Anglo Pacific Group PLC said Sept. 16 that it raised its stake in Labrador Iron Ore Royalty Corp. to 5.88% after having invested roughly US$20 million since the start of 2019.
In 2018, Anglo Pacific acquired a 4.25% shareholding in Labrador Iron Ore Royalty for about US$50 million, then raised its stake to about 5.2% earlier this year through an additional investment of about £10 million.
Labrador Iron Ore is a royalty vehicle that pays out income from the IOC mine in Canada to investors as dividends. Anglo Pacific funded the stake buy via cash on hand and a partial draw down on its revolving credit facility, which has US$35 million available for use.
The company recently bought a 1.525% net smelter royalty on a Chilean copper mine for US$50.3 million.
