Its record portfolio income results were 180 per cent high than the same period last year, and a fraction ahead of the firm’s interim results of
APG’s results were largely driven by its royalty and streaming assets, which generated the majority of portfolio income in the three months to 30 September, at
The firm said its results also benefitted from very high coking coal prices being captured at Kestrel during the quarter, which resulted in revenue of
After the company completed its largest-ever acquisition in the first half of the year, picking up Voisey’s Bay cobalt stream for
APG said the unit’s performance benefitted from higher cobalt prices than it had anticipated for the second half, which have increased 13 per cent since the acquisition.
“Having lagged the broader commodity basket, coking coal prices began to rebound significantly at the beginning of the third quarter, averaging around
“Prices have continued to increase since and are now at
After the encouraging third quarter portfolio performance, the Group said it would be able to “meaningfully de-lever” during the fourth quarter, with its leverage ratio now under 2x.
The post Higher coal and cobalt prices drive
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