10th Jan 2020 10:51
(Alliance News) - Pembridge Resources PLC on Friday said Minto Explorations Ltd has received its third revenue payment from the shipment of copper concentrate.
Pembridge bought Minto, which owns an underground copper-gold-silver mine in central Yukon, Canada, in June and restarted mining there in October.
Minto produced 2,919 dry metric tonnes of concentrate in December, which was then sold to Japan's Sumitomo Canada Ltd for USD5.4 million. The payment represents a 90% advanced payment, with the remaining 10% to be paid when the concentrate is delivered to Japan.
Transportation of the copper concentrate to the Skagway port is expected to begin early in the first quarter, followed by first shipment targeted for later in the quarter.
This takes the total paid to Minto to USD12.5 million since it restarted mining in Yukon.
Pembridge Chief Executive & Chair Gati Al-Jebouri said: "The December payment was a significant improvement on last month's due to the head grade improvements in the Minto East mining area, as well as a stronger copper and gold price."
Shares in Pembridge Resources were 0.1% higher in London on Friday at 14.77 pence each.
By Paul McGowan; [email protected]
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