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Pembridge Resources hails encouraging first quarter results from Minto mine

The company has also received US$18.7mln in concentrate payments from Japanese firm Sumitomo, up from US$7.1mln in the prior quarter

Pembridge Resources PLC - Pembridge Resources hails encouraging first quarter results from Minto mine
The Minto mine

Pembridge Resources PLC (LON:PERE) has hailed “encouraging” results from operations at its Minto mine in the first quarter of 2020.

The firm said over the quarter the mine produced 6,975 wet metric tonnes of concentrate, compared to 7,167 tonnes in the fourth quarter of 2019, while it has also received US$18.7mln in concentrate payments from Japanese firm Sumitomo, up from US$7.1mln in the prior quarter.

READ: Pembridge Resources surges as it unveils £633,000 premium fundraising

Another 14,142 tonnes on concentrate have been transported from the mine to the port at Skagway, representing all concentrate production from the fourth quarter of 2019 and the first quarter of 2020, and is ready to be shipped.

The company added that the US$18.7mln from Sumitomo represented 90% of the estimated value of the concentrate produced at Minto, with the final, balancing payment to be paid when the shipment is delivered to Japan.

"These results are encouraging in the context of severe winter conditions and the impact of the [coronavirus] virus on both the copper price and staff movements”, said Pembridge chief executive and chairman Gati Al-Jebouri in a statement.

“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", the CEO added.

Pembridge shares rose 5.6% to 3.3p in early deals on Wednesday.

Quick facts: Pembridge Resources PLC

Price: 3.75 GBX

LSE:PERE
Market: LSE
Market Cap: £2.79 m
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