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Pembridge Resources to use Minto acquisition as a platform for future growth

Published: 07:24 28 Sep 2018 BST

Copper wires
The company will seek other opportunities in copper and base metals mining once it completes the Minto acquisition

Since agreeing to purchase the Minto copper-gold-silver mine in Yukon, Northern Canada, Pembridge Resources PLC (LON: PERE) has been working towards completing the deal.

The pre-revenue company posted a loss of US$2.2mln in the first half of 2018, with the losses occurring because of the costs of the acquisition plus the costs incurred in managing the head office.

READ Pembridge Resources secures US$30mln off-take financing for the producing Minto mine​

As at 30 June 2018, the company had US$0.12 million in cash reserves.

"Minto is located in the mining friendly Yukon territory in Canada and has a 10-year production history with all key infrastructure, facilities and operating teams in place,” said David Linsley, the chief executive officer of Pembridge.

“Minto fits perfectly with our stated goal to acquire a producing and profitable mining operation to which our team can add further value. This acquisition will represent a core asset to Pembridge and will be used as a platform for future growth," he added.


 

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