Proactiveinvestors United Kingdom Strategic Minerals PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Strategic Minerals PLC RSS feed en Mon, 17 Jun 2019 09:55:31 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Strategic Minerals still awaiting overdue US$4mln payment, preparing legal action ]]> https://www.proactiveinvestors.co.uk/companies/news/221766/strategic-minerals-still-awaiting-overdue-us4mln-payment-preparing-legal-action-221766.html Strategic Minerals PLC (LON:SML)(USOTC:SMCDY) has not yet received a US$4mln payment that was due on 7 June 2019 from a buyer of material from the company’s Cobre magnetite operation in the USA.

The client has been keeping Strategic Minerals informed of procedural delays to its funding lines and continues to indicate that payment is imminent. However, despite the client's assurances, Strategic Minerals now considers that it is in the best interests of shareholders to prepare a claim against the client which is likely to seek damages in excess of the amounts due.

WATCH: Redmoor study confirms its 'attractive returns' - Strategic Minerals' Alan Broome

"The company is hopeful that a non-litigious solution can be reached with the major Cobre client,” said John Peters, managing director of Strategic Minerals.

“However, in the best interests of shareholders, the board has agreed to prepare a claim in relation to potential lost profits associated with the balance of sales due under the contract. It is expected that this claim will be served shortly, and the company will keep the market apprised of developments in respect of this claim."

 

 

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Mon, 10 Jun 2019 08:11:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221766/strategic-minerals-still-awaiting-overdue-us4mln-payment-preparing-legal-action-221766.html
<![CDATA[RNS press release - Cobre Client Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190610070004_14103988/ Mon, 10 Jun 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190610070004_14103988/ <![CDATA[News - Strategic Minerals says initial payment date for Cornwall Resources shareholding acquisition deferred to 27 June ]]> https://www.proactiveinvestors.co.uk/companies/news/221117/strategic-minerals-says-initial-payment-date-for-cornwall-resources-shareholding-acquisition-deferred-to-27-june-221117.html Strategic Minerals PLC (LON:SML) has signed a Deed of Variation with New Age Exploration Limited (NAE) to defer the initial payment date for the acquisition of NAE's 50% shareholding in Cornwall Resources Limited (CRL) from 30 May 2019 to 27 June 2019. 

The AIM-listed producing mineral company, which is actively developing projects prospective for battery materials, said the deferral is to allow for the expected receipt of the funds from Cobre's major client, referred to in the company's announcement on 24 May 2019. 

READ: Strategic Minerals says unit reaches agreement with major client at Cobre in relation to arrears to date and payments

The firm added that all other terms remain unchanged except that, in consideration for NAE agreeing to these arrangements, it has agreed to pay NAE a postponement fee of A$10,000.

John Peters, Strategic Minerals’ managing director commented: "The deferral of the settlement date for the acquisition of the balance of CRL shares allows the Company to match expected cash flows within the SML group. 

“We thank NAE for working with us in this regard and this agreement reflects the close relationship developed over the past few years.”

Strategic Minerals said last week that its wholly-owned subsidiary, Southern Minerals Group (SMG) had reached an agreement with its major client at Cobre in relation to arrears to date and payments going forward, leading to the potential receipt of US$4.065mln within two weeks.

It added that the client had informed SMG that it anticipates having significant funds very shortly and asked it to refrain from progressing legal action for two weeks.

During this period, the company said, major client has agreed to pay arrears of US$375,000 and top up the existing deposit, held by SMG, by US$3,690,000.

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Wed, 29 May 2019 08:48:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221117/strategic-minerals-says-initial-payment-date-for-cornwall-resources-shareholding-acquisition-deferred-to-27-june-221117.html
<![CDATA[RNS press release - Redmoor Acquisition Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190529080001_14090386/ Wed, 29 May 2019 08:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190529080001_14090386/ <![CDATA[News - Strategic Minerals says unit reaches agreement with major client at Cobre in relation to arrears to date and payments ]]> https://www.proactiveinvestors.co.uk/companies/news/220907/strategic-minerals-says-unit-reaches-agreement-with-major-client-at-cobre-in-relation-to-arrears-to-date-and-payments-220907.html Strategic Minerals PLC (LON:SML) (USOTC:SMCDY) said its wholly-owned subsidiary, Southern Minerals Group (SMG) has reached an agreement with its major client at Cobre in relation to arrears to date and payments going forward, leading to the potential receipt of US$4.065mln within two weeks.

The AIM-listed producing mineral company, which is actively developing projects prospective for battery materials, added that the client has informed SMG that it anticipates having significant funds very shortly and has asked it to refrain from progressing legal action for two weeks.

