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Pembridge Resources financials show a company already transforming into a potential copper producer

Pembridge is acquiring the Minto copper mine in Yukon

mine
At work on the Minto mine

Pembridge Resources PLC (LON:PERE) ended the financial year to December 2017 with cash and cash equivalents of US$2mln in the bank.

The company booked a pre-tax loss of US$1.9mln.

Not too much can be read into those numbers, however, as 2017 was a year of major transition for the company, as one management team moved on, and David Linsley and his team arrived and immediately set to work.

READ: Pembridge Resources appoints Paul Fenby as new chief financial officer

The company describes itself as a “Special Purpose Acquisition Company” and it’s already living up to that description.

During the financial year, Pembridge raised £2.5mln and moved its listing from AIM to a standard listing on the main board.

Post period end, a deal was announced in which Pembridge plans to acquire the Minto copper mine in the Yukon, an established producer.

“Since the start of the year, Pembridge announced its first acquisition, agreeing to buy the Minto mine in Canada,” said new company chairman Frank McAllister.

"This marks a transformational opportunity for Pembridge and fulfils the Company's goals of acquiring a producing and profitable mining operation.  The Minto mine will be the company's primary asset and we look forward to working with the Selkirk First Nation, Yukon government and the significant established workforce."

 

 

 

Quick facts: Pembridge Resources PLC

Price: 3 GBX

LSE:PERE
Market: LSE
Market Cap: £2.23 m
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