial coal resources in British Columbia, Canada. The Group's strategy is to progress the development of these assets through the scoping study stage and then seek joint venture partners. The eventual aim of the Group is to secure a royalty on future production and a carried interest.

The Trefi Coal Prospect is located in the Peace River Coalfield in northwest British Columbia. A scoping study has been completed for the Trefi project and the Group has initiated the permitting process for additional drilling.
In 2009/10 the group commissioned a drilling programme and a technical report was compiled regarding the mineral resources of the Trefi Coal Prospect. The report is dated March 18, 2010 and is compliant with NI 43-101 and JORC. A copy of it can be found here.
The report declared the following resources:
NI 43-101 & JORC Resource
Weak Coking Coal
Million Tonnes
Measured 14.25
Indicated 25.1
Measured & Indicated 39.35
Inferred 51.6

The Panorama and Discovery prospects are situated within the Groundhog Coalfield in northern British Columbia. The group recently commissioned independent consultants Moose Mountain Technical Services to produce a technical report in compliance with National Instrumtent 43-101 on these two properties. The paper is dated March 18 2010 and a copy of it can be found here. The report states the following mineral resources:
NI 43-101 Resource
Semi-Anthracite to Anthracite Coal
Million Tonnes
Indicated 13.7
Inferred 24.1

More detailed information about Anglo Pacifics' mineral claims will be added to the Appendix.


The management of Anglo Pacific has extensive experience in both corporate finance and real-world mining operations. The following list of directors is accurate as at October 2011.[56]

Executive Directors

Peter M. Boycott (66) was appointed to the board of Anglo Pacific in May 1997 and became Chairman in June 1997. He has a MA in Mechanical Sciences (Cambridge) and is a Chartered Accountant. During his career Peter has served as Finance Director and has been a substantial shareholder in a number of Companies. These include private investment and property groups including engineering and manufacturing companies supplying thermal processing systems to major mining groups. He has been a director of several public quoted companies in Canada and Australia.
John Theobald (53) joined the Group in April 2008 as Chief Operating Officer. He joined the board in June 2009 and was appointed Chief Executive Officer on October 6, 2010. John is a Chartered Engineer with a BSc(Hons) in Geology (Nottingham) and is a Fellow of the Geological Society. John is also a Member of the Institute of Materials, Minerals and Mining, Australasian Institute of Mining and Metallurgy and Canadian Institute of Mining, Metallurgy and Petroleum. Prior to joining the Group he held senior positions with the industrial minerals group SCR-Sibelco. John has also worked in the junior resource sector and for major companies such as Anglo American, Phelps Dodge and Iscor covering a wide range of metals, coal and industrial minerals. He has been a director of several public companies quoted in Canada.
Brian M. Wides (68) joined the board in June 1997 and was appointed Finance Director in September 1997. In July 2006 he was appointed Chief Executive Officer of the group and on October 6, 2010 he stood down as CEO. On the same day Brian was appointed Director of International Business Development. He has a Bachelor of Commerce from the University of Witswatersrand and is a Chartered Accountant (South Africa). Brian's wide ranging specialist experience includes corporate finance, management consultancy and creating shareholder value for a large spectrum of private and public companies in the UK, Australia and Canada.
A. Chris Orchard (57) joined the Group in December 2007 as Chief Investment Officer and was appointed to the Board in June 2009. He has a BSc (Hons) in Mining (Leeds) and is a Member of the Chartered Institute of Securities Investment. Chris worked in the South African mining industry after graduating and, subsequently on returning to the UK he spent twenty years as an investment banker in the City specializing in the resources sector. Chris has served as Managing Director of Hambros Equity UK, a Director of RBC Dominion Securities and prior to joining the Group he managed the investment operations of a private wealth management firm. He has been a director of several public companies quoted in Canada and Australia.

