RE: RNS9 Jan 2020 07:14
Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board of Pembridge stated:
"I am very proud of what the Minto team has achieved during 2019. Following the restart of operations in October we have seen improved copper production levels each month. I am delighted to report that December's copper in concentrate production figures showed 57% increase on the previous month due to improvements in the head grade.
Minto has already received in total over US$7M from Sumitomo under our offtake arrangement, with a further payment for December's record production due imminently. All of this has been achieved with the plant still running on a two-weeks-on, two-weeks-off basis to ensure efficiencies during the ramp-up phase. Accordingly, we expect the revenue stream to continue to improve throughout 2020, due to increases in the production rate, as well as the increasingly positive outlook for copper prices, which have already gained circa 10% since mining operations recommenced."