READ: Strategic Minerals books profits on Cobre production, continues to fund development internally

It said, during this period, the major client has agreed to pay arrears of US$375,000 and top up the existing deposit, held by SMG, by US$3,690,000.

The major client has indicated that it wishes to negotiate the balance of the contract during June and has agreed to the increase in the deposit amount to reflect its good faith in this regard.

John Peters, Strategic minerals’ managing director commented: "SMG has now received written confirmation of the major client's intent to make payment of over US $4m in the next two weeks which would place the SML group in an attractive position to advance its various projects.

"The Company will keep the market fully informed of further developments and of the receipt of funds."

In afternoon trading, shares in Strategic Minerals were 12.9% higher at 1.75p.

 -- Adds share price --

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Fri, 24 May 2019 07:47:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220907/strategic-minerals-says-unit-reaches-agreement-with-major-client-at-cobre-in-relation-to-arrears-to-date-and-payments-220907.html
<![CDATA[RNS press release - Cobre Client Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190524072709_14086495/ Fri, 24 May 2019 07:27:09 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190524072709_14086495/ <![CDATA[Media files - Redmoor study confirms its 'attractive returns' - Strategic Minerals' Alan Broome ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13380/redmoor-study-confirms-its--attractive-returns----strategic-minerals--alan-broome-13380.html Thu, 16 May 2019 10:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13380/redmoor-study-confirms-its--attractive-returns----strategic-minerals--alan-broome-13380.html <![CDATA[News - Strategic Minerals says early modelling of its Cornish tin and tungsten project points to its world-class potential ]]> https://www.proactiveinvestors.co.uk/companies/news/220386/strategic-minerals-says-early-modelling-of-its-cornish-tin-and-tungsten-project-points-to-its-world-class-potential-220386.html Strategic Minerals PLC (LON:SML) managing director John Peters says a recent study of the company’s tin-tungsten project in Cornwall has confirmed its world class potential.

A preliminary assessment of the underground possibilities for the Redmoor asset by the consultants Wardle Armstrong concluded there is scope to mine 600,000 tonnes of ore a year for the next decade. That is based on a 7.1mln-tonne resource with a 1.09% tin equivalent grade.

WATCH: Redmoor study confirms its 'attractive returns' - Strategic Minerals' Alan Broome

Internal financial modelling of those numbers suggested the mine would have an internal rate of return of 19% and a net present value of US$94mln, funded by capital investment of US$89mln.

MD Peters said: “Using the results of this study, Strategic Minerals believes it has confirmed its view that Redmoor has the potential to be a world class tin and tungsten mine which will deliver attractive returns on investment.”

The current resource base at Redmoor is 11.7mln tonnes, though it currently sits in the inferred category. Strategic believes there is “significant exploration upside”.

Metallurgical testing, meanwhile, “confirms amenability of ore to gravity pre-concentration with good potential recoveries and grades”.

Further work will now be carried out to advance and further optimise the project as it heads towards a more formal pre-feasibility study, investors were told.

Strategic is the 50% owner of the Redmoor deposit, which is around 16 miles inland from Plymouth, and has a deal in place to acquire the remainder.

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Thu, 16 May 2019 07:45:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220386/strategic-minerals-says-early-modelling-of-its-cornish-tin-and-tungsten-project-points-to-its-world-class-potential-220386.html
<![CDATA[RNS press release - Updated Redmoor Scoping Study ]]> https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190516070003_14075808/ Thu, 16 May 2019 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190516070003_14075808/ <![CDATA[News - Strategic Minerals books profits on Cobre production, continues to fund development internally ]]> https://www.proactiveinvestors.co.uk/companies/news/220199/strategic-minerals-books-profits-on-cobre-production-continues-to-fund-development-internally-220199.html Strategic Minerals PLC (LON:SML)(USOTC: SMCDY) generated a profit of US$1.47mln in the year to December 2018.

That was marginally down from the profit of US$1.59mln generated in 2017.

WATCH: Strategic Minerals kicks off first sales from Leigh Creek in Australia

However, the company funded all project development internally during 2018, so the profit number comes in the context of significant progress at the Redmoor and Leigh Creek projects.

As at 31 December 2018, Strategic Minerals had cash of US$1.84mln.

The Cobre project delivered net cash flow of US$2.163mln during the period, down from US$3.8mln in 2017.

"2018 has seen the company build on the platform that sales at Cobre provide and has sought to develop a near term, second income stream at Leigh Creek copper mine,” said managing director John Peters. 

