Strategic Minerals PLC (LON:SML)(USOTC:SMCDY) has announced the results of a review of the Leigh Creek copper mine project, and a report in relation to the anticipated capital and operating costs associated with planned production at the Lynda/Lorna Doone deposits.
The project funding requirement to get production up and running at Paltridge North has now been reduced to US$2.2mln as a result of the adoption of an alternate mine schedule for processing and use of external contractors to undertake mining.
What’s more, the total project pre-tax cash has increased to US$35.4mln due to earlier commencement and shorter processing of Lynda/Lorna Doone deposits.
The Leigh Creek Copper Mine project comprises a number of copper oxide deposits located in the North Flinders ranges of South Australia. There is an existing mining license and processing plant, Mountain of Light.
Within the existing tenements there are four identified deposits, three of which are JORC compliant. These are Paltridge North, adjacent to the Mountain of Light processing plant, and the Lynda and Lorna Doone deposits, close by each other, but around 75 kilometres from the Mountain of Light processing plant.
The company is currently exploring funding options, including the possibility of a standalone listing for the project.