Anglo Pacific Group PLC (the 'Group' or 'Anglo Pacific') (LSE: APF, TSX: APY) notes the press release issued by OZ Minerals earlier announcing that it has made a Final Investment Decision on the West Musgrave copper-nickel project in Australia. Anglo Pacific has a 2.0% net smelter royalty interest over the West Musgrave project.
The highlights of the announcement were:
First production targeted for H2 2025
Processing capacity increased from 12.0 Mtpa to 13.5 Mtpa through mine planning and plant optimisation
Average annual production ~35,000 tpa nickel, ~41,000 tpa copper in the first five years. Average annual production ~28,000 tpa nickel and ~35,000 tpa copper over a 24-year operating life1
Bottom quartile C1 cost of ~ US$0.50/lb (Ni payable net of by-product credit) and ~US$(1.10)/lb (Cu payable net of by-product credit)
One of the largest fully off-grid, hybrid renewable powered mines in the world with an initial ~80% renewable power contribution2
Marc Bishop Lafleche, CEO of Anglo Pacific Group commented:
'West Musgrave is everything we look for in a royalty acquisition, a high quality project and operator in a recognised mining jurisdiction with strong sustainability credentials. We are delighted to see OZ Minerals continue to progress the project in-line with the expected timetable.'
1. These production targets must be read in conjunction with the Production Targets Cautionary Statement on page 6 of the OZ Minerals announcement
2. ~80% renewable energy penetration relates to power generation. Does not include mining fleet
Contact:
Anglo Pacific Group PLC
T: +44 (0) 20 3435 7400
Marc Bishop Lafleche
Chief Executive Officer
Kevin Flynn
Chief Financial Officer
Geoff Callow
Head of Investor Relations
Website: www.anglopacificgroup.com
Berenberg
T: +44 (0) 20 3207 7800
Matthew Armitt
Jennifer Lee
Detlir Elezi
Peel Hunt LLP
T: +44 (0) 20 7418 8900
Ross Allister
David McKeown
RBC Capital Markets
T: +44 (0) 20 7653 4000
Farid Dadashev
James Agnew
Jamil Miah
Capital Market Communications Limited
T: +44 (0)20 3757 4997
Gordon Poole
Owen Roberts
Elfie Kent
About the Group
Anglo Pacific Group PLC is a global natural resources royalty and streaming company. The Group's 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. It is a continuing policy of the Group to pay a substantial portion of these royalties and streams to shareholders as dividends.
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