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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 $17.5 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%
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