Early Extension of Cobre Access
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
14 January 2019
Strategic Minerals plc
("Strategic Minerals", "SML" or the "Company")
Early Extension of Cobre Access
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing mineral company actively developing projects prospective for battery materials, is pleased to announce that its wholly owned subsidiary, Southern Minerals Group ("SMG") has successfully obtained an early rollover of access to the Cobre magnetite stockpile. Contracts exchanged provide for the access to be extended until 31 March 2020. Annual access will automatically rollover on 31 March each year thereafter (the "rollover date"), unless written notice is provided not less than one month prior to the rollover date.
Commenting, John Peters, Managing Director, Strategic Minerals said:
"The early rollover of access to the Cobre magnetite stockpile is a testament to the close working relationship SMG, and its President Clovis Hooper, has with the mine manager and their faith in the quality of the operational and safety procedures conducted by SMG.
While the Company considers that access to the Cobre magnetite stockpile will continue to be provided until exhausted (6+ years), this early rollover is strategically significant for the Company as it ensures access to positive cash flows while it prepares to commence its second income stream from Leigh Creek Copper Mine.
I look forward to providing the quarterly sales update later this week."
|
|
|
|
|
Strategic Minerals plc |
+61 (0) 414 727 965 |
|
|
John Peters |
|
|
|
Managing Director |
|
|
|
|
||
|
|
|
|
|
Follow Strategic Minerals on: |
|
|
|
Vox Markets: |
||
|
Twitter: |
||
|
LinkedIn: |
||
|
Facebook: |
https://www.facebook.com/search/top/?q=strategic%20minerals%20plc |
|
|
|
|
|
|
SP Angel Corporate Finance LLP |
+44 (0)20 3470 0470 |
|
|
Nominated Adviser and Broker |
|
|
|
Ewan Leggat |
|
|
|
Laura Harrison |
|
|
Notes to Editors
Strategic Minerals Plc is an AIM-quoted, operating minerals company actively developing projects prospective for battery materials. It has an operation in the United States of America and development projects in the UK and Australia. The Company is focused on utilising its operating cash flows, along with capital raisings, to develop high quality projects aimed at supplying the metals and minerals being sought in the burgeoning electric vehicle/battery market.
In September 2011, Strategic Minerals acquired the Cobre magnetite tailings dam project in New Mexico, USA, a cash-generating asset, which it brought into production in 2012 and which continues to provide a revenue stream for the Company. This operating revenue stream is utilised to cover company overheads and invest in its development projects.
In January 2016, the portfolio was expanded with the acquisition of shares in Central Australian Rare Earths Pty Ltd, which holds tenements in Western Australia that are prospective for cobalt, nickel sulphides and rare earth elements. The Company has since acquired all shares in Central Australian Rare Earths Pty Ltd. In September 2018, the Company sold certain CARE tenements that had been identified as gold targets.
In May 2016, the Company entered into an agreement with New Age Exploration Limited and, in February 2017, acquired 50% of the Redmoor Tin/Tungsten project in Cornwall, UK. The bulk of the funds from the Company's investment were utilised to complete a drilling programme that year. The drilling programme resulted in a significant upgrade of the resource. The 2018 drill programme has almost complete and has provided the best assay results to date.
In March 2018, the Company completed the acquisition of the Leigh Creek Copper Mine situated in the copper rich belt of South Australia and is currently working to bring this into operation in 2019.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
Latest directors dealings
- 20 minutes ago GSK
- 21 minutes ago 3i Group
- 1 hour ago M&G
- 1 hour ago AJ Bell
- 1 hour ago Pembroke Vct B