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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Pembridge Resources Plc | LSE:PERE | London | Ordinary Share | GB00BG107324 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.225 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Dec 2021 to Dec 2024
By Anthony O. Goriainoff
Pembridge Resources PLC said Tuesday that it has entered into a four-year offtake extension agreement with Sumitomo Corporation for processing and purchase of the copper concentrate produced at the Minto mine, in Canada.
In an offtake deal a buyer agrees to purchase all or a substantial portion of the producer's goods and as part of the deal Sumitomo agrees to purchase 100% of the copper concentrate produced at the mine for a further four years.
The London-listed mining company said that in conjunction with the off-take agreement Sumitomo--which has contracted through Sumitomo Canada Ltd--agreed to extend its debt facility to $17.5 million, repayable over 48 months.
"Sumitomo has been a tremendous business partner since the restart of the Minto Mine in 2019 and we look forward to continuing this relationship and providing Sumitomo with our high-grade, quality copper concentrate for an extended period of time", Chief Executive Christopher Stewart said.
Shares at 1100 GMT were up 0.25 pence, or 5.3%, at 5 pence.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
May 17, 2022 07:38 ET (11:38 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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