Strategic Minerals PLC (LON:SML) said the exchange of contracts on its acquisition of the Leigh Creek copper mine has been delayed.
The company said the delay was occasioned by the need to satisfy a number of conditions associated with the purchase being of an existing company, inclusive of mineral rights. These are primarily administrative in nature.
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It was not possible to get these sorted before the Christmas break, but the minerals company reckons that binding contracts should be exchanged in the coming weeks and settlement will occur once all conditions precedents are met.
The transaction will still need to be cleared by the Australian Foreign Investment Review Board.
"We have no concerns about completing the transaction but want to ensure that all procedures are completed properly to reduce risk to the company," said John Peters, the managing director of Strategic Minerals.
The shares fell to 2.11p on the news, down from 2.35p overnight.