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Pembridge Resources more optimistic as copper price picks up

Payments of US$18.4mln were received by Minto from Sumitomo (Q2: US$9.8mln) during the period

Pembridge Resources PLC -

Pembridge Resources PLC (LON:PERE) said a higher copper price gave a boost to its Minto mine in Canada in the three months to end September 2020.

The mine was also helped by access to additional funding under the US$12.5mln prepayment facility with Sumitomo, said Gati Al-Jebouri, Pembridge’s chief executive and chairman. 

Payments of US$18.4mln were received by Minto from Sumitomo (Q2: US$9.8mln) during the period.

Higher copper prices also meant that 90% of the cargo shipped to Japan in August 2020 is now fixed at $2.967 per pound for copper, Pembridge said.

This means all cash advances received from Sumitomo for the cargo will be covered by revenue.

Lower grades meant production of copper concentrate from Minto dipped slightly to 5,707 wet metric tonnes (wmt) in the quarter from 6,820wmt in the previous three months, though this was expected said Al-Jebouri.

He added, in a statement: “A significant part of ore being sourced stemmed from the opening of the new Copper Keel ore body, which started in Q3 2020.  

“It is expected that the copper grade will return to previous levels as the development of Copper Keel moves beyond the periphery of the ore body and into solely production ore.”

“After the challenges of operating through the worst of the Covid-19 crisis in Q2, although the issues are not all gone, we have much to feel optimistic about."

Quick facts: Pembridge Resources PLC

Price: 6.75 GBX

LSE:PERE
Market: LSE
Market Cap: £5.2 m
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on 26/10/20

2 min read