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Pembridge Resources signs US$30mln prepaid off-take financing for Minto mine

David Linsley, chief executive of Pembridge Resources PLC (LON:PERE), tells Proactive they've signed definitive heads of terms with a leading global Japanese trading house to receive US$30mln in prepayment financing through an offtake agreement for 125,000 tonnes of copper concentrate to be produced by the company’s Minto mine.

The offtake agreement allows Pembridge to sell concentrate from Minto at the mine gate - eliminating the historically large working capital requirements when the site is unable to transport concentrate owing to seasonal weather conditions.

Quick facts: Pembridge Resources

Price: 1.275 GBX

LSE:PERE
Market: LSE
Market Cap: £2.85 m
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Pembridge Resources CEO expects Minto revenue to grow steadily

Proactive sits down with Pembridge Resources PLC's (LON:PERE) new CEO and chairman Gati Al-Jebouri. Operations have recently re-started to get its Minto mine back into production. First concentrate of copper was produced in early October and revenues of US$3.4m have subsequently been...

2 days, 14 hours ago

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