Capstone sells Minto mine to Pembridge for $20m
Jackson Chen | Jun. 4, 2019, 10:24 AM
Minto mine in the Yukon (Photo: Yukon Government).
Capstone Mining Corp. (TSX: CS) announced Tuesday it has entered into an agreement to sell its 100% interest in the Minto copper mine to Pembridge Resources PLC (LON:PERE). Located about 240km north Whitehorse in Canada’s Yukon territory, the Minto mine is currently on care and maintenance.
Contingent on certain conditions, mainly that the mine reaches commercial production, Capstone will receive up to $20 million in installments from Pembridge for the sale.
Following the Minto sale, Capstone says it will shift its focus on the company’s other operations, including completing the strategic process for its 70%-owned Santo Domingo copper-iron project in Chile. Its other assets are two producing mines: the Pinto Valley mine located in Arizona and the Cozamin polymetallic mine in Zacatecas state, Mexico.
Shares of Capstone Mining rose by nearly 4% on Tuesday morning. The company has a market capitalization of approximately $163 million.