leadf
logo-loader
viewStrategic Minerals PLC

Strategic Minerals raises £700,000, encouraged by rise in copper price

The company said it needs to renew equipment at the Cobre magnetite stockpile

Strategic Minerals PLC -
The Cobre tailings dumps

Strategic Minerals PLC (LON:SML), the iron, copper and tungsten junior, has raised £650,000 through a placing at 0.4p per share to progress its three key projects.

Directors and employees have also accepted £48,900 of their salaries in shares, with both the placing and salary shares having a warrant attached.

Strategic Minerals said it needs to renew equipment at the Cobre magnetite stockpile and push ahead with work at the Leigh Creek copper mine (LCCM)  in Australia and the Redmoor tin/tungsten project in Cornwall.

In a statement, John Peters, Strategic Minerals' managing director, said: "The need to update and renew equipment at the company's cashflow generating Cobre project has precipitated this placing, which also allowed most directors, management and some employees to invest at this time.  

"The board is very encouraged at the current prospects for LCCM, particularly given the extended move in the copper price which now sits substantially above our feasibility study assumptions.”

Quick facts: Strategic Minerals PLC

Price: 0.5 GBX

AIM:SML
Market: AIM
Market Cap: £9.55 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

Strategic Minerals welcomes 9th yearly rollover of access to Cobre magnetite...

Strategic Minerals PLC's (LON: SML)(USOTC:SMCDY) John Peters discusses with Proactive's Andrew Scott confirmation of the rollover of access to the magnetite stockpile in New Mexico as well as the impact of the recent significant rise in copper prices on the financial metrics of their Leigh Creek...

20 hours, 52 minutes ago

2 min read