Strategic Minerals PLC (LON:SML) has extended its rights to the Cobre tailing stockpile in New Mexico for another year.
The contract is currently subject to an annual extension and Strategic Minerals has received confirmation from Cobre's owner that the contract will be renewed until 28 February 2018.
Strategic Minerals added that it is in talks with the mine owner the access rights at Cobre magnetite for a longer period.
John Peters, Strategic Minerals managing director, said: "Our on-going dialogue with the mine owner is progressing and we hope to secure a more permanent, mutually beneficial arrangement for future operations at Cobre.”