What Pembridge Resources does
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.
The operating company, Minto Explorations Limited, has been mining the underground copper-gold-silver mine since production restarted at the site in October 2019. The mine had previously been in production between 2007 and 2018, after which it was under care and maintenance until the resumption.
How's it doing?
The Minto copper mine produced 6,820 wet metric tonnes of concentrate during the second quarter of 2020.
Payments of US$9.8mln were received by Minto from its major customer Sumitomo. The next shipment to Japan is planned before the end of the third quarter, based on current production levels.
From the chief executive:
Gati Al-Jebouri, Pembridge's chief executive officer and chairman of the board commented: "I am pleased that Minto's team has managed to maintain operations and production during Q2 in line with Q1 production."
He noted that Minto has managed effectively the difficulties arising from the coronavirus and is “set to grow its operations” in the second half of this year, as the world economy starts to recover.
“Although the quarantine restrictions have affected operations, they are a necessary measure that should enable the mine to continue operating safely as long as Yukon Government regulations permit this and the safety of all staff working at the mine is not compromised," Al-Jebouri added.
- In late-November, the company unveiled plans to raise between £3mln and £5mln via a share placing to fund the development of the Minto mine
- The company has amended a streaming agreement for Minto with Canadian giant Wheaton that it expects will be worth as much as US$8.5m over the next 12 months
- Three payments from Japanese firm Sumitomo Ltd for concentrates produced that month have been received.
Executive interview – CEO Gati Al-Jebouri
Al-Jebouri noted in November that the company expects revenues from Minto to “grow steadily as Minto progresses through its ramps up phase”.
MAG survey has highlighted possible new copper deposits close to existing mining zones