The natural resources business said total royal income earned from its Kestrel mine in the first quarter was AUD2.8 million, down from AUD4.2 million in the first quarter 2013.
The company's core asset is its 50% ownership of mining and mineral rights which entitle it to coal royalty receipts from the Kestrel and Crinum mines, located in
Looking ahead, the company said royalty income from Kestrel in 2014 is anticipated to be lower than that in 2013.
However, it said as production at the new Kestrel South mine gradually moves into its private royalty land, a process expected to be complete in 2016, royalty income and dividend cover should recover.
The company said it expects cash flow to be enhanced from the sale of certain equities within its mining and exploration interests.
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