Strategic Minerals PLC Cobre Sales Contract Further Update (8500P)
May 31 2018 - 6:13AM
UK Regulatory
TIDMSML
RNS Number : 8500P
Strategic Minerals PLC
31 May 2018
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.
31 May 2018
Strategic Minerals plc
("Strategic Minerals", "SML" or the "Company")
Cobre Sales Contract Further Update
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing
mineral company actively developing projects prospective for
battery materials, wishes to inform the market that its wholly
owned subsidiary, Southern Minerals Group ("SMG"), operator of
SML's Cobre magnetite stockpile in New Mexico, USA ("Cobre"), has
agreed in principle a future plan for magnetite supply arrangements
with its largest customer.
SMG's client continues to progress its applications for
environmental planning but has not, as yet, received approval. SML
has been working with the client to ensure that, irrespective of
the progress of the applications, SMG will be in a similar position
to that which it would have, had its underlying contract with the
client been applied. An agreement in-principle has been reached
with the client; documentation is currently being finalised and is
expected to be signed in the coming weeks.
A further update with full details will be disclosed once this
agreement has been signed.
Commenting, Peter Wale, Non-Executive Director of Strategic
Minerals, said:
"The discussions with our largest customer have been extremely
encouraging and we are pleased with the proposal which has been
agreed in principle. This demonstrates the long-term partnership
and mutually beneficial relationship we expect to have with them at
Cobre, whilst also reflecting the close working relationship that
Strategic Minerals and Southern Minerals Group have with all our
clients and partners across each area of our business."
For further information, please contact:
+61 (0) 414 727
Strategic Minerals plc 965
John Peters
Managing Director
www.strategicminerals.net
Follow Strategic Minerals on:
Vox Markets: https://www.voxmarkets.co.uk/company/SML/
Twitter: @SML_Minerals
LinkedIn: https://www.linkedin.com/company/strategic-minerals-plc
+44 (0)20 3470
SP Angel Corporate Finance LLP 0470
Nominated Adviser and Broker
Ewan Leggat
Laura Harrison
+44 (0)20 3735
Yellow Jersey PR 8825
Financial PR
+44 (0)7747 788
Charles Goodwin 221
+44 (0)7769 325
Joe Burgess 254
+44 (0)7951 402
Henry Wilkinson 336
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 development projects orientated to supplying the
burgeoning electric vehicle/battery market.
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 and the Northern Territory that are
prospective for cobalt, gold, nickel sulphides and rare earth
elements. The Company has since acquired all shares in Central
Australian Rare Earths Pty Ltd.
In May 2016, an additional exploration asset was acquired when
the Company entered into an agreement with New Age Exploration
Limited to acquire up to 50% of the Redmoor Tin/Tungsten project in
Cornwall, UK. This 50% acquisition was completed in February 2017
and a drilling programme completed in 2017 resulted in a
significant upgrade of the resource.
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.
END
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