By Mary de Wet
Pembridge Resources PLC said Minto Metals Corp. ramped up copper, silver and gold production in 2021 and expects even higher copper output this year.
Minto has also reached an agreement with Capstone Mining Corp. to defer paying part of the purchase price obligation, London-listed Pembridge said.
On 2021 production:
Minto produced 26 million pounds of copper, up 46% from a year ago, at its Yukon operations, Pembridge said.
Gold production at Minto reached 11,783 ounces, up 54%, while silver production doubled to 135,354 ounces.
“Minto has announced metals production levels in 2021 that have greatly improved on 2020, helped by strong performances in November and December, when they achieved an average of 3,000 (metric) tons per day of ore processed through the mill and 6.1 million pounds of payable copper,” Pembridge said.
On Minto’s outlook:
Minto aims to produce between 28 million and 31 million pounds of copper in 2022, Pembridge said.
The plan is to operate the mill at an average throughput of 3,000 metric tons a day for the first half of the year and at 3,250 tons a day for the rest of 2022, ramping up toward the mill’s permitted capacity of 4,200 tons a day, Pembridge said.
On the Capstone agreement:
Capstone has agreed to extend the purchase timeline for Minto. The purchase agreement between Pembridge and Capstone had required Minto to pay $20 million to Capstone, of which $5 million was paid by March 30, 2021, and the rest was due in December 2021. Pembridge and Capstone reached a new agreement in which the amount that was due last month was reduced to $10 million and Minto must pay $5 million by Jan. 15, 2023.
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