8th Sep 2022 14:56
Pembridge Resources PLC - London-based copper-focused mining company - In the six months ended June 30, widens pretax loss to USD3.9 million from USD2.5 million the previous year. Net assets at June 30 falls to USD7.3 million from USD10.9 million. Cites the market-to-market revaluation of its investment in Minto Metals Corp for the interim loss. Says it believes Minto has a "robust financial position" where it can look for new projects. Adds that it is now being repaid by Minto for a loan of CAD4 million to the firm during 2019 and 2020.
"The mark-to-market revaluation of our investment in Minto at the balance sheet date reflects the recent fall in the copper price but does not reflect the ongoing exploration work on the Minto site, which we expect to lead to an increase in the life of the mine. We remain confident in the prospects for the Minto mine and that it will give a good return on our investment in the next few years," explains Chief Executive & Chair Gati Al-Jebouri.
Current stock price: 3.31 pence
12-month change: down 40%
By Heather Rydings; [email protected]
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