Pembridge Resources plc Minto Receives Second Revenue Payment of US$3.7m (5713V)
04 Dezembro 2019 - 4:01AM
UK Regulatory
TIDMPERE
RNS Number : 5713V
Pembridge Resources plc
04 December 2019
4 December 2019
Minto Receives Second Revenue Payment of US$3.7m
London, United Kingdom - Pembridge Resources plc (LSE: PERE)
("Pembridge" or the "Company") is pleased to announce that further
to the restart of operations on 15 October 2019 and first revenue
of US$3.4m received on 6 November 2019, pursuant to the offtake
agreement between Sumitomo Canada Limited ("Sumitomo") and Minto
Explorations Ltd ("Minto") dated 22 July 2019 (the "Offtake
Agreement"), Minto has received a 90% provisional payment
("Advanced Payment") of US$3.7m for the copper concentrate produced
during the month of November 2019 ("Second Revenue").
Highlights
-- 1,793 dry metric tonnes of concentrate was produced during November 2019
-- Second Revenue received by Minto of US$3.7m from Sumitomo
-- Sales includes content for copper, gold and silver in concentrate
Under the terms of the Offtake Agreement, an Advanced Payment
has been made by Sumitomo to Minto for 90% of the estimated value
of concentrate produced at the Minto mine during the month of
November 2019. The final, balancing payment ("Final Invoice") will
be paid on delivery to Japan, subject to the quotation period as
per the terms of the Offtake Agreement. The Final Invoice will
consist of the remaining 10%, plus or minus any commodity price
changes to the Advanced Payments made, less accrued interest.
Transportation and shipping of the copper concentrate is expected
to commence in early Q1 2020.
In addition to the copper revenue, the Advance Payments include
precious metals credits and therefore Minto receives 90% of the
revenue from the copper, gold and silver due under the terms of the
Offtake Agreement.
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board of Pembridge stated:
"This payment, for production in November 2019, is the second
monthly Advanced Payment made to Minto from Sumitomo, bringing
total payments received to over US$7.0m since Minto recommenced
production 7 weeks ago. It proves the operation's ability to
generate steady cash flow as operations ramp up. It is the
objective of Minto mine management, with the oversight from
Pembridge, to ensure that production continues to grow while
ensuring an efficient and cost-effective operation."
ENDS
NOTES TO EDITORS
About Pembridge Resources plc
Pembridge is a mining company that is currently suspended from
listing on the standard segment of the Official List of the FCA and
trading on the main market for listed securities of London Stock
Exchange plc. Minto, a subsidiary of Pembridge, is a British
Columbia incorporated business operating the Minto mine in Yukon,
Canada.
About Minto Explorations Limited
Minto operates the underground copper-gold-silver mine located
in central Yukon, approximately 240 kilometres north of the capital
Whitehorse along the Klondike Highway. In excess of US$350 million
of capital expenditure has been invested into Minto operations
since site construction began in 2006. The Minto mine was in
continuous production between 2007 and 2018, when the mine was
placed onto temporary care and maintenance. Pembridge acquired
Minto from Capstone Mining Corporation in June 2019 and restarted
operations in October 2019.
Enquiries:
Pembridge Resources plc: +44 (0)20 7917 2968
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board
Paul Fenby, Chief Financial Officer
Thomas Horton, Vice President Corporate Development
Brandon Hill Capital - United Kingdom: +44 (0)20 3463 5016
Jonathan Evans
SI Capital - United Kingdom: +44 (0)14 8341 3500
Nick Emerson
Tavistock Communications - United Kingdom: +44 (0)20 7920 3150
Charles Vivian
Gareth Tredway
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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