- Anglo Pacific Group said Wednesday total contribution from royalties increased by more than fifth in the third quarter of the year, driven by higher commodity prices and portfolio additions.

For the three months ended 30 September, total contribution from the group's royalty portfolio rose 27% to £12.1m, taking the year-to-date total contributions to £32.9m, up from £28.9m a year earlier.

As well as high commodity prices, a record quarter of revenue from Maracás Menchen of £1.4m, a 148% increase on the £0.6m year-on-year, and £0.9m contribution from Labrador Iron Ore Royalty Corp had bolstered overall growth, the company said.

Anglo Pacific also benefitted from another strong quarter at Kestrel with revenue increasing 26% compared to the same period last year.

Commodity prices across the group's portfolio remained resilient during the quarter and the outlook for 2019 continued to improve, the company added.

The total dividend for the year would not be less than 7p a share.

'With the addition of the LIORC investment, our portfolio has grown during the quarter by adding an additional immediate revenue stream whilst being aligned with our strategy of diversifying income sources, commodity and geographical exposure with a focus on premium quality product, said Julian Treger, Chief Executive Officer.

'Our portfolio continues to deliver growth with Q3 2018 contributing £12.1m taking total year to date royalty contributions to £32.9 million, an increase of 20% compared to the same period in 2017.'

'We remain in a very strong financial position and, with our new borrowing facility, have ample liquidity available to continue growing and diversifying our portfolio, building on the considerable progress we have made so far in 2018.'

At 9:41am: [LON:APF] Anglo Pacific Group PLC share price was +3.25p at 132.25p

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