“At the same time, it has been active in driving the Redmoor tin-tungsten project and CARE exploration.”

The shares are up by more than 20% since January.

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Tue, 14 May 2019 08:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220199/strategic-minerals-books-profits-on-cobre-production-continues-to-fund-development-internally-220199.html
<![CDATA[RNS press release - Financial Results for Year Ended 31 December 2018 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190514070009_14072436/ Tue, 14 May 2019 07:00:09 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190514070009_14072436/ <![CDATA[News - Strategic Minerals now just a couple of weeks away from full control of Redmoor ]]> https://www.proactiveinvestors.co.uk/companies/news/220115/strategic-minerals-now-just-a-couple-of-weeks-away-from-full-control-of-redmoor-220115.html Strategic Minerals PLC (LON:SML) is now close to completing on its acquisition from New Age Exploration Ltd of the 50% of Cornwall Resources that it doesn’t already own.

Cornwall Resources is the joint venture vehicle holding the Redmoor tin and tungsten project located in Cornwall.

WATCH: Strategic Minerals to take full ownership of Redmoor

Binding contracts have now been signed, with an agreed settlement date of 30 May 2019.

The consideration of A$5mln will be paid progressively, with the first A$2mln due on settlement scheduled for 30 May 2019.

A further A$1mln will be due on 29 November 2019, with the following payments related to performance targets.

"SML and NAE have worked closely together to prepare final documentation for SML's purchase of NAE's 50% holding in Cornwall Resources Limited,” said John Peters, managing director of Strategic Minerals.

"Recent developments have shown the potential for the Redmoor tin and tungsten project to be a world class mine and, with the full control of the project, SML believes it can time its development to fit in with cash flows from Cobre and, shortly, Leigh Creek. This ability to manage cash flow requirements provides great confidence that the Redmoor project will progress in the future."

 

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Mon, 13 May 2019 08:37:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220115/strategic-minerals-now-just-a-couple-of-weeks-away-from-full-control-of-redmoor-220115.html
<![CDATA[RNS press release - Binding Contracts Signed on Redmoor Acquisition ]]> https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190513070007_14070684/ Mon, 13 May 2019 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190513070007_14070684/ <![CDATA[Media files - Strategic Minerals kicks off first sales from Leigh Creek in Australia ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13222/strategic-minerals-kicks-off-first-sales-from-leigh-creek-in-australia-13222.html Fri, 03 May 2019 12:11:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13222/strategic-minerals-kicks-off-first-sales-from-leigh-creek-in-australia-13222.html <![CDATA[News - Strategic Minerals makes first sales from Leigh Creek operation ]]> https://www.proactiveinvestors.co.uk/companies/news/219646/strategic-minerals--makes-first-sales-from-leigh-creek-operation-219646.html Strategic Minerals PLC (LON:SML) has made its first sales of copper cement from the Leigh Creek mine in Australia.

An initial shipment of five tonnes came from the Mountain of Light processing facility.

John Peters, managing director, said: "This first sale of high-grade copper concentrate, in the form of cement, firmly establishes LCCM as SML's second cash generating project." 

Peters added that while only a small sale, it helps form a blueprint for the larger production activities at Paltridge North and Rosmann East prospects. 

These are currently the focus of a feasibility study, which is due for completion in the second half of 2019. 

“Full operational production is scheduled for commencement late 2019/early in 2020."

Total production from the existing heap leach pads is forecast to be in the range of 150 tonnes to 180 tonnes of copper in cement.

An offtake agreement is in place with Adchem for all expected production.

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Fri, 03 May 2019 08:18:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219646/strategic-minerals--makes-first-sales-from-leigh-creek-operation-219646.html
<![CDATA[RNS press release - Sales Commence at Leigh Creek Copper Mine ]]> https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190503070002_14061749/ Fri, 03 May 2019 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190503070002_14061749/ <![CDATA[Media files - Redmoor has world-class 'written all over it' - Strategic Minerals' Jon Reynolds ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13151/redmoor-has-world-class--written-all-over-it----strategic-minerals--jon-reynolds-13151.html Tue, 30 Apr 2019 11:54:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13151/redmoor-has-world-class--written-all-over-it----strategic-minerals--jon-reynolds-13151.html <![CDATA[Media files - Strategic Minerals MD anticipates 'tsunami of cash' next year ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12979/strategic-minerals-md-anticipates--tsunami-of-cash--next-year-12979.html Fri, 12 Apr 2019 12:36:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/12979/strategic-minerals-md-anticipates--tsunami-of-cash--next-year-12979.html <![CDATA[News - Strategic Minerals produces first copper cement from Leigh Creek ]]> https://www.proactiveinvestors.co.uk/companies/news/218405/strategic-minerals-produces-first-copper-cement-from-leigh-creek-218405.html Strategic Minerals PLC (LON:SML) has produced its first tonne of copper cement from Leigh Creek in South Australia.

