Interim Results

ANGLO PACIFIC GROUP PLC
30 September 1999


                         CHAIRMAN S STATEMENT
                 for the six-months to 30th June 1999

Our managed businesses continue to improve with a further reduction in
administrative  expenses. Turnover in these businesses increased by 5%
to  £2.4  million  (1998: 2.3 million) for the six months to 30th June
1999.  Gross  profit, excluding the royalty income, increased by 9% to
£387,000 (1998: £354,000).

Total  Group  profit  before  tax  (including  royalty income) for the
period  was  £336,000  (1998:  £509,000).  An unusual roof fall at the
Crinum Mine, followed by a six-week loss in production caused the drop
in  royalty  income.  There  was no contribution from the Kestrel Mine
(formerly Gordonstone) during the period.

The  Board  in  line  with  last  year  is not recommending an interim
dividend. 

I  am glad to report that both the Crinum and Kestrel mines are now at
full  production,  and  royalties  for  2000  and subsequent years are
expected  to  be  much  higher.   The Queensland Government has tabled
legislation  to  increase  the  royalty rate from 4% to 7% which would
increase our royalty income by 75%, with effect from 1st April 2000.

Peter Boycott 
Chairman                                          30th September  1999

For further information, please contact:

Peter Boycott            Chairman            0171 930 0777
Brian Wides              Finance Director    0171 930 0777
Anthony Cardew           Cardew&Co.          0171 930 0777
Elisa McNulty            Cardew&Co.          0171 930 0777


              CONSOLIDATED PROFIT AND LOSS ACCOUNT
           FOR THE SIX MONTHS ENDED 30TH JUNE 1999  

                                       Six       Six       Year
                                    Months    Months      ended
                                     ended     ended       31st
                                      30th      30th   December
                                 June 1999 June 1998       1998
                                     £ 000     £ 000      £ 000

 Turnover                            2426      2320       4362 

 Cost of  Sales                     -2039     -1966      -3840 

 Gross profit                         387       354        522 
   

 Administrative expenses             -354      -466       -696 

 Exploration and development
 costs                                  0         0          0 

 Accelerated depreciation
 credit                                 0         0       1029 

 Royalty income                       345       676       1350 

 Other income                          70        31         50 

 Operating Profit                     448       595       2255 

 Release of provision for
 fundamental restructuring             70         0        405 

 Interest receivable                    1         0          2 

 Interest Payable                    -183      -161       -374 

 Gain on foreign exchange               0        75         41 

 Profit on ordinary activities
 before tax                           336       509       2329 

 Taxation on profit on ordinary
 activities                          -131      -233       -444 

 Profit for the financial
 period                               205       276       1885 

 Dividends                              0         0        -84 

 Retained Profit for the
 financial period                     205       276       1801 

 Earnings per ordinary share         0.24p     0.32p      2.21p

 Fully diluted earnings per
 ordinary share                      0.25p     0.32p      2.14p

 No operations have been terminated or sold. 

         PRO FORMA CONSOLIDATED PROFIT AND LOSS ACCOUNT
             FOR THE SIX MONTHS ENDED 30TH JUNE 1999
  Excluding the accelerated depreciation credit and release of
                   the restructuring provision

                                       Six       Six     Twelve
                                    months   months      months
                                      1999      1998       1998
                                     £ 000     £ 000      £ 000

 Operating Profit                     448       595       1226 

 Profit on ordinary activities
 before tax                           266       509        895 

    
 The above pro forma is presented to assist comparisons with
 prior year figures

           STATEMENT OF CONSOLIDATED RETAINED PROFITS
                                                 Six     Twelve
                                       Six    months     months
                                    months      1998       1998
                                      1999     £ 000      £ 000
                                     £ 000

 At 1 January                       -3027      -4660     -4660 

 Profit for the period                205       276       1801 

 Ordinary shares redeemed               0         0       -168 

                                    -2822     -4384      -3027 


                   CONSOLIDATED BALANCE SHEET
                      AS AT 30TH JUNE 1999

                              30th June 1999    31st December
                                                    1998

                              £ 000    £ 000   £ 000     £ 000 

 Fixed assets

 Tangible assets                      12,831            12,110 

 Investments                           2,880             2,905 

                                      15,711            15,015 

 Current assets

 Stocks                        306               267 

 Debtors                      1,218            1,329 

 Cash at bank and in hand        15               19 

                              1,539            1,615 

 Creditors - amounts
 falling due within one
 year                        -2,479           -2,129 

 Net current liabilities                -940              -514 

 Total assets less current
 liabilities                          14,771            14,501 

