- Write by:
-
Monday, May 15, 2023 - 23:22:06
-
143 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
The four largest indigenous communities in Chile’s Atacama salt flat suspended dialogue with state-run copper giant ...
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
A Native American group has asked all members of a US appeals court on Monday to overturn an earlier ruling that granted ...
Codelco is exploring more partnerships with the private sector as Chile’s state copper behemoth looks to recover from a ...
Representatives from the Peñas Negras Indigenous community, in northwestern Argentina, clashed with heavily armed police ...
The London Metal Exchange (LME) on Saturday banned from its system Russian metal produced on or after April 13 to comply ...
Peru’s Las Bambas copper mine, owned by China’s MMG, is facing renewed blockades of a key transport route after failed ...
Polish government is abandoning plans to separate coal-fired power plants into a special company and is considering ...
French mining group Eramet said on Wednesday it had reached an agreement with the French government to continue its ...
No comments have been posted yet ...