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Pembridge Resources PLC - UK mining company with investments in British Columbia, Canada - Notes Minto Metals Corp records 2022 pretax loss of C$11.5 million, widening from C$1.5 million in 2021. This is despite revenue increasing 11% to C$153.2 million from C$138.3 million. This is because costs widened, including output costs rising 18% to C$133.8 million from C$113.5 million, finance costs up 50% to C$7.5 million from C$5.0 million and royalty expenses multiplying to C$5.8 million from C$1.5 million. Also notes Minto Metals copper output for 2022 rising 13% to 28.9 million pounds from 2021. Chief Executive Officer Chris Stewart says: ‘While we completed 2022 meeting our safety and production targets, we experienced challenges at the operations throughout the year such as volatility of the copper price, ongoing supply chain impacts of Covid-19 and a record snow survey measuring 417% above normal coming out of the 2021/2022 winter which resulted in a record spring freshet event [...] We continue to implement changes within the operation to mitigate the risks to our 2023 production plans [...] Despite the challenging times we are experiencing, we are aggressively managing our costs and continuously working towards improving our relationships with our suppliers and other stakeholders [...] I remain confident that there is more value to be unlocked at the Minto mine through exploration and increasing production to 40 million pounds of copper per year.’ Current stock price: 1.47 pence, up 5.0% 12-month change: down 73% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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