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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 PLC

Price: 3.25 GBX

Market: LSE
Market Cap: £2.42 m

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on 30/4/20

2 min read