Pembridge Resources plc Minto Receives First Revenue (3923S)
06 Noviembre 2019 - 1:00AM
UK Regulatory
TIDMPERE
RNS Number : 3923S
Pembridge Resources plc
06 November 2019
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS DEEMED BY THE
COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE EU
MARKET ABUSE REGULATION (596/2014). UPON PUBLICATION OF THE
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION
IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
6 November 2019
Minto Receives First Revenue
London, United Kingdom - Pembridge Resources plc (LSE: PERE)
("Pembridge" or the "Company") is pleased to announce that further
to the restart of operations announced on 15 October 2019, pursuant
to the offtake agreement between Sumitomo Canada Limited
("Sumitomo") and Minto Explorations Ltd ("Minto") dated 22 July
2019 (the "Offtake Agreement"), Minto has received a 90%
provisional payment for the copper concentrate ("Advanced Payment")
produced for the month of October 2019 ("First Revenue").
Highlights
-- 1,734 dry metric tonnes of concentrate was produced during October 2019
-- First Revenue received by Minto of US$3.4m from Sumitomo
-- Sales includes content for copper, gold and silver in concentrate
-- Revenue from future provisional payments will continue to be
received monthly per the terms of the Offtake Agreement
Under the terms of the Offtake Agreement, an Advanced Payment
has been made by Sumitomo to Minto for 90% of the estimated value
of concentrate produced at the Minto mine during the month of
October 2019. The final, balancing payment ("Final Invoice") will
be paid on delivery to Japan, subject to the quotation period as
per the terms of the Offtake Agreement. The Final Invoice will
consist of the remaining 10%, plus or minus any commodity price
changes to the Advanced Payment made, less accrued interest.
Transportation and shipping of the copper concentrate is expected
to commence in early Q1 2020.
In addition to the copper revenue, the Advance Payment includes
precious metals credits and therefore Minto will receive 90% of the
revenue from the copper, gold and silver due under the terms of the
Offtake Agreement.
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board of Pembridge stated:
"We expect Minto's revenue to grow steadily as Minto progresses
through its ramps up phase. The Offtake Agreement with Sumitomo is
an important element in supporting Minto's operations during this
time. We thank Sumitomo for their support and the strong
partnership between our two companies will be the basis for the
future development of Minto."
ENDS
The person who arranged for the release of this announcement on
behalf of the Company was Gati Al-Jebouri, Chief Executive Officer
and Chairman of the Board.
NOTES TO EDITORS
About Pembridge Resources plc
Pembridge is a mining company that is currently suspended from
listing on the standard segment of the Official List of the FCA and
trading on the main market for listed securities of London Stock
Exchange plc. Minto, a subsidiary of Pembridge, is a British
Columbia incorporated business operating the Minto mine in Yukon,
Canada.
About Minto Explorations Limited
Minto operates the underground copper-gold-silver mine located
in central Yukon, approximately 240 kilometres north of the capital
Whitehorse along the Klondike Highway. In excess of US$350 million
of capital expenditure has been invested into Minto operations
since site construction began in 2006. The Minto mine was in
continuous production between 2007 and 2018, when the mine was
placed onto temporary care and maintenance. Pembridge acquired
Minto from Capstone Mining Corporation in June 2019 and restarted
operations in October 2019.
Enquiries:
Pembridge Resources plc: +44 (0)20 7917 2968
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board
Paul Fenby, Chief Financial Officer
Thomas Horton, Vice President Corporate Development
Brandon Hill Capital - United Kingdom: +44 (0)20 3463 5016
Jonathan Evans
SI Capital - United Kingdom: +44 (0)14 8341 3500
Nick Emerson
Tavistock Communications - United Kingdom: +44 (0)20 7920 3150
Charles Vivian
Gareth Tredway
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END
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November 06, 2019 02:00 ET (07:00 GMT)
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