Pembridge Resources plc Replacement Minto Operation Update for Q1 2020 (5500K)
22 Abril 2020 - 10:04AM
UK Regulatory
TIDMPERE
RNS Number : 5500K
Pembridge Resources plc
22 April 2020
The 'Minto Operation update for Q1 2020' announcement released
on 22 April 2020 at 7.00 am under RNS No 4134K has been changed
with regard to the notes to the editor which incorrectly stated
that the Company was suspended.
All material details remain unchanged.
The full text is shown below.
22 April 2020
Minto Operation Update for Q1 2020
London, United Kingdom - Pembridge Resources plc (LSE: PERE)
("Pembridge" or the "Company") is pleased to announce the result of
the Minto mine's operations in the first quarter of 2020.
Highlights
-- 6,975 wet metric tonnes (Q4 2019: 7,167 wet metric tonnes) of
concentrate was produced during the first quarter of 2020
-- Payments of US$18.7m received by Minto from Sumitomo, of
which US$5.4m related to December 2019 production (Q4 2019:
US$7.1m)
-- 14,142 wet metric tonnes of concentrate have been transported
from the mine to the port at Skagway, ready to be shipped - this
represents all concentrate production from Q4 2019 and Q1 2020.
The receipts of US$18.7m received by Minto from Sumitomo are an
Advanced Payment to Minto for 90% of the estimated value of
concentrate produced at the Minto mine. 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, which is defined as third calendar month after month of
arrival in Japan. The Final Invoice will consist of the remaining
10%, plus or minus any commodity price changes to the Advanced
Payments made, less accrued interest.
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board of Pembridge said:
"These results are encouraging in the context of severe winter
conditions and the impact of the COVID-19 virus on both the copper
price and staff movements. Although the quarantine restrictions are
affecting operations, they are a necessary measure that should
enable the mine to continue operating safely as long as Yukon
Government regulations permit this and the safety of all staff
working at the mine is not compromised."
ENDS
NOTES TO EDITORS
About Pembridge Resources plc
Pembridge is a mining company that is listed 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.
Pembridge has an investment in Minto Explorations Ltd, 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
David James, Chief Financial Officer
Brandon Hill Capital - United Kingdom: +44 (0)20 3463 5016
Jonathan Evans
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contact rns@lseg.com or visit www.rns.com.
END
UPDZLLFLBZLEBBZ
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April 22, 2020 11:04 ET (15:04 GMT)
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