Pembridge Resources plc Copper Sale Price (7167R)
10 Março 2021 - 4:00AM
UK Regulatory
TIDMPERE
RNS Number : 7167R
Pembridge Resources plc
10 March 2021
10 March 2021
Minto Copper Sale Price Secured
London, United Kingdom - Pembridge Resources plc (LSE: PERE)
("Pembridge" or the "Company") is pleased to announce news of a
secured sale price for the existing copper production of Minto
Explorations Ltd. ("Minto")
As at 1 March 2021, Minto had in stock 7,927 dry MT of
concentrate produced since the last shipment to Sumitomo with a
copper content of 2,780 MT. In view of the current copper price,
Minto has taken the opportunity to lock in a sale price of $4.07
per pound on 2,501 metric tonnes of copper, representing 90% of the
current copper quantities in stock. The remaining 10% of the stock
will be priced after delivery to Sumitomo in accordance with the
pricing terms set out in the Offtake Agreement between Minto and
Sumitomo.
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board of Pembridge said:
"The copper price has performed well recently and, although it
may continue to rise further, Minto has taken the decision to fix
90% of the revenue from the produced to 1 March copper. This will
ensure that we limit the cash flow risks of the business and also
benefit from receiving the funds arising from the copper price
increase now instead of in Q3 2021 at the 3MAMA fixing date."
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.
Pembridge has an investment in Minto Explorations Ltd, 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
David James, Chief Financial Officer
Brandon Hill Capital - United Kingdom: +44 (0)20 3463 5016
Jonathan Evans
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END
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March 10, 2021 02:00 ET (07:00 GMT)
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