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Pembridge reduces Minto ownership from 33% to 11%

Kitco News

Citing COVID-19 and liquidity concerns, Pembridge said today it has reduced its percentage ownership in Minto in exchange for removing certain future financial liabilities.

Last year Pembridge purchased the Yukon copper-gold mine from Capstone Mining. Before the restructuring, Pembridge held a 33% interest.

Pembridge has reached an agreement in principle with investors whereby Minto has its cash needs met, as well as assisting Pembridge's liquidity " the current unprecedented market conditions." Pembridge said it also made the deal to side-step a potential legal dispute with investors.

On Pembridge's website, Minto's mine plans are for operating a modified room & pillar long hole with a open-stope retreat. Mill has a capacity of 4,000 tpd. The mine should employ around 100 people.

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