Strategic Minerals keeps Cobre operations working through the coronavirus crisis
Cobre introduced social distancing measures early, which has allowed it to stay open
Company
Strategic Minerals PLC
LON:SML
Strategic Minerals is an AIM-quoted minerals explorer and producer. Its primary focus is accelerating the development of the Redmoor Tungsten-Tin-Copper Project in Cornwall, UK. Redmoor is Europe’s highest grade undeveloped tungsten deposit and the second highest globally. Strategic Minerals’ strategy is to develop Redmoor into a leading source of critical and strategic minerals to provide resilience to western supply chains. Strategic Minerals is also underpinned by a revenue generating asset, with long-term distribution rights to the Cobre magnetite stockpile in New Mexico, USA which has been in production since 2012.
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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 highlights cashflow from Cobre, benefits from “solid platform for future growth”
Work on Redmoor will largely be funded this year by holding company Cornwall Resources
Strategic Minerals in talks over finance options for key projects
Revenue currently comes from the Cobre iron ore tailings operation in New Mexico
Strategic Minerals receives £248,155 R&D rebate from UK tax authorities
The AIM-listed group received the payment in return for research work carried out on potential areas of mineralisation at its Redmoor project in Cornwall
Strategic Minerals says Leigh Creek feasibility study points to cash surplus of $30mln
Full scale production will begin at the lower risk Paltridge North deposit as a priority, said the company, which says it is in advanced discussions to secure funding
Magnetite sales rally at Strategic Minerals' Cobre stockpile
Rising magnetite demand led to a 26% hike in underlying sales in the last quarter, with tonnage up 23%
Strategic Minerals makes first payment for 50% stake in Redmoor project ahead of schedule
Payments of A$300,000 are to be made quarterly under a payments plan, with the next instalment due at the end o9f January
Strategic Minerals receives R&D-related funding
The loan, which funds a portion of the anticipated 2019 R&D Australian Tax Office payment, recognises works conducted at the Leigh Creek copper mine.
Strategic Minerals claims US$21mln in client dispute
The claim has been filed following a breakdown in negotiations
Strategic Minerals receives A$300,000 R&D grant from Australian government
The payment is in relation to works conducted at the Leigh Creek copper mine, which Strategic brought back into production in April
New Age Exploration settles sale of 50% stake in Redmoor Tin-Tungsten Project
Completion of the sale puts New Age in a strong financial position to focus on the development of its existing suite of projects.
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