Strategic Minerals PLC (LON:SML) (OTCMKTS:SMCDY) remains in good shape, according to its managing director John Peters.
He was commenting in an update on operations, in which the company highlighted its continuing access to cashflow from the Cobre stockpile, progress at the company’s Leigh Creek copper mine development, and continuing exploration at Redmoor which will largely be funded this year by holding company Cornwall Resources.
There has also been progress on arbitration related to a dispute around a purchaser of material from Cobre, the group added.
"Progress continues across all the company's projects and, although this has necessarily slowed, this reflects both changes in market conditions and a cautious approach by the board,” Peters said in the statement.
“We are encouraged to see the arbitration process move forward at minimal cost, and remain of the opinion that we have a strong claim in respect of the contract value in excess of US$21mln, although we remain cautious on the ultimate outcome.”
He added: “SML has full control over three exceptional projects, one of which provides sufficient cashflow to cover the Company's fixed corporate overheads and minimum commitments. This provides the company considerable optionality to monetise each at the most appropriate time in commodity price cycles. The board considers this sustainable flexibility an enviable position to be in with a solid platform for future growth."