Pembridge stock tanks on Minto suspension

15th May 2023

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online


Font size: - +

The share price of London-listed Pembridge Resources took a nosedive on Monday, after the company announced that Minto Metals had suspended its namesake mine at the weekend.

The suspension of the Minto mine, in British Columbia, means that the Canadian company is unlikely to be in a position to repay Pembridge about C$2-million, C$250 000 of which was payable in instalments during the remaining of the year.

The Minto receivable was considered critical to the cash flow of Pembridge for the next 12 months, as the company had about $350 000 of short-term liabilities and $126 000 of cash as at today.

The investment in Minto and the Minto receivable represent more than 90% of Pembridge’s assets.

CEO and chairperson Gati Al-Jebouri said that it was disappointing that Minto was not able to raise capital and that all operations had been suspended on Saturday.

“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.  

“The board will consider every feasible option available to ensure that any losses are minimised for all creditors and other stakeholders of the company," said Al-Jebouri.

Al-Jebouri resigned from his position of director and chairperson of the audit committee of Minto on Friday, owing to the conflict of interest arising from the fact that Pembridge has a claim against Minto.

Pembridge’s stock traded 76% lower on Monday at 0.34p a share.



Edited by Creamer Media Reporter


Latest News

Rare earths, community engagement, renewables make headlines
Rare earths, community engagement, renewables make headlines
Updated 4 hours ago


Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...


Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?







sq:0.149 0.183s - 95pq - 2rq
Subscribe Now