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Pembridge Resources unveils first revenues from restarted Minto mine

Minto received US$3.4mln from Sumitomo Ltd in a provisional payment for the copper concentrates produced in the month of October

Pembridge Resources -
Minto is an open pit and underground copper-gold-silver mine located in central Yukon

Pembridge Resources PLC (LON:PERE) has received the first revenues since copper, gold, and silver mining began again at the Minto open pit in October.

In a statement, Pembridge said its Minto subsidiary has received a 90% provisional payment of US$3.4mln from Sumitomo Ltd for the concentrates produced in the month of October.

READ: Pembridge Resources reveals Minto mine is back in production

Minto is an open pit and underground copper-gold-silver mine located in central Yukon, approximately 240 kilometres north of the capital Whitehorse along the Klondike Highway.

It restarted milling operations on 11 October, and produced 1,734 dry metric tonnes of copper concentrate in its first month, as well as gold and silver concentrates.

In July, the mining company signed a 100% offtake agreement with Sumitomo, from which it will receive monthly provisional payments, with payment of the final balance due on delivery to Japan.

Transportation and shipping of the copper concentrate is expected to commence in the first three months of 2020, the company said.

Pembridge chief executive and chairman Gati Al-Jebouri noted that the company expects revenues at the subsidiary to “grow steadily as Minto progresses through its ramps up phase”.

Quick facts: Pembridge Resources PLC

Price: 5.25 GBX

Market: LSE
Market Cap: £3.91 m

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on 26/10/20

2 min read