The suspended Minto copper-gold mine in Yukon now belongs to Pembridge Resources. (Image: Capstone Mining)
YUKON – The sale of the suspended Minto copper-gold mine 240 km northwest of Whitehorse has been a long time coming. The original owner, Vancouver-based Capstone Mining first said it was working on a sale as early as February 2018.
With that announcement came the news that the buyer, Pembridge Resources plc of London, U.K., was willing to pay C$37.5 million in cash. At the time Pembridge was a shell company hoping to become a copper producer.
Finally on June 3, 2019, Capstone says it and Pembridge have reached a definitive share purchase agreement covering the whole of the Minto mine. Capstone is to receive US$20 in million in cash in staged payments depending on future cash flows.
Capstone began mining at Minto in 2007. When the mine was placed on care and maintenance in October 2018, it had proven and probable reserves of 3.9 million tonnes grading 1.67% copper and 0.41 g/t gold. Measured and indicated resources 16.5 million tonnes grading 1.42% copper and 0.55 g/t gold. The inferred resource was 6.1 million tonnes at 1.42% copper and 0.51 t/g gold, for 87,000 tonnes.
Pembridge has raised US$10 million with which it will reopen the mine. Learn more at www.PembridgeResources.com.