Non-Executive Directors

Mike H. Atkinson (66) is currently the Group's Senior Independent Director (SID) and chairs the Nomination Committee. He was appointed a non executive director of the group in February 2006. Mike has an MA in History (Cambridge) and is a qualified management accountant. During his career Mike has worked for the National Coal Board as a capital investment analyst before joining the UK Department of Energy (later the Department of Trade and Industry). He was a senior civil servant until his retirement in 2004, and held a range of management, financial and policy posts including Director of Coal and Chairman of British Coal.
Dr. John G. Whellock (63) was appointed to the board in March 2003 and currently chairs the Audit Committee. He has a BSc and PhD in Chemical Engineering (Birmingham) and is a member of the Minerals, Metals and Materials Society of the American Institute of Mining, Metallurgy and Petroleum. During his career John has worked for Minproc Technology Inc and was founder and Vice-President of Tolltreck International Ltd. Subsequently he has acquired over thirty years of industry experience in extractive metallurgy, mineral and chemical plants. He is the founder of JW Technologies which provides innovative technology and thermal processing equipment for the metals, minerals and chemical industries.
Anthony H. Yadgaroff (62) was appointed director in March 2003 and currently chairs the Group's Remuneration Committee. He is a Member of the Chartered Institute for Securities and Investment. During an extensive carrer in the city he has specialised in investment research, management, and consultancy. Anthony founded Allenbridge Group in 1984 to provide advisory services to private and institutional investors. Allenbridge was acquired by Close Brothers in February 2011. He is also currently Chairman of AllenbridgeEpic Ltd, which advises major UK pension funds with assets totalling more than £25 billion. Anthony serves on the boards of several charities and non-profit organisations [57].
Appointed on 9 May 2014, Rachel Rhodes was previously Chief Financial Officer at London Mining. [58].

Chief Financial Officer

Company Secretary

Peter T. J. Mason (29) joined the Group in October 2010 working as corporate counsel. In July 2011 Peter was appointed Company Secretary. He has a BA in history (Warwick) and is a qualified solicitor. Peter has worked in private practice with Freshfields Bruckhaus Deringer LLP, based in London and Tokyo with a focus on mergers and acquisitions. Prior to joining the Group he worked for Star Energy, the UK subsidiary of PETRONAS.

Share Information

Anglo Pacific currently have 109,189,215 Ordinary Shares of £0.02p in circulation.[59] The ordinary shares carry the right to one vote per share and Anglo Pacific have no other class of shares in issue. There are currently approximately 2300 shareholders.

On the 9th July 2010 Anglo Pacific completed its secondary listing on the Toronto Stock Exchange (TSX) under the symbol "APY" [60].

52 Week trading range: 369.25 - 226.00[61].

As at February 15 2011 the company was aware of the following Interests that exceed 3% of the share capital of the Company:
Ransome's Dock Limited 8.15%
AXA Investment Managers UK 5.03%
Rathbone Brothers PLC 4.87%
Legal and General Group PLC 3.99%
The beneficial interests of the directors and their connected persons in the issued share capital of the Company at February 15 2011 were:
B.M. Wides 2.68%
P.M. Boycott 2.48%
A.C. Orchard 0.32%
J. Theobald 0.26%
A.H. Yadgaroff 0.16%
J.G. Whellock 0.01%
M.H. Atkinson 0.01%
For the financial year 2010 Anglo Pacific paid a total dividend of 9.05p per ordinary share. The Company have announced an interim dividend of 4.25p per ordinary share for the year ended December 31, 2011 which will be paid in cash on January 11, 2012 to shareholders on the share register at the close of business on November 11, 2011 [62].
Anglo Pacific currently have a dividend cover of 5.74 [63] and they are targeting growth in dividend of ~7% per annum.
Dividend History [64]
Financial Year 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Total Dividend (Pence) 0.05 - - 1.75 2.60 3.60 5.50 6.35 7.35 7.80 8.35 9.05 9.75
The Group operates two equity-settled share-based compensation plans as follows:
  • The HMRC approved Company Share Ownership Plan (the “CSOP”)
  • The Joint Share Ownership Plan (the “JSOP”) operated through the Anglo Pacific Group Employee Benefit Trust.
There are currently 79,487 share options outstanding under the CSOP, with exercise prices ranging from £2.50 to £3.26. During the three months to September 30, 2011, the Group issued 61,675 ordinary 2p shares on September 12, 2011 to satisfy their obligations under the JSOP. At September 30, 2011 the Trust held 925,933 ordinary 2p shares in Anglo Pacific Group PLC [65].

