(Alliance News) - Pembridge Resources PLC on Wednesday said Minto Explorations Ltd has received first revenue from the shipment of copper concentrate.
Pembridge bought Minto, which owns an underground copper-gold-silver mine in central Yukon, Canada, in June and restarted mining there in October.
Minto produced 1,734 dry metric tonnes of concentrate in October, which was then sold to Japan's Sumitomo Canada Ltd for USD3.4 million.
Pembridge Chief Executive & Chair Gati Al-Jebouri commented: "We expect Minto's revenue to grow steadily as Minto progresses through its ramp-up phase. The offtake agreement with Sumitomo is an important element in supporting Minto's operations during this time.
"We thank Sumitomo for their support and the strong partnership between our two companies will be the basis for the future development of Minto."
Pembridge shares are still suspended, as the Minto deal was considered a reverse takeover. They have been suspended since February 2018.
By George Collard; georgecollard@alliancenews.com
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