StockMarketWire.com - Natural resources royalty and streaming company Anglo Pacific swung to a first-half profit as a fall in royalty income was mostly offset by maiden contributions from the group's Voisey's Bay income stream.

The company also said Julian Treger would be stepping down from his role as chief executive officer.

Treger will remain as CEO until 31 March 2022 to ensure a smooth transition.

For the six months ended 30 June 2021, pre-tax profit was $11.8 million compared with a loss of $19.5 million last year as revenue

First-half portfolio contribution fell to $23.0 million from $24.1 million a year earlier, reflected lower coking coal prices and volumes at both Kestrel and Narrabri, offset by maiden contributions from the group's Voisey's Bay stream of $2.4 million.

The company acquired the $205m Voisey's Bay cobalt stream in March 2021.

The company said a strategic review was under way to consider options in relation to a possible sale of the Narrabri thermal coal royalty, which would see the group become thermal coal free.

Looking ahead, the company expected the second half of the year to be 'much stronger given that coal prices are trading at 52-week highs and that the majority of these increases will only impact on cash flow in Q3 21.'

'Cobalt prices are up 20% in the last three months which, along with increased deliveries to come during H2 21, will benefit revenue from the Voisey's Bay stream.'




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