Anglo Pacific Group - I move slow and steady, But I feel like a waterfall
Matthew Gordon, Ptolemy Capital
An Interview with Julian Treger, CEO of Anglo Pacific Group (LSE: APF, TSX: APY)
We like royalties as an investment class. It can give investors access the much of the excitement of mining, with considerably less risk. Green royalties tick two of our boxes and get us rather excited. And large institutional funds like Blackrock seem to agree.
Anglo Pacific is perhaps a victim of its own pragmatism, and by focussing on de-risking royalty streams for investors, the market may have perceived the company as picky and stagnant. The reality is that Anglo Pacific has a clear, sensible, thorough criteria for royalty deals: the prospect of returns, quality of jurisdiction, position in a coherent narrative about purer and less pollutive materials, cost, and honesty/integrity of counterparties. Because Anglo Pacific is unwilling to deviate from these criteria, the company has only made two recent deals. Two new transactions are expected by the end Q1/20, borrowing facilities have been extended to US$120M and the pace of investing has accelerated.
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