Pembridge reduces Minto ownership from 33% to 11%
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 "...in 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.