Pembridge Resources PLC - miner with interest in Minto copper-gold-silver project in Yukon, Canada - Announces secured sale price for the existing copper production of Minto Explorations Ltd.
As at March 1, Minto had in stock 7,927 dry metric tonnes of concentrate produced since the last shipment to Sumitomo with a copper content of 2,780 metric tonnes.
Pembridge says Minto locks in a sale price of USD4.07 per pound of 2,501 metric tonnes of copper, representing 90% of the current copper in stock for production of Minto. The remaining 10% of the stock will be priced after delivery to Sumitomo in accordance with the pricing terms set out in the offtake agreement.
"The copper price has performed well recently and, although it may continue to rise further, Minto has taken the decision to fix 90% of the revenue from the produced to 1 March copper. This will ensure that we limit the cash flow risks of the business and also benefit from receiving the funds arising from the copper price increase now instead of in Q3 2021 at the 3MAMA fixing date," says Chair & CEO Gati Al-Jebouri.
Current stock price: 6.74 pence
Year-to-date change: up 30%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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