Pembridge Resources says 2020 has laid groundwork for Minto revival

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Pembridge Resources PLC (LON:PERE) has published results for the year to end-December 2020.

Gati Al-Jebouri, chief executive, said: “These results reflect 2020 being a year in which the Minto team developed the mine and laid the groundwork for future success, despite the unexpected challenges that they faced in the year from the Covid-19 pandemic and a low copper price.

“We are now seeing the benefit of this work in 2021 and the recently announced result of the 43-101 Preliminary Economic Assessment Technical Report shows the long-term potential and value of the investment in Minto.”

Losses were US$27.3mln (2019:US$13.1mln) in 2020, which included a mark-to-market revaluation of the liability to Capstone, exceptional expenses from the Minto acquisition and losses in the mine’s start-up phase.

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