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Pembridge Resources - Minto Operation Update for Q3 2020

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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