 Creditors - amounts
 falling due after more
 than one year

 Other creditors                        -949            -1,020 
   

 Long term debt                       -3,469            -3,656 

 Provisions for liabilities
 and charges                             -66              -111 

                                      10,287             9,714 

 Capital and reserves

 Share capital                         8,696             8,446 

 Share premium                         2,581             2,431 

 Capital redemption reserve              122               122 

 Revaluation reserve                   1,606             1,606 

 Foreign currency
 translation reserve                     104               136 

 Profit and loss account -
 deficit                              -2,822            -3,027 

 Equity shareholders  funds           10,287             9,714 

Notes

1.   Fixed asset investments

     The fixed asset investments comprise the Kestrel (formerly
     Gordonstone) and Crinum royalty and the holding in Brancote
     Holdings PLC.  All fixed asset investments are stated at cost to
     the Group.

     The company commissioned a valuation of the coal royalty in June
     1999 on a discounted cashflow basis which produced a valuation of
     £18.1 million (A$42.8 million), a surplus of £15.6 million over
     the book amount.  Were the coal royalty to be realised at the
     revalued amount there are £12.9 million (A$30.4 million) of
     capital losses potentially available to offset against taxable
     gains.

     Neither the revalued amounts nor the related potential tax
     liabilities are incorporated in the accounts.

2.   Basis of preparation

     These unaudited accounts, which do not constitute statutory
     accounts have been prepared using accounting policies set out in
     the Group s 1998 statutory accounts.  The financial statements
     have been subject to a review by a registered auditor.  The 1998
     accounts received an unqualified auditor s report and have been
     delivered to the Registrar of Companies.

3.   Earnings per ordinary share

     The earnings per ordinary share is calculated on the Group s
     profit after tax of £205,000 and 85,296,289 shares. Fully diluted
     earnings is calculated on a profit after tax of £219,000 and
     89,474,664 shares.

4.   Year 2000

     The company has assessed the risks to the business resulting from
     the date change to the year 2000.  A prioritised action plan has
     been implemented to deal with the key risks.

5.   This statement will be sent to shareholders and will be available
     at the Company s registered office at 29 Albemarle Street,
     London, W1X 3FA.
     


                  CONSOLIDATED CASH FLOW STATEMENT
              FOR THE SIX MONTHS ENDED 30TH JUNE 1999

                                       Six        Six
                                   months      months   Year ended
                                     ended      ended         31st
                                     30th       30th      December
                                 June 1999  June 1998         1998
                                     £ 000      £ 000        £ 000

 Net cash inflow from operating
 activities                           411        878        2,063 

 Interest paid                       -197       -156         -343 

 Tax paid                            -268       -162         -337 

 Capital expenditure and
 financial investment                -604       -274         -670 

 Net cash (outflow)/inflow
 before financing                    -658        286          713 

 Net cash inflow/(outflow) from
 financing                            229       -305          323 

 (Decrease)/Increase in cash         -429        -19        1,036 

 RECONCILIATION OF OPERATING PROFIT TO OPERATING CASH FLOW

                                       Six        Six       Twelve
                                    months     months       months
                                      1999       1998         1998
                                     £ 000      £ 000        £ 000

 Operating profit                     448        595         2,255

 Depreciation                         175        135          301 

 Accelerated depreciation
 credit                                 -          -       -1,029 

 (Gain)/loss on sale of
 tangible fixed assets                -43          -           43 

   
 Net (increase)/decrease in
 working capital                     -169        148          493 

                                      411        878        2,063 

                       TO THE BOARD OF DIRECTORS
                     REVIEW REPORT BY THE AUDITORS

We  have reviewed the interim financial information for the six months
ended  30th  June  1999  set  out  on  pages  2  to  6  which  is  the
responsibility  of,  and  has  been  approved  by,  the directors. Our
responsibility is to report on the results of our review.

Our  review  was  carried  out having regard to the Bulletin Review of
Interim Financial Information, issued by the Auditing Practices Board.
This review consisted principally of applying analytical procedures to
the  underlying  financial data, assessing whether accounting policies
have  been  consistently  applied  and  making  enquiries  of  Group
management  responsible  for  financial  and  accounting matters.  The
review  excluded  audit  procedures  such  as  tests  of  controls and
verification of assets and liabilities and was therefore substantially
less  in  scope  than  an  audit performed in accordance with Auditing
Standards.    Accordingly  we  do  not express an audit opinion on the
financial information.

On the basis of our review:

     in our opinion the interim financial information has been
     prepared using accounting policies consistent with those adopted
     by Anglo Pacific Group PLC in its financial statements for the
     year ended 31st December 1998 and 

     we are not aware of any material modifications that should be
     made to the interim financial information as presented.

HLB KIDSONS
Chartered Accountants        
GLASGOW