Company History

The company was originally floated in 1984 on London’s Unlisted Securities Market as North Sea and General Oil Investments (“NSG”).[66] At that time the strategy of the company was investment in oil and gas opportunities. The company gained a secondary listing on the ASX in 1988. April 1989 saw a restucturing of the Company in a transaction involving Apex Securities Limited and Oceanic Equity Limited. The new strategy was aimed at the acquisition of Australian oil, gas and mining assets. In 1989 the company changed its name to Anglo Pacific Resources.

South African mining house Anglovaal gained quasi-control of the company in 1989 after purchasing a 29.9% interest. During this period various UK mineral assets were added to the company portfolio including talc, marble, perlite and silica. 1996 saw the company move to the Official List in London. Anglovaal control ended in 1997 when it sold its interest in the company.

A new management team, including current Chairman Peter Boycott and Director of International Business Development Brian Wides began rationalising the asset portfolio. It was at this time that the name of the company was changed to Anglo Pacific Group. In 2001 the Group set in place its current strategy of focusing on mineral royalties and strategic investments.

Anglo Pacific was admitted to the FTSE Small Cap Index in December 2004. On the 4th April 2011 the Group was admitted to the FTSE 250.


In this section more detailed information will be added regarding the various assets of Anglo Pacific Group.

  1. Other Development Royalties
  • Salamanca
Uranium. Spain and Portugal. Operator: Berkeley Resources Ltd. 1% NSR acquired in 2010 for A$4m [67].
Development uranium project in Spain [68].
  • Tucano
Non-precious metals. Brazil. Operator: Beadell Resources. 1% GRR. Acquired with the Amapá royalty [69].
This royalty applies to the mining concession adjacent to the Amapá mine and covers approximately 2,500 square kilometres which is not currently in production but is considered prospective for Iron Ore [70].
  • Bulqiza-Batra
Chromite. Albania. Operator: Empire Mining Corp. 3% GRR acquired in 2010 for C$3.1m [71].
On November 07, 2011 Empire announced that it was placing its Bulqiza operations on a care and maintenence basis due to delays and irregularities in the award of its mining licences from the state authorities [72].
  • Malartic Midway
Gold. Canada. Operator: Northern Star Mining Corp. Convertible debenture (2.5% variable NSR and 1% NSR on mill) acquired in 2009 for C$8m [73]. Royalty rate increases to 2.75% above US$1,250/oz gold price.
Northern Star Mining is currently undergoing corporate restructuring.
  • Engenho / Crista
Gold. Brazil. Operator: Mundo Minerals Limited is in the process of disposing of the project. Convertible debenture (2.5% NSR) acquired in 2008 for A$4.0m [74].
Engenho mine commenced full operations in November 2008 [75]and the Group received its first royalty payment from Mundo in January 2009. During the first 9 months of FY2011 this royalty has provided £0.4m of income for the Group.
However, due to declining head grades Mundo took the decision to wind down the underground operations at Engenho which ended on 9th December 2011 [76] [77]. Due to delays in securing government approval for their Crista open pit development in the greater Engenho Project area [78] [79] [80] Mundo's Brazilian subsidiary Mundo Mineracao Ltda, was forced to file for protection from its creditors under a Chapter 11 equivalent (announced on 16th December 2011 [81]). On the 11th April 2012 Mundo announced that it had signed a conditional disposal of its Brazilian subsidiary [82].
  • Advance Royalty Corporation Royalties
Uranium. Athabasca Basin, Canada. Operator: Magnum Uranium Corp, Bayswater Ventures Corp. Various royalty rates – depending on individual agreements. Acquired in 2007 by issuing new shares to the value of £4.34m [83].
With its acquition of Advance Royalty Corporation in 2007, the Group gained royalty interests attached to certain mineral resource properties located in the Athabasca Basin of Saskatchewan, Canada. The properties total 4.8 million acres and are considered highly prospective for uranium exploration and production.
  • Duggan
Gold. Ontario, Canada. Operator: Creso Exploration Inc. 2.0% NSR Option (conversion of existing debenture).
Early exploration stage project [84].
  • Highbank
Platinum Group Elements (PGE's). Ontario, Canada. Operator: Northern Shield Inc. 1.0% NSR Option (US$1m on exercise) acquired in 2009 together with the Eastbank project for C$250,000 [85].
Early exploration stage project [86],[87].
  • Eastbank
Platinum Group Elements (PGE's). Ontario, Canada. Operator: Northern Shield Inc. 1.0% NSR Option (US$1m on exercise).
Early exploration stage project.