The cement contained 70% copper and was processed at the Mountain of Light plant.

WATCH: Strategic Minerals MD anticipates 'tsunami of cash' next year

Drilling at Leigh Creek’s Paltridge North prospect, meanwhile, has been raised by 46% to a JORC compliant 10,800 copper metal tonnes.

Strategic wants to be Australia's largest copper cement producer by mid-2020.

John Peters, managing director said:  "The restart of production in 13 months from acquisition has reinforced the Board's confidence that the acquisition of LCCM [Leigh Creek] will prove to be a major value added asset and will provide significant on-going after tax cash flows from 2020.

At the Cobre tailings facility in New Mexico, maintenance work by its two main customers meant deliveries of iron ore fell to 9,472 tonnes from 42,401t as they suspended operations.

June should see normal deliveries resume said Peters. 

A drone survey over the tailings dumps at Cobre had also indicated 71,000 tons of material, which is sufficient for a further seven years of operations subject to current arrangements continuing.

"The June quarter is expected to be another pivotal time for the company, with the expected resumption of copper production from the existing heaps at Leigh Creek and the acquisition of the other half of the Redmoor Tin/Tungsten project.”

Cash at the quarter-end was US$1.24mln.

Net cash flow from Cobre was $0.21mln for the quarter and impacted by one of the clients failing to make a $0.375mln payment due in the quarter. 

Discussions with the client are underway but Strategic has issued a demand for payment.

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Thu, 11 Apr 2019 09:10:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218405/strategic-minerals-produces-first-copper-cement-from-leigh-creek-218405.html
<![CDATA[RNS press release - Leigh Creek Production and Resource Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190411070014_14036873/ Thu, 11 Apr 2019 07:00:14 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190411070014_14036873/ <![CDATA[RNS press release - Q1 Cobre Magnetite Sales and Cash Balance Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190411070004_14036805/ Thu, 11 Apr 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190411070004_14036805/ <![CDATA[News - Strategic Minerals now set to gain full control of Redmoor on May 30 ]]> https://www.proactiveinvestors.co.uk/companies/news/218130/strategic-minerals-now-set-to-gain-full-control-of-redmoor-on-may-30-218130.html Strategic Minerals PLC (LON:SML)(USOTC:SMCDY) will complete on the acquisition of the 50% stake in Cornwall Resources that it is acquiring from New Age Exploration Ltd, on 30 May 2019.

The news comes after New Age Exploration established that it isn’t required to refer the decision to sell the stake to a general meeting of its shareholders.

WATCH: Strategic Minerals to take full ownership of Redmoor

Cornwall Resources is the joint venture vehicle that is currently developing the Redmoor tin and tungsten project in Cornwall.

“Recent meetings with wholesale mining investment funds have highlighted the level of interest that the Redmoor tin-tungsten project has engendered,” said John Peters, managing director of Strategic Minerals.

"We are pleased that subject to standard documentation, the contract will settle at the end of May 2019 and the company will gain full control on project timing and investment. The company looks forward to developing Redmoor to pre-feasibility status, at which time it believes it can better demonstrate the project's underlying value to the market."

 

 

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Mon, 08 Apr 2019 08:24:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218130/strategic-minerals-now-set-to-gain-full-control-of-redmoor-on-may-30-218130.html
<![CDATA[RNS press release - Redmoor Acquisition Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190408070006_14031641/ Mon, 08 Apr 2019 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190408070006_14031641/ <![CDATA[Media files - Strategic Minerals to take full ownership of Redmoor ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12638/strategic-minerals-to-take-full-ownership-of-redmoor-12638.html Tue, 19 Mar 2019 08:49:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12638/strategic-minerals-to-take-full-ownership-of-redmoor-12638.html <![CDATA[News - Strategic Minerals to move to 100% ownership of the Redmoor tin-tungsten project ]]> https://www.proactiveinvestors.co.uk/companies/news/216621/strategic-minerals-to-move-to-100-ownership-of-the-redmoor-tin-tungsten-project-216621.html Strategic Minerals PLC (LON:SML)(USOTC:SMCDY) is to acquire 100% ownership in the Redmoor tin and tungsten project in Cornwall after it entered into arrangements with New Age Exploration Limited to acquire its entire 50% shareholding for a maximum consideration of £2.66 mln.

