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Strategic Minerals extends access to ore stockpile in New Mexico

We have a good working relationship with the mine owner and, on this basis, it would suggest that the contract will ultimately continue to rollover until the entire stockpile is removed"
agreement, handshake
The latest contract runs to March 2019

Strategic Minerals PLC (LON:SML) told investors that it has extended its access to the Cobre magnetite stockpile in New Mexico, through to March 31, 2019.

The company has a contract with the owner of the Cobre mine, giving it access to the stockpile, and it is subject to an annual extension.

"We are delighted to have our access at Cobre extended until April 2019 considering our expectation that the strong sales achieved in 2017 will continue this year,” said John Peters, Strategic Minerals managing director in a statement on Friday.

“We have a good working relationship with the mine owner and, on this basis, it would suggest that the contract will ultimately continue to rollover until the entire stockpile is removed.

“The expected Cobre sales and existing cash balances place the company in a strong position from which we hope to be able to internally fund exploration programmes at Hanns Camp/Mount Weld and Redmoor and provide capital to restart the Leigh Creek Copper Mine operations.”

Peters added: “The board believes that the contract extension augurs well for another important year for the company."

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