Pembridge Resources PLC continues to build track record of copper production

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What Pembridge Resources does

Pembridge Resources PLC (LON:PERE) owns a stake in the Minto mine, located in the Yukon in Canada.

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?

5,143 wet metric tonnes of concentrate were produced from the Minto mine during the fourth quarter of 2020.

Payments of US$17.5mln were duly received by Minto from Sumitomo during the fourth quarter of 2020.

24,646 wet metric tonnes of concentrate were produced during 2020 overall.

Payments of US$64.3mln have been received by Minto from Sumitomo during 2020.

 

From the chief executive: Gati Al-Jebouri

“The copper price has performed well recently and, although it may continue to rise further, Minto has taken the decision to fix 90% of the revenue from the produced to 1 March copper,” said chief executive Gati Al-Jebouri in March 2021.

“This will ensure that we limit the cash flow risks of the business and also benefit from receiving the funds arising from the copper price increase now instead of in Q3 2021 at the 3MAMA fixing date.”

Inflexion points

  • Grades to improve as Copper Keel opens up 
  • The company has amended a streaming agreement for Minto with Canadian giant Wheaton
  • Payments ongoing from Japanese firm Sumitomo for concentrates produced 

 

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