London-listed Pembridge Resources will purchase Capstone Mining's Minto copper mine in a deal that could total $20 million based on future price performance, but does not guarantee any money will change hands at current levels.
Pembridge will pay Capstone $5 million once Minto has reached 60% mill capacity, another $5 million when that capacity is reached and the copper price has averaged over $3 per lb ($6,615 per tonne) for two consecutive quarters, and another $10 million payment once the copper price has averaged $3.50 per lb ($7,717 per tonne) for two consecutive quarters.The three-month copper contract on the London Metal Exchange ended the official trading session at $5,819-5,820...