West Musgrave Final Investment Decision

RNS Number : 4778A

Anglo Pacific Group PLC

23 September 2022

 

News Release

23 September 2022

Anglo Pacific Group PLC

West Musgrave Final Investment Decision

Anglo Pacific Group PLC (the "Group" or "Anglo Pacific") (LSE: APF, TSX: APY) notes the press release issued by OZ Minerals earlier today ( https://bit.ly/3R72uKo ) 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

For further information:

Anglo Pacific Group PLC	[phone]
Marc Bishop Lafleche - Chief Executive Officer Kevin Flynn - Chief Financial Officer Geoff Callow - Head of Investor Relations
Website:	www.anglopacificgroup.com
Berenberg	[phone]
Matthew Armitt / Jennifer Lee / Detlir Elezi
Peel Hunt LLP	[phone]
Ross Allister / David McKeown
RBC Capital Markets	[phone]
Farid Dadashev / James Agnew / Jamil Miah
Capital Market Communications Limited (Camarco)	[phone]
Gordon Poole / Owen Roberts / Elfie Kent

Notes to Editors

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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