StockMarketWire.com - Mining group Pembridge Resources said subsidiary Minto Explorations had secured a prepayment funding facility of up to $12.5m with Japan's Sumitomo.

Sumitomo was also an agreed buyer of copper concentrate from the company's Minto mine in Canada.

The facility was additional to an existing offtake agreement, under which Sumitomo makes an advance payment of 90% of the value of concentrate output each month.

'We are delighted to have developed our relationship with Sumitomo in this way,' chief executive and chairman Gati Al-Jebouri said.

'Such an arrangement had been under discussion for a year and it is a measure of the progress Minto has made in that time that Sumitomo has now committed to it.'

'Such support and commitment from Sumitomo is important to Minto and will help the ongoing development of the mine.'




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