The money will be payable in three stages.

WATCH: Strategic Minerals' Alan Broome on 'world-class' Redmoor and 'exciting' Leigh Creek assets

The first payment of £1.06mln will be paid in cash within 30 days of New Age Exploration shareholders approving the deal.

The second payment will take the form of a £540,000 promissory note, payable 180 days after settlement.

A royalty stream of 1.5% will be retained by New Age Exploration, but this will be capped at £1.06mln.

"The recent resource upgrade has highlighted the potential world-class nature of the Redmoor tin-tungsten project and has given the board confidence to consolidate control,” said Strategic Minerals director John Peters.

“To date, SML has progressed Redmoor in conjunction with its joint venture partner, NAE, and is delighted that this opportunity has arisen to acquire total control of the project. Whilst the company has sufficient cash resources to fund the acquisition of NAE's interest in Redmoor, it is exploring non-dilutive funding alternatives with a select group of potential investors, at both a holding company and project level.”

 

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Mon, 18 Mar 2019 08:19:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216621/strategic-minerals-to-move-to-100-ownership-of-the-redmoor-tin-tungsten-project-216621.html
<![CDATA[RNS press release - Strategic Minerals to Acquire Balance of Redmoor ]]> https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190318070004_14004974/ Mon, 18 Mar 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190318070004_14004974/ <![CDATA[Media files - Strategic Minerals' Alan Broome on 'world-class' Redmoor and 'exciting' Leigh Creek assets ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12593/strategic-minerals--alan-broome-on--world-class--redmoor-and--exciting--leigh-creek-assets-12593.html Thu, 14 Mar 2019 08:20:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12593/strategic-minerals--alan-broome-on--world-class--redmoor-and--exciting--leigh-creek-assets-12593.html <![CDATA[RNS press release - Purchase of Shares/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190312133001_13999360/ Tue, 12 Mar 2019 13:30:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190312133001_13999360/ <![CDATA[Media files - Strategic Minerals makes significant step towards full scale Leigh Creek production ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12510/strategic-minerals-makes-significant-step-towards-full-scale-leigh-creek-production-12510.html Thu, 07 Mar 2019 11:28:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12510/strategic-minerals-makes-significant-step-towards-full-scale-leigh-creek-production-12510.html <![CDATA[News - Strategic Minerals lifted as it plans to restart copper production at Mountain of Light processing facility ]]> https://www.proactiveinvestors.co.uk/companies/news/215977/strategic-minerals-lifted-as-it-plans-to-restart-copper-production-at-mountain-of-light-processing-facility-215977.html Strategic Minerals PLC (LON:SML) shares were lifted on Thursday after saying it plans to restart copper production at the Leigh Creek copper mine’s Mountain of Light (MoL) processing facility in April.

John Peters, managing director of the exploration firm, said the restart was “a significant step” toward full-scale production at the project, which is scheduled for late 2019 and early 2020.

To help with the restart Strategic is working with PPM Global, a company that had previously worked at the MoL plant and is in charge of refurbishing and managing a trial restart of operations.

The MoL plant operates using heap leach pads, a technique where chemicals are fed through ore and dissolve the metal, after which electricity is used to separate it from the rest of the solution. This is normally more profitable when used on low-grade ore.

Peters added that while the operations at MoL were due to start in April, the first shipment of copper was not expected from the plant for three months afterwards.

Regarding the restart of full-scale production at Leigh Creek, the company said a feasibility study for the Paltridge North and Rosmann East deposits at the site was “well advanced” and expected a resource estimate by the late second quarter or early third quarter of 2019.

Drilling results at the two deposits released in February returned strong copper grades.

In late-morning trading, shares were up 1.5% at 1.7p.

--Adds share price--

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Thu, 07 Mar 2019 07:58:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215977/strategic-minerals-lifted-as-it-plans-to-restart-copper-production-at-mountain-of-light-processing-facility-215977.html
<![CDATA[RNS press release - Leigh Creek Copper Mine Production Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190307070005_13993099/ Thu, 07 Mar 2019 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190307070005_13993099/ <![CDATA[RNS press release - Issue of Final Shares for Leigh Creek Copper Mine ]]> https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190304070006_13988206/ Mon, 04 Mar 2019 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190304070006_13988206/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190228070005_13984380/ Thu, 28 Feb 2019 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190228070005_13984380/ <![CDATA[RNS press release - Exercise of Options and Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190219070013_13973550/ Tue, 19 Feb 2019 07:00:13 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190219070013_13973550/ <![CDATA[Media files - Leigh Creek on cusp of constant cash flow for Strategic Minerals ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12277/leigh-creek-on-cusp-of-constant-cash-flow-for-strategic-minerals-12277.html Tue, 19 Feb 2019 05:10:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12277/leigh-creek-on-cusp-of-constant-cash-flow-for-strategic-minerals-12277.html <![CDATA[News - Strategic Minerals returns strong copper grades from Leigh Creek drilling ]]> https://www.proactiveinvestors.co.uk/companies/news/214786/strategic-minerals-returns-strong-copper-grades-from-leigh-creek-drilling-214786.html Strategic Minerals PLC (LON:SML)(USOTC:SMCDY) has revealed assay results from diamond drilling at the Paltridge North and Rosmann East prospects on the Leigh Creek copper project in South Australia.

