22nd Apr 2020 13:39
(Alliance News) - Pembridge Resources PLC on Wednesday reported a slight production fall at the Minto gold, silver and copper mine in Canada.
Production at Minto slipped 2.7% quarter-on-quarter to 6,975 wet metric tonnes in the three months ended March 31.
The company said it received USD18.7 million worth of payments from Japan's Sumitomo Corp. Pembridge has an offtake deal with a subsidiary of Sumitomo. During the fourth quarter of 2019, Pembridge received USD7.1 million from Sumitomo.
The company added: "14,142 wet metric tonnes of concentrate have been transported from the mine to the port at Skagway, ready to be shipped - this represents all concentrate production from the fourth quarter of 2019 and the first quarter of 2020."
Chair and Chief Executive Officer Gati Al-Jebouri said: "These results are encouraging in the context of severe winter conditions and the impact of the Covid-19 virus on both the copper price and staff movements.
"Although the quarantine restrictions are affecting operations, they are a necessary measure that should enable the mine to continue operating safely as long as Yukon government regulations permit this and the safety of all staff working at the mine is not compromised."
Shares in the company were 4.0% lower at 3.00 pence each in London on Wednesday afternoon.
By Eric Cunha; [email protected]
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