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Strategic Minerals announces board changes and current priorities


Executive chairman of Strategic Minerals (LON:SML) James Fyfe has resigned with immediate effect, the iron ore focused firm said, as it outlined current priorities.

Also resigning immediately is non-exec director George Cardona.

Strategic said it aims to appoint a non-executive chairman as soon as possible to replace Fyfe. In the meantime, Julien McInally will become executive chairman.

The firm aims to secure further mining expertise on the board, however, it said, it was "well served" by McInally, Hobbs and Griffiths, all of whom have significant resources experience.

McInally told investors: "The company is laying the platform for growth and has sold 68% of its prior year's domestic sales tonnage in the first four months of this financial year.

"With the ramp up of domestic sales, the business is well placed to progress the strategy of acquiring additional opportunities for the portfolio and build the value proposition for shareholders."

The three current priorities for the company are:

- pursuing domestic sales of magnetite iron ore from the Cobre project in New Mexico.

- increasing its portfolio with additional near term, low capital cost stockpile opportunities in both iron ore and other Strategic Minerals.

- evaluating the company's overheads to reduce administrative expenditure.

Shares rose 4.55% to 0.575p.


Quick facts: Strategic Minerals PLC


Price: 0.45 GBX

Market Cap: £8.59 m

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