Pembridge Resources PLC (LON:PERE) said it has made the first payment towards the purchase of the Minto operations in the Yukon, Canada, under a deal inked in 2019.
It has handed over US$5mln to former owner Capstone Mining Corp from cash flow generated by the copper, gold and silver asset. An additional US$15mln is due, subject to copper prices.
Pembridge Chairman Gati Al-Jebouri said: "The Minto operations have developed significantly since the acquisition of Minto in June 2019 and have withstood the challenges posed to it over the last 18 months by the COVID-19 pandemic and resulting market conditions.”
Located 240 kilometres north of the city of Whitehorse, Minto is an open pit and underground mine.
It has been in continuous production since 2007 and is presently the only operating mine in the Yukon territory.