- Pembridge Resources said subsidiary Minto Explorations had signed an offtake agreement with Sumitomo's Canadian arm.

The deal involved the supply of 55,000 tonnes of copper concentrate, to be produced by the Minto mine, as part of a broader strategic relationship between Sumitomo and Pembridge.

It also came with the provision by Sumitomo of a working capital facility.

The advanced payment would be made to Minto on a monthly basis, for 90% of the estimated value of concentrate produced that mont, with final payment due on delivery to Japan.

It was subject to interest payable of US dollar three-month Libor plus 1.5%, until Sumitomo had taken delivery of the concentrate in Japan.

'We are delighted to secure this agreement with Sumitomo Corporation, a group that share our vision for Minto and Pembridge,' chief executive David Linsley said.

'With their extensive copper market experience, entering into this is an important event for Pembridge and our shareholders.'

'We look forward to developing a long-term relationship with our new partners as we seek to grow Pembridge through strategic acquisitions and development of the Minto copper belt.'

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