Make Kitco Your Homepage

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 "...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.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News