- Write by:
-
Monday, May 15, 2023 - 23:22:06
-
159 Visit
-
Print
Mining News Pro - Pembridge Resources’ shares fell as much as 82% on Monday as it disclosed it was assessing its ability to stay in business after Canada’s Minto Metals, had to halt the namesake mine over the weekend.
The suspension of the Minto copper-gold-silver mine, in the Yukon Territory, means the Canadian firm is unlikely to be able to repay it about C$2 million ($1.5m), it borrowed to double water treatment capacity at the operations’s two plants.
Minto Metals, in which Pembridge has a 11.2% stake, said the Yukon Government had assumed care and control of the mine site, located within the Selkirk First Nation’s Territory.
Pembridge noted the receivable from Minto Metals was critical to its cash flow over the next 12 months as it represents over 90% of the company’s assets. Close to C$250,000 ($185,000) were payable in installments over the rest of 2023, it added.
Pembridge warned it has around $350,000 of short-term liabilities and $126,000 in cash as of Monday.
“As a result of this material uncertainty to the company, the board has no option but to carefully assess the financial viability of the company, consider delisting from the London Stock Exchange, as well as obtaining appropriate professional advice on the restructuring and insolvency options available,” chief executive Gate Al-Jebouri said in a statement.
Pembridge stock was down almost 82% to 0.27p at midday London time.
Yukon Energy, Mines and Resources Minister John Streicker said in a statement the government had hired JDS Mining as the contractor to ensure environmental protection was maintained at the site.
Minto began operations in 2007 and has produced about 500 million pounds of copper since then.
Short Link:
https://www.miningnews.ir/En/News/622924
Copper futures in New York rallied to a record high after a short squeeze that’s prompted a scramble to divert metal in ...
A Native American group said on Tuesday it will take its fight against Rio Tinto’s proposed Arizona copper mine to the ...
Teck Resources Ltd expects to generate annual earnings before interest, depreciation, tax and amortization (EBITDA) of ...
The state-run Chilean Copper Commission (Cochilco) will soon revise its copper price outlook, which will be considerably ...
Chilean mining giant Codelco is still working to meet its estimated output for the second quarter, CEO Ruben Alvarado ...
Truck drivers in Chile staged protests Monday in the mineral-rich north of the country and around the capital Santiago, ...
Democratic Republic of Congo’s government has lifted a suspension order on a Congolese copper and cobalt operation ...
Peru’s copper production came in essentially flat for March at about 219,000 metric tons, government data showed on ...
Oxford Economics Australia has released data showing mine maintenance spending may be hitting its peak. But what does it ...
No comments have been posted yet ...