Strategic Minerals PLC (LON:SML) said it has repaid the outstanding A$1.8mln loan from former partner New Age Exploration (NAE) on its Redmoor tin and tungsten project in Cornwall.
John Peters, managing director of Strategic Minerals, said: "The repayment of the NAE loan removes overhang issues for the Company and places it in a comfortable position from which to pursue potential joint venture partners for the commencement of production at its Leigh Creek Copper Mine project and to progress the Redmoor Project. "
The payment now settles the loan and leaves the company with no debt, it added.