Pembridge Resources plc Third Payment of US$5.4m (3632Z)
10 Janeiro 2020 - 4:00AM
UK Regulatory
TIDMPERE
RNS Number : 3632Z
Pembridge Resources plc
10 January 2020
Pembridge Resources plc (LSE:PERE)
10 January 2020
Minto Receives Third Revenue Payment of US$5.4m
London, United Kingdom - Pembridge Resources plc (LSE: PERE)
("Pembridge" or the "Company") is pleased to announce that further
to the first revenue received on 06 November 2019 and second
revenue received 04 December 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$5.4m for the copper concentrate produced
during the month of December 2019 ("Third Revenue").
Highlights
-- 2,919 dry metric tonnes of concentrate was produced during
December 2019, of which 2,680 dry metric tonnes is attributed to
the Advanced Payment
-- Third Revenue received by Minto of US$5.4m from Sumitomo
-- Sales includes content for copper, gold and silver in concentrate
-- A total of US$12.5m in payments have been received under the Offtake Agreement
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 of the copper concentrate to the Skagway port is
expected to commence in early Q1 2020, followed by first shipment
targeted for later in 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.
Going forward, disclosures on monthly production data will be
made on a quarterly basis.
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board of Pembridge stated:
"This payment, for production in December 2019, brings total
payments received to US$12.5m since Minto recommenced production in
October. The December payment was a significant improvement on last
month's due to the head grade improvements in the Minto East mining
area, as announced 09 January 2020, as well as a stronger copper
and gold price."
ENDS
NOTES TO EDITORS
About Pembridge Resources plc
Pembridge is a mining company that is listed 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
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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