Sumitomo Canada Limited (“Sumitomo”) purchased offtake extension on the Minto Mine as well as an extension and increase of a prepayment facility with Minto Metals Corp. (“Minto”).
In the agreement, Sumitomo agrees to purchase 100% of the copper concentrate produced at the Minto Mine during the additional 4 years based on 50,000 dmt/year of concentrate production. The new extension agreement is effective as of May 16, 2022, and continues until the additional 200,000 dmt are produced.
In conjunction with the off-take agreement, Sumitomo has agreed to extend and increase its prepayment facility with Minto to $17.5 million dollars.
Fasken represented Sumitomo with a team led by Johanna Fipke and that included Brent Lewis.
- British Columbia