The Paltridge North assays comprise the full drill programme, support the historic results and highlight areas of higher-grade copper, including one metre grading 8.7%. 

READ: Strategic Minerals has big year ahead on four fronts

Significant other intersections include 26.2 metres grading 1.14% copper, 28.4 metres grading 1.17%, and 24 metres grading 1.15%.

Six of the 10 holes have an intersection average of 1.34% which is significantly greater than the resource average of 0.81%

Meanwhile, the initial Rosmann East hole extends mineralisation significantly below the existing pit floor. An additional six holes have been completed with results to follow. 

"The Paltridge North deposit assays, arising from the first diamond drilling programme for 32 years, have delivered better than expected results and provide the SML Board confidence that Paltridge North could be a significant copper producer in the near future,” said managing director John Peters. 

"Additionally, the assays from the first hole at the Rosmann East deposit support potential additional mineralisation below the existing open pit floor. This is good news due to the ease of accessibility to this ore.”

 

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Mon, 18 Feb 2019 07:50:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214786/strategic-minerals-returns-strong-copper-grades-from-leigh-creek-drilling-214786.html
<![CDATA[RNS press release - Leigh Creek Copper Mine Drilling Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190218070008_13971957/ Mon, 18 Feb 2019 07:00:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190218070008_13971957/ <![CDATA[Media files - Strategic puts Redmoor tin mine back on the map ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12228/strategic-puts-redmoor-tin-mine-back-on-the-map-12228.html Thu, 14 Feb 2019 08:38:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12228/strategic-puts-redmoor-tin-mine-back-on-the-map-12228.html <![CDATA[News - Strategic Minerals shows Redmoor project’s “world class” potential ]]> https://www.proactiveinvestors.co.uk/companies/news/214614/strategic-minerals-shows-redmoor-projects-world-class-potential-214614.html Strategic Minerals plc (LON:SML) highlighted the world-class potential of the Redmoor project as it revealed a new mineral resource estimate.

It was estimated that Redmoor contains some 137,000 tonnes of inferred tin resources, up from 45,000 tonnes.

Overall the resource amounted to 11.7mln tonnes of material with a tin equivalent grade of 1.17%.

WATCH: Strategic puts Redmoor tin mine back on the map

The new estimates follow a successful phase of drilling during 2018, and, the company highlighted the improvement from the prior estimate – a 200% rise in contained metal, 160% increase in resource tonnes, and 17% tin equivalent.

Redmoor now ranks as one of the leading undeveloped tin-tungsten mining projects in the world, the company said.

"In the company's view, the independent assessment of the inferred tin equivalent resource highlights the world-class potential of the Redmoor project and sets an important milestone,” said Peter Wale, executive director.

“The significantly upgraded resource statement validates the strong drilling results received during the 2018 programme.

“This provides the company and its joint venture partner, New Age Exploration, confidence to progress towards the goal of restarting mining at Redmoor.”

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Thu, 14 Feb 2019 07:39:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214614/strategic-minerals-shows-redmoor-projects-world-class-potential-214614.html
<![CDATA[RNS press release - Redmoor Mineral Resource Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190214070003_13968766/ Thu, 14 Feb 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190214070003_13968766/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190131070003_13952646/ Thu, 31 Jan 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190131070003_13952646/ <![CDATA[Media files - Strategic Minerals on track for production this year at Leigh Creek says MD Peters ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11991/strategic-minerals-on-track-for-production-this-year-at-leigh-creek-says-md-peters-11991.html Fri, 25 Jan 2019 13:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11991/strategic-minerals-on-track-for-production-this-year-at-leigh-creek-says-md-peters-11991.html <![CDATA[News - Strategic Minerals has big year ahead on four fronts ]]> https://www.proactiveinvestors.co.uk/companies/news/213174/strategic-minerals-has-big-year-ahead-on-four-fronts-213174.html  

What Strategic Minerals owns

Cobre (iron ore): In 2011, subsidiary Southern Minerals acquired the rights to operate the Cobre magnetite stockpile in New Mexico where currently there are six years of tailings reserves.

