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Anglo Pacific Group PLC: Acquisition of Chromit...
Anglo Pacific Group PLC: Acquisition of Chromit....
About this update from Ecora Royalties Plc
[{"type":"text","content":"\n \n\nFOR: ANGLO PACIFIC GROUP PLC\n\nLSE SYMBOL: APF\nTSX SYMBOL: APY\n\nAugust 2, 2011\n\nAnglo Pacific Group PLC: Acquisition of Chromite Royalty from KWG Resources Inc.\n\nLONDON, UNITED KINGDOM--(Marketwire - Aug. 2, 2011) - Anglo Pacific Group PLC (\"Anglo Pacific\", the \"Group\")\n(LSE:APF)(TSX:APY) is pleased to announce the purchase of 7207565 Canada Inc. from KWG Resources Inc. for US$18\nmillion. 7207565 Canada Inc. owns a 1% net smelter royalty interest in the Black Thor, Black Label and Big\nDaddy chromite deposits, owned and operated by Cliffs Natural Resources, in the Ring of Fire region of Northern\nOntario, Canada.\n\nCliffs Natural Resources (\"Cliffs\") is currently undertaking an environmental assessment for Black Thor as part\nof its project development plans, and once constructed anticipates the production of ore for both direct sale\nand integrated ferrochrome production. Cliffs has also announced a commitment to engage with First Nations\ncommunities affected by the development to ensure the creation of opportunities for enhanced social wellbeing\nand economic prospects for those communities.\n\nCommenting on the acquisition, Peter Boycott, Chairman of Anglo Pacific, said:\n\n\"Anglo Pacific is pleased to have agreed the acquisition of another high quality royalty on a project in Canada\nbeing developed by an internationally recognised operator. The acquisition fits well with our strategy for\ngrowth and demonstrates strong synergies with our existing royalty portfolio which has a significant focus on\nsteel making raw materials. The Group anticipates that the royalties from these chromite deposits, the largest\nknown deposits of chromite ore in North America, will provide long term cash flows and continuing revenue\ngrowth for shareholders.\"\n\nNotes to editors:\n\nAnglo Pacific Group PLC is a global natural resources royalties company. The strategy of the Group is to expand\nits mineral royalty interests in low-cost, long-life mining assets. The Group achieves this through both direct\nacquisition and investment in projects at the development and production stage. It is a continuing policy of\nthe Group to pay a substantial proportion of these royalties to shareholders as dividends.\n\nThe Ring of Fire has attracted a lot of attention in the Canadian market in recent years and a significant\neffort i...