Minto Prepayment Facility with Sumitomo

RNS Number : 6792Y

Pembridge Resources plc

11 September 2020

 

11 September 2020

Minto Prepayment Facility with Sumitomo

London, United Kingdom - Pembridge Resources plc (LSE: PERE) ("Pembridge" or the "Company") is pleased to announce that Minto Explorations Limited ("Minto"), has secured a prepayment funding facility ("Pre-Pay") with Sumitomo Canada Limited ("Sumitomo"), who are also Minto's copper concentrate off take agreement counterparty.

The Pre-Pay facility of up to US$12,500,000 is additional to the existing offtake agreement, under which Sumitomo makes an advance payment of 90% of the value of concentrate output each month, and represents a further development in Minto's relationship with Sumitomo. 

Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board of Pembridge said:

"We are delighted to have developed our relationship with Sumitomo in this way.  Such an arrangement had been under discussion for a year and it is a measure of the progress Minto has made in that time that Sumitomo has now committed to it.  Such support and commitment from Sumitomo is important to Minto and will help the ongoing development of the mine."

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.

About Sumitomo Canada Limited

Sumitomo Canada Limited ("SCL") is a subsidiary of Sumitomo Corporation and Sumitomo Corporation of Americas. The company provide trading, distribution, finance, logistics, investment, and project coordination services to Canadian companies and companies seeking to do business in Canada. With offices in Calgary, Montreal, Toronto and Vancouver, SCL has been doing business in Canada for over 50 years.

Enquiries:

Pembridge Resources plc:     [phone]

Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board

David James, Chief Financial Officer

Brandon Hill Capital - United Kingdom:       [phone]

Jonathan Evans

 

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