Pembridge Resources - Strategic Alliance, Advance Payment & Offtake
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE EU MARKET ABUSE REGULATION (596/2014). UPON PUBLICATION OF THE ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Key highlights of the Agreement
· The Off-Take is for 100% of the copper concentrate produced at the Minto mine delivered on a cost, insurance and freight (CIF) basis to a nominated Japanese port and shall remain in place until (i) 55,000 tonnes of copper concentrate delivered, or (ii)
· The Advanced Payment shall be made by Sumitomo to Minto on a monthly basis, for 90% of the estimated value of concentrate produced that month with final payment due on delivery to
· The Advanced Payment allows Minto to immediately monetise each month's production, eliminating the historically large working capital requirements when the site is unable to transport concentrate owing to seasonal weather disruptions.
· The Advance Payment is subject to interest payable of USD 3 month LIBOR plus 1.5 per cent., until Sumitomo has taken delivery of the concentrate in
· Total quantity and period of the Off-Take will be renewed and extended upon the completion of the Pre-Pay.
The person who arranged for the release of this announcement on behalf of the Company was
NOTES TO EDITORS
Pembridge is a mining company admitted to listing on the standard segment of the Official List of the
Minto is wholly owned subsidiary of Pembridge. It operates the underground copper-gold-silver mine located in central
David Linsley, Chief Executive Officer
Paul Fenby, Chief Financial Officer
This information is provided by RNS, the news service of the
Quick facts: Pembridge Resources PLC
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