logo-loader
viewStrategic Minerals PLC

Strategic Minerals says Cobre operations uninterrupted by partial lockdown in New Mexico, USA

Strategic Minerals has assets in the UK, in Australia, and the USA

Strategic Minerals PLC -

Strategic Minerals PLC (LON:SML)(USOTC:SMCDY) has confirmed that operations at the Cobre magnetite stockpile have been unaffected by the recent decision of the state of New Mexico, USA to undertake a partial lockdown in response to the threat of the coronavirus.

The movement of the magnetite material is considered an essential service and, as such, operations associated with it are exempt from conditions required during the partial lockdown.

What’s more, the company’s wholly-owned subsidiary, Southern Minerals Group, has four employees operating on-site, which is less than the state-mandated five maximum employees for non-essential service organisations.

"Operations at Cobre in the first quarter of 2020 have continued in line with historical seasonal patterns and sales volumes have been in line with expectations,” said managing director John Peters.

“More detailed figures will be provided in the company's quarterly update to be released by during April. Whilst the progress of Leigh Creek's application to the South Australian government for a program for environment protection and rehabilitation is likely to be slowed, the fundamentals of the company remain unchanged with tight cash control and continuing low overheads being combined with sustained revenues from Cobre.”

Quick facts: Strategic Minerals PLC

Price: 0.55 GBX

AIM:SML
Market: AIM
Market Cap: £8.07 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

Strategic Minerals reports continued operations and steady sales at Cobre...

Strategic Minerals PLC's (LON:SML) John Peters speaks to Proactive London's Andrew Scott after reporting increased underlying sales at its Cobre iron ore tailings project in New Mexico. He says the operation introduced social distancing measures early, which has allowed it to stay open even...

on 16/4/20

2 min read