Business
Completion of Royalty Option
Completion of Royalty Option.
About this update from Ecora Royalties Plc
[{"type":"text","content":"\n RNS Number : 2995Z Anglo Pacific Group PLC 12 January 2011 \n\n \n \n \nNews Release\n \n \n \nJanuary 12, 2010\n \n \n \n \nAnglo Pacific Group plc completes Royalty Option Agreement with Horizonte Minerals plc on the Araguaia and Lontra Nickel Projects in Brazil\n \nAnglo Pacific Group plc (\"Anglo Pacific\") (LSE: APF) (TSX: APY) is pleased to announce that, subsequent to the signing of an MOU on July 27, 2010, it has now completed the Royalty Option Agreement with Horizonte Minerals plc (\"Horizonte\") (AIM: HZM) for Anglo Pacific to purchase a Net Smelter Royalty (\"NSR\") on all revenues from the advanced exploration stage Araguaia and Lontra Nickel Projects (\"Araguaia Project\") in Brazil.\n\nAnglo Pacific has paid to Horizonte the sum of US$500,000 in exchange for the six year option to acquire a 1.5% NSR from the Araguaia Project for US$12.5 million.\nThe NSR will be at a rate of 1.5% on production up to 30,000tpa - reduced by 0.02% for every 1,000 tpa above this rate of production, but never reducing below 1.1%. The NSR will be payable on all revenue from the Araguaia Project (defined by licence areas).\n \nAnglo Pacific Group PLC is a global natural resources royalties company. The strategy of the Group is to expand its mineral royalty interests in low-cost, long-life mining assets. The Group achieves this through both direct acquisition and investment in projects at the development and production stage. It is a continuing policy of the Group to pay a substantial proportion of these royalties to shareholders as dividends.\n \n \n\n\nFor further information:\n \nAnglo Pacific Group PLC +44 (0) 20 7318 6360\n \nPeter Boycott, Chairman\nJohn Theobald, Chief Executive Officer\n \nLiberum Capital &nb...