List of Advisors [88] [89]
Advisor Role Contact
Liberum Capital Broker Chris Bowman, Christopher Kololian
Pelham Bell Pottinger Financial PR Lorna Spears, James MacFarlane
Equiniti UK Registrars +44 871 384 203


This Wiki page is indebted to the help of Piedro who has contributed very useful information regarding the Group's shareholdings. Piedro's excellent bulletin board thread about the Group - "Highway to the Future" - has also been a very useful source of information regarding developments in the various projects in which the Group has an interest.

Piedro's BB can be found here.

Forward Looking Statement

Certain statements on this website are forward-looking statements, including those that discuss strategies, goals, outlook or other non-historical matters; or project revenues, income, returns or other financial measures. Any action you take as a result of information, analysis, or advertisement provided on this site is ultimately your responsibility. Consult your investment adviser before making any decisions. Many of the “reference links” provided on this site are subject to change by the original content owners/providers. Information updated to this page is provided as-is on a volunteer basis, none of the authors can be assured the content they originally provided has not been modified and make no claims to future changes.


  1. Royalty Financing Explained
  2. September 2011 Investor Presentation
  3. Investor Presentation March 2012
  4. Preliminary Results 2011
  5. Preliminary Results 2011
  6. 2011 Interim Results
  7. Investor Presentation March 2012
  8. 2011 Interim Results
  9. Preliminary Results 2011
  10. 2011 Interim Results
  11. Preliminary Results 2011
  12. Preliminary Results 2011
  13. Preliminary Results 2011
  14. September 2011 Investor Presentation
  15. Preliminary Results 2011
  16. Kestrel Mine
  17. Q3 2011 Financial Statemnts
  18. Kestrel and Crinum Royalty Cost
  19. Preliminary Results 2011
  20. Kestrel Mine Extension
  21. Crinum Mine
  22. Amapá Royalty
  23. Anglo American Annual Report 2011
  24. El Valle -Boinás/Carlés Royalty
  25. Preliminary Results 2011
  26. El Valle Boinás/Carlés Mine
  27. Issua Royalty
  28. Isua Project Scoping Study
  29. "Ring Of Fire" Royalty
  30. "Ring of Fire" Chromite Project
  31. Railway Deposit Royalty
  32. Jogjakarta Project
  33. Four Mile Royalty
  34. Four Mile Project
  35. Alliance Announcement
  36. Araguaia Royalty
  37. Araguaia Update
  38. Mount Ida Royalty
  39. Mount Ida Project
  40. 2010 Annual Report
  41. Royalco Shareholding
  42. Empire Mining Corp Shareholding
  43. Magma Metals Shareholding
  44. Berkeley Resources Ltd Shareholding
  45. Firestone Ventures Inc Shareholding
  46. Diagnos Inc Shareholding
  47. Yorbeau Resources Inc Shareholding
  48. Horizonte Minerals Shareholding
  49. Indo Mines Shareholding
  50. Maudore Minerals Ltd Shareholding
  51. Mundo Minerals Shareholding
  52. Atna Resources Shareholding
  53. African Eagle Shareholding
  54. Orecorp Shareholding
  55. Company Website - Canadian Coal Interests
  56. Company Website - Management
  57. Anthony Yadgaroff Profile
  58. [1]
  59. Management’s Discussion And Analysis - October 2011
  60. Toronto Listing
  61. ADVFN - APF Financials
  62. FY 2011 Interim Dividend
  63. ADVFN - APF Financials
  64. Company Website - Dividend History
  65. MD&A September 2011
  66. September 2011 Investor Presentation
  67. Salamanca Royalty
  68. Salamanca Project
  69. Amapá Royalty
  70. Tucano Project
  71. Bulqiza Royalty
  72. Bulqiza Announcement
  73. Malartic Royalty
  74. Engenho Royalty
  75. Engenho Project
  76. Engenho Announcement
  77. Engenho Cessation
  78. Crista Update (1)
  79. Crista Update (2)
  80. Crista Update (3)
  81. Crista Update (4)
  82. Engenho Dispoal
  83. Advance Royalty Corporation Royalties
  84. Duggan Project
  85. Interim Management Statement May 2009
  86. Highbank Project
  87. Highbank Presentation
  88. RNS - 23 September 2011
  89. Corporate Directory

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