Pembridge Resources PLC said June 11 that it agreed to receive US$30 million in prepayment financing from a leading global Japanese trading house through an off-take agreement for 125,000 tonnes of copper concentrate produced at the Minto mine in Canada's Yukon Territory.
The agreement allows Pembridge to sell concentrate from Minto at the mine gate, eliminating the working capital requirements for transporting concentrate during certain seasonal weather conditions. The off-take is for all copper concentrate produced at Minto, delivered on a cost, insurance and freight basis to a nominated Japanese port.
The facility, which will be immediately available upon closing of the agreement, represents a significant portion of the funding required to complete the US$37.5 million acquisition of Minto from Capstone Mining Corp. and for initiatives at the mine.
Pembridge and the trading house also envision working together in the planned development of Minto and in the development of the broader region.