Central Australian Rare Earths (nickel sulphide, cobalt): In 2016, the company funded a drilling programme at the highly prospective Hanns Camp located within CARE's Laverton Project. CARE holds tenements and has access to mining rights for cobalt, nickel, and rare earth elements in these tenements in Western Australia.

Leigh Creek (copper): Strategic acquired the rights to the old copper mine situated in the North Flinders Ranges of South Australia, 500km north of Adelaide in 2018. The project comprises three sites: Mountain of Light; Paltridge and Rosmann East.

Redmoor (50%-owned; tin, tungsten): Located 25km from Plymouth, and 40km from the Drakelands (Hemerdon) tungsten mine and processing plant. Cornwall Resources Limited, a joint venture with New Age Exploration, holds the Redmoor licence.

What the company says

“We’re focussed on materials for the future,” says Alan Broome, non-executive chairman.

“And we’re not guessing either. We’re using information from reliable analysts from investment banks.”

Broome also highlights analysis from MIT as supporting the choices Strategic Minerals has made.

“MIT’s top in-demand material for the future is tin,” says Broome.

“And we have that at Redmoor in the UK. The seventh on the list is tungsten, which is also found at Redmoor. And in between are cobalt and nickel, both of which occur at the Hanns Camp and Central Australian Rare Earths projects.”

Strategic Minerals PLC (LON:SML) also has copper at the Leigh Creek property in South Australia, where drilling is currently underway.

READ: Strategic Minerals will shortly be adding a second income stream, as it contin ues to focus on the metals of the future READ:Strategic Minerals upbeat over Redmoor as final assays impress

 

Inflection points

Updated resource at Redmoor (due this quarter)

New customers at Cobre

Leigh Creek production starts 

  What broker SP Angel says

"The 2018 drilling programme at Redmoor has improved the understanding of the geometry, orientation and scale of the sheeted vein system at Redmoor and shown elevated grades of both copper and of tungsten in parts of the mineralised system.

"The forthcoming mineral resources update is likely to shed light on these relationships and show an increased footprint for the mineralisation as a whole as the drilling has increased the coverage both laterally and at depth."

Strategic Minerals is worth £25.6mln at 1.82p.

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Wed, 23 Jan 2019 13:15:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213174/strategic-minerals-has-big-year-ahead-on-four-fronts-213174.html
<![CDATA[News - Strategic Minerals upbeat over Redmoor as final assays impress ]]> https://www.proactiveinvestors.co.uk/companies/news/213141/strategic-minerals-upbeat-over-redmoor-as-final-assays-impress-213141.html Strategic Minerals PLC (LON:SML) is confident it can expand the mineral resource at the Redmoor tin/tungsten deposit in Cornwall after strong results from the final four assays in the latest drill programme.

Average tin grades for the whole programme were significantly higher than the existing resource, said Strategic.

WATCH: Strategic Minerals on track for production this year at Leigh Creek says MD Peters

The best intercept recorded 5.13% tin over a narrow width, while best equivalents (including tungsten and other metals) were between 10.5% and 26.2%.

Redmoor is being developed by CRL, a joint venture between Strategic and Aussie group New Age Exploration.

An upgrade to the current resource is expected this quarter.

Peter Wale, an executive director at Strategic, added: "These impressive assay results show great scope to increase both the resource tonnage and grade at Redmoor.

"It is also pleasing to note that the Board's long-term view on the impact of supply and demand factors on tin prices has been reflected in the recent recovery in tin prices, which are now above $20,000 per tonne.”

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Wed, 23 Jan 2019 08:41:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213141/strategic-minerals-upbeat-over-redmoor-as-final-assays-impress-213141.html
<![CDATA[RNS press release - Final 2018 Redmoor Drilling Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190123070003_13943348/ Wed, 23 Jan 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190123070003_13943348/ <![CDATA[News - Strong sales at Cobre once again as Strategic Minerals gears up for production at Leigh Creek ]]> https://www.proactiveinvestors.co.uk/companies/news/212665/strong-sales-at-cobre-once-again-as-strategic-minerals-gears-up-for-production-at-leigh-creek-212665.html Strategic Minerals PLC (LON:SML) saw its shares gain on Wednesday as the miner told investors its “primary focus” for the year ahead is to get its Leigh Creek copper project in South Australia back into production.

