logo-loader
viewStrategic Minerals PLC

Strategic Minerals makes first payment for 50% stake in Redmoor project ahead of schedule

Payments of A$300,000 are to be made quarterly under a payments plan, with the next instalment due at the end o9f January

Strategic Minerals PLC - Strategic Minerals makes first payment for 50% stake in Redmoor project ahead of schedule

Strategic Minerals PLC (LON:SML) has made its first payment for a 50% stake in the Redmoor Tin-Tungsten project in Cornwall ahead of schedule.

The explorer said that it had made the A$300,000 payment to New Age Exploration Limited (ASX:NAE) in line with a revised payment schedule agreed in July, the payment had been scheduled for 31 October.

READ: Strategic Minerals receives R&D-related funding

Payments of A$300,000 are to be made quarterly under the plan, with the next instalment due on 31 January 2020, the total cost of the stake will amount to A$3mln.

“The early payment by the Company reflects the Board's commitment to completing the transaction and the efforts to manage cash flow effectively to ensure continuity of progress on the Company's key projects", said John Peters, SML’s managing director.

In early afternoon trading on Tuesday, Strategic Minerals’ shares were steady at 0.8p.

Quick facts: Strategic Minerals PLC

Price: 0.5565 GBX

AIM:SML
Market: AIM
Market Cap: £8.17 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Strategic Minerals PLC named herein, including the promotion by the Company of Strategic Minerals PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

The rare earths they call strategic minerals

Rare earths analyst Christopher Ecclestone talks us through the growing global demand for this specific suite of 11 minerals needed for magnets, EVs and wind turbines. Chris explains how China's creeping dominance in the space is worth tracking and what investors should keep an eye out for...

on 1/10/19

2 min read