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Pembridge Resources pushes ahead as production resumes at Minto mine

Snapshot

  • Focus is on the Minto copper-gold-silver mine in the Yukon
  • Restarted production in October
  • Off-take agreement Japanese firm Sumitomo
Pembridge Resources - Pembridge Resources pushes ahead as production resumes at Minto mine

Quick facts: Pembridge Resources PLC

Price: 3.125 GBX

LSE:PERE
Market: LSE
Market Cap: £2.33 m
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What Pembridge Resources does

Pembridge Resources PLC (LON:PERE) owns a stake in the Minto mine, located in the Yukon in Canada.

Minto is an open pit and underground copper-gold-silver mine located in central Yukon, approximately 240 kilometres north of the capital Whitehorse along the Klondike Highway.

The operating company, Minto Explorations Limited, has been mining the underground copper-gold-silver mine since production restarted at the site in October 2019. The mine had previously been in production between 2007 and 2018, after which it was under care and maintenance until the resumption.

In January, a new exploration programme got underway comprising drilling and a magnetic survey.

The first phase of drilling will see 53 holes drilled over 14,000m in the already identified deposits at Copper Keel West, Copper Keel North, Copper Keel South and Minto East II.

Pembridge wants to add to and expand existing reserves through the fully-funded C$2.1mln programme.

Assay results are expected in due course. 

Payments under an offtake agreement with Sumitomo started in November.

In April, Pembridge reduced its stake in Minto, and as a consequence is no longer liable for heavy upcoming payments due in relation to the original acquisition of the mine. 

Inflexion points

  • In late-November, the company unveiled plans to raise between £3mln and £5mln via a share placing to fund the development of the Minto mine
  • The company has amended a streaming agreement for Minto with Canadian giant Wheaton that it expects will be worth as much as US$8.5m over the next 12 months
  • Three payments from Japanese firm Sumitomo Ltd for concentrates produced that month have been received.

Executive interview – CEO Gati Al-Jebouri

Blue Sky

Al-Jebouri noted in November that the company expects revenues from Minto to “grow steadily as Minto progresses through its ramps up phase”.

MAG survey has highlighted possible new copper deposits close to existing mining zones 

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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...

on 14/6/18

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