AIM-quoted Strategic completed the acquisition of the property, which sits within a known copper-rich belt, almost a year ago and has been working ever since to bring it into operation.

READ: Strategic Minerals obtains extension to Cobre magnetite stockpile

Plans are progressing for the production of 200 tonnes of 70% copper concentrate per month, to be sold at 85% of the London Metals Exchange (LME) price.

New areas have been drilled to expand development options and only last month, Strategic confirmed it had intersected more “significant copper mineralisation” at the Rosmann East pit.

Speaking back then, chief executive John Peters said production at Leigh Creek could begin in the first half of this year.

Much like mining giant BHP Group PLC (LON:BHP), Strategic is supporting the work at Leigh Creek with cash flow from magnetite – a bulk commodity that is commonly sold to markets involved in producing materials such as cement, fertiliser, magnets, toner, and paint pigments.

Cobre continues to perform strongly

Since it first came onstream back in 2012, Strategic’s Cobre magnetite tailings project in New Mexico has enjoyed a consistent track record of production, something which continued throughout 2018.

In the final quarter of last year, the company sold almost 11,000 tonnes of magnetite ore for US$633,000. Over the course of 2018, Strategic sold 54,600 tonnes of ore which brought in US$3.35mln, with much of that money reinvested back into the company.

Those numbers are above its historical averages, although they are down on 2017, when the introduction of a major customer skewed the results slightly.

At the end of December, Strategic had US$1.84mln of cash in the bank, compared with US$1.77mln in September.

‘Good progress all-round’

“The December quarter saw the company's long-term prospects benefitting in both volume and grade from receipt of assay results identifying bonanza style tin equivalent deposits at Redmoor and additional deposits and higher Copper grades likely to expand the existing JORC copper resource at Leigh Creek,” said CEO Peters.

“Strong ongoing sales at Cobre and the early rollover of access to the tailings stockpile announced earlier this week ensures that SML is in great financial shape as 2019 begins. Funds generated are being focused on developing the company's three other projects.”

He added: “Undoubtedly, the primary focus of 2019 will be the re-commencement of operations at Leigh Creek copper mine, where the board is increasingly excited by the growing prospects for the life and scope of the project, as well as the positive impact a second long-term cash flow generating asset will have on the company.”

In early afternoon trading, Strategic Minerals' shares were 1.5% higher at 1.65p.

 -- Adds share price --

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Wed, 16 Jan 2019 07:46:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/212665/strong-sales-at-cobre-once-again-as-strategic-minerals-gears-up-for-production-at-leigh-creek-212665.html
<![CDATA[RNS press release - Q4 Cobre Magnetite Sales and Cash Balance Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190116070002_13935842/ Wed, 16 Jan 2019 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190116070002_13935842/ <![CDATA[News - Strategic Minerals jumps as subsidiary obtains extension to access Cobre magnetite stockpile ]]> https://www.proactiveinvestors.co.uk/companies/news/212492/strategic-minerals-jumps-as-subsidiary-obtains-extension-to-access-cobre-magnetite-stockpile-212492.html Strategic Minerals PLC (LON:SML) shares jumped in mid-morning trading Monday after its subsidiary, Southern Minerals Group, obtained an early extension to its access of the Cobre magnetite stockpile in New Mexico.

The mineral resource firm said the contract exchanged granted access to the stockpile until 31 March 2020, with annual access to automatically rollover on 31 March each year thereafter unless written notice is provided at least one month prior.

WATCH: Strategic Minerals 'exceptionally pleased' as Leigh Creek drilling hits further mineralisation

Magnetite is an iron ore mineral that is commonly sold to markets involved in producing materials such as cement, fertiliser, magnets, toner, and paint pigments.

John Peters, managing director of Strategic Minerals, said the early rollover was “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”.

He added that while the company expected access to Cobre to continue until the stockpile was exhausted in 6+ years’ time, the early rollover was “strategically significant” as it ensured access to “positive cash flows” while the firm prepared to commence its second income stream from the Leigh Creek copper mine in South Australia.

Shares were up 5.3% at 1.5p.

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Mon, 14 Jan 2019 10:50:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/212492/strategic-minerals-jumps-as-subsidiary-obtains-extension-to-access-cobre-magnetite-stockpile-212492.html
<![CDATA[RNS press release - Early Extension of Cobre Access ]]> https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190114093138_13933413/ Mon, 14 Jan 2019 09:31:38 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20190114093138_13933413/ <![CDATA[RNS press release - Exercise of Options and Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20181221111054_13913267/ Fri, 21 Dec 2018 11:10:54 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3790/LSE20181221111054_13913267/