Minto receives first revenue – Pembridge
The Minto mine, in Canada, has received its first revenue since operations were restarted last month, LSE-listed Pembridge Resources announced on Wednesday.
Minto received a 90% provisional payment of $3.4-million from Sumitomo Canada for the 1 734 t of copper concentrate produced in October.
The final, balancing payment will be paid on delivery to Japan, with transportation and shipping of the copper concentrate expected to start in early 2020.
In addition to the copper revenue, the advance payment includes precious metals credits and, therefore, Minto will receive 90% of the revenue from the copper, gold and silver due under the terms of the offtake agreement.
"We expect Minto's revenue to grow steadily as Minto progresses through its ramps-up phase. The offtake agreement with Sumitomo is an important element in supporting Minto's operations during this time,” said CEO and chairperson of the Pembridge board, Gati Al-Jebouri.
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