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IN BRIEF: Pembridge Resources notes offtake extension deal by Minto

Tue, 17th May 2022 19:28

Pembridge Resources PLC - London-based copper-focused mining company - Notes that Minto Metals Corp signs a four-year concentrate offtake extension for its Minto Mine with Sumitomo Corp.

Under the deal, Sumitomo will purchase all copper concentrate produced at the mine during the additional four years based on 50,000 dry metric tonnes a year of concentrate production.

In addition, Sumitomo has agreed to extend its debt facility to USD17.5 million, repayable over 48 months.

"This welcome news shows the good relationship between Minto and Sumitomo and we are very pleased that it continues to strengthen," said Pembridge Chair Gati Al-Jebouri.

Current stock price: 4.49 pence

12-month change: down 42%

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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