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Minto Operation Update for Q2 2020

20 Jul 2020 07:00

RNS Number : 4143T
Pembridge Resources plc
20 July 2020
 

 

20 July 2020

Minto Operation Update for Q2 2020

London, United Kingdom - Pembridge Resources plc (LSE: PERE) ("Pembridge" or the "Company") is pleased to announce the result of the Minto mine's operations for the second quarter of 2020.

Highlights

· 6,820 wet metric tonnes (Q1: 6,975 wet metric tonnes) of concentrate was produced during the second quarter of 2020

· Payments of US$9.8m received by Minto from Sumitomo (Q1: US$18.7m, of which US$5.4m related to December 2019 production)

· Pricing of 90% of the cargo shipped to Japan in April 2020 is now fixed at $2.657 per pound for copper, thus ensuring that all cash advances received already from Sumitomo during 2019 and Q1 2020 and relating to the April cargo shipment are fully covered by the final revenue to be received for the cargo

· Next shipment to Japan is planned before the end of Q3 2020, based on current production levels

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

"I am pleased that Minto's team has managed to maintain operations and production during Q2 in line with Q1 production. Minto has managed effectively the difficulties arising from the Covid 19 virus and is set to grow its operations in the second half of this year, as the world economy starts to recover. Although the quarantine restrictions have affected operations, they are a necessary measure that should enable the mine to continue operating safely as long as Yukon Government regulations permit this and the safety of all staff working at the mine is not compromised."

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.

Enquiries:

 

Pembridge Resources plc: +44 (0)20 7917 2968

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

David James, Chief Financial Officer

 

Brandon Hill Capital - United Kingdom: +44 (0)20 3463 5016

Jonathan Evans

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
UPDSFWFUUESSEFW
Date   Source Headline
12th Jun 20233:42 pmRNSCreditors’ Voluntary Liquidation
7th Jun 202311:01 amRNSTrading in Minto Shares Ceased
24th May 20235:22 pmRNSGeneral Meeting
18th May 20237:36 amRNSStatement re. Suspension
18th May 20237:30 amRNSSuspension - Pembridge Resources plc
16th May 20233:44 pmRNSMinto Directors
15th May 20235:45 pmRNSMinto Shares Suspended
15th May 20237:00 amRNSMinto Suspension of Operations
2nd May 20237:00 amRNSMinto Updates and New Terms Agreed with Pembridge
28th Apr 20237:00 amRNSAnnual Financial Report
27th Apr 202312:50 pmRNSMinto Q1 Production
20th Apr 202312:42 pmRNSYukon Inspector Direction
12th Apr 202311:54 amRNSMinto Exploration Result
6th Apr 202311:48 amRNSMinto - Financial and Production Results for 2022
16th Mar 20232:04 pmRNSMinto Skagway Port Developments
2nd Mar 20237:00 amRNSExtension to the CLN Term
28th Feb 202311:52 amRNSMinto Drilling Results
23rd Feb 202311:52 amRNSMinto Production for 2022
2nd Feb 202311:48 amRNSMinto Drilling Update
6th Jan 20237:09 amRNSMinto Receivable Update
20th Dec 202211:49 amRNSMinto Magnetotellurics survey
30th Nov 202211:43 amRNSMinto Announces Automatic Share Purchase
24th Nov 20229:51 amRNSDirector/PDMR Shareholding
18th Nov 20227:00 amRNSLoan Renewed
17th Nov 202211:47 amRNSMinto Q3 Results
20th Oct 202212:01 pmRNSMinto Exploration Results
13th Oct 20227:00 amRNSMinto Receipt Update
12th Oct 202211:38 amRNSMinto Q3 Production
13th Sep 20227:00 amRNSMinto Reclamation Costs Security
8th Sep 202210:33 amRNSHalf-year Report
23rd Aug 202211:40 amRNSMinto Metals Q2 Results
25th Jul 202212:33 pmRNSDirector/PDMR Shareholding
19th Jul 202211:42 amRNSMinto Q2 Production
4th Jul 20223:27 pmRNSHolding(s) in Company
30th Jun 20227:00 amRNSMinto Loan Repayment Received
29th Jun 202211:39 amRNSMinto AGM
23rd Jun 20227:00 amRNSResult of AGM
22nd Jun 202210:33 amRNSHolding(s) in Company
14th Jun 202211:54 amRNSChange of Registered Office
8th Jun 20225:35 pmRNSHolding(s) in Company
31st May 20227:00 amRNSIssue of Equity
26th May 202212:21 pmRNSMinto Q1 2022 Results
26th May 202212:06 pmRNSMinto Q1 2022 Results
23rd May 20225:01 pmRNSHolding(s) in Company
20th May 20221:43 pmRNSHolding(s) in Company
17th May 202211:45 amRNS4 Year Concentrate Offtake at Minto
29th Apr 20227:00 amRNSAnnual Financial Report
28th Apr 202211:31 amRNSMinto Drill Results
6th Apr 20224:22 pmRNSMinto Production Q1 2022
1st Apr 20228:04 amRNSMinto Full Year Results 2021

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