Pembridge Resources boosted by new assessment of Minto Mine

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Pembridge Resources PLC (LON:PERE) highlighted key results from a new preliminary economic assessment technical report for the Minto mine.


The report doubles the mine’s expected life to 8 years out to 2028 whilst envisaging the processing of some 10.89mln tonnes, of the project’s 24.1mln tonnes of indicated and inferred resources.


It anticipates average annual production of 38mln pounds of copper, with average annual earnings expected to exceed US$40mln in 2021 through 2025.


The economic model presented in the report pitches the mine’s post-tax net present value at US$84mln, based on long term copper price assumptions (US$3.10 per pound). Meanwhile, using a flat copper price of US$4.50 per pound (which is closer to prevailing prices) the NPV comes in at US$265mln.


The company noted that the ‘C1’ cash cost per pound amounts to US$2.20, whilst the all in sustaining cost is seen at US$2.65 per pound for the life-of-mine, after by-product credits and before closure costs.


In London, Pembridge Resources shares advanced 1.24p or 17% to change hands at 8.24p.

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