Pembridge Resources plc Minto Operation Update for Q3 2020 (8252C)
22 October 2020 - 5:00PM
UK Regulatory
TIDMPERE
RNS Number : 8252C
Pembridge Resources plc
22 October 2020
22 October 2020
Minto Operation Update for Q3 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 for the third quarter of 2020.
Highlights
-- 5,707 wet metric tonnes of concentrate was produced during
the third quarter of 2020 (Q2: 6,820 wet metric tonnes).
-- Payments of US$18.4m received by Minto from Sumitomo (Q2: US$9.8m)
-- Pricing of 90% of the cargo shipped to Japan in August 2020
is now fixed at $2.967 per pound for copper, thus ensuring that all
cash advances received already from Sumitomo in relation to this
produced concentrate are fully covered by the final revenue to be
received for the cargo
-- Next shipment to Japan is planned before the end of November 2020
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board of Pembridge said:
"This has been a quarter of continuing development at the Minto
mine, with a second shipment of concentrate sent to its customer in
Japan, opening up the Copper Keel area and drilling in Copper Keel
West. The lower volume of concentrate produced in Q3 compared to Q2
was expected and is due to the processing of lower grade ore in Q3
(1.09%) compared to Q2 (1.32%), however I am pleased to report that
Minto processed 176,151kMT of ore in Q3, some 4.4% higher than in
Q2.
The expected lower grade of copper was primarily due to the ore
mix including the final commercially viable tonnes from Minto East
ore body, which is now expected to close by year end. In addition,
a significant part of ore being sourced stemmed from the opening of
the new Copper Keel ore body, which started in Q3 2020. It is
expected that the copper grade will return to previous levels as
the development of Copper Keel moves beyond the periphery of the
ore body and into solely production ore.
The mine has benefited from the improved copper price and now
has access to additional funding under the US$12.5 million
prepayment facility with Sumitomo. After the challenges of
operating through the worst of the Covid-19 crisis in Q2, although
the issues are not all gone, we have much to feel optimistic
about."
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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END
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