- Royalty company Anglo Pacific Group said it would boost its annual portfolio income by around 15% amid a rise in coal prices.

Portfolio income for the year through December was expected to rise to between £48m and £50m, the company said.

Borrowings would be repaid in full at the start of February after receipt of fourth-quarter royalty income, leaving up to a potential $90m for growth through a credit facility.

Anglo Pacific said its total dividend for 2018 would be no less than 7p. In 2017, it paid a total dividend of 7p per share.

'With the cost of capital in the mining sector increasing over the past six months, we are now seeing more investment opportunities to deploy capital and add to the £38m of acquisitions we made in 2018,' chief executive Julian Treger said.

'The commodities from which our revenue is derived enjoyed a very strong year.'

'Both coking and thermal coal remained at levels far in excess of most commentators' expectations at the beginning of the year.'

'Vanadium was the stand out performer in the period, which led to the income generated from our Maracas Menchen royalty increasing by around 180%, to become our second largest source of income.'

At 3:01pm: [LON:APF] Anglo Pacific Group PLC share price was +8.25p at 153.25p

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