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Pembridge Resources signs US$30mln prepaid off-take financing for Minto mine

David Linsley, chief executive of Pembridge Resources PLC (LON:PERE), tells Proactive they've signed definitive heads of terms with a leading global Japanese trading house to receive US$30mln in prepayment financing through an offtake agreement for 125,000 tonnes of copper concentrate to be produced by the company’s Minto mine.

The offtake agreement allows Pembridge to sell concentrate from Minto at the mine gate - eliminating the historically large working capital requirements when the site is unable to transport concentrate owing to seasonal weather conditions.

Quick facts: Pembridge Resources PLC

Price: 3.125 GBX

Market: LSE
Market Cap: £2.33 m

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Pembridge Resources keen to advance exploration and unlock potential at Minto

David Linsley and Thomas Horton from Pembridge Resources plc (LON:PERE) update Proactive on the latest since their decision earlier this month to acquire Yukon-based Minto Explorations. In 2017, the open pit mine produced 16,332 tonnes of copper, 170,809 ounces of silver and 25,205 ounces...

on 28/2/18

2 min read