Business
Company Update
Company Update.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \n \n RNS Number : 4871E\n Strategic Minerals PLC\n 02 March 2020\n \n \n \n \n Market Abuse Regulation (MAR) Disclosure\n \n \n Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.\n \n \n \n \n \n 2 March 2020\n \n \n Strategic Minerals plc\n \n \n (\"Strategic Minerals\" or the \"Company\")\n \n \n Cobre Access Rollover Confirmed Update on Projects\n \n \n \n \n \n Strategic Minerals plc (AIM: SML; USOTC: SMCDY), \n a producing mineral company actively developing projects prospective for battery materials\n , is pleased to provide the following update on the Company's activities.\n \n \n \n \n \n Highlights\n \n \n · \n Continuity of revenue stream confirmed through 8th yearly roll over of access to Cobre stockpile\n \n \n · \n US Arbitrator agrees to providing a decision on claim against Cobre major client by 30 May 2020 \n \n \n · \n Leigh Creek Copper Mine (LCCM) PEPR (approved program for environment protection and rehabilitation) to be submitted end March 2020\n \n \n · \n Timing of LCCM commencement of operations dependent on both funding progress and copper prices, but remains an attractive project at current prices \n \n \n · \n Board reiterates it, currently, considers LCCM unlikely to be funded by a (dilutive) parent level raise \n \n \n · \n Operations at CRL (Redmoor project) likely to be largely self-funded by CRL during 2020\n \n \n · \n Repayments on NAE loan continue to be made in line with existing arrangements\n \n \n · \n Corporate overheads reduced in last quarter 2019 by circa 20-25% \n \n \n · \n Board confirms its desire for strategic, medium term, exposure to copper production and longer term tin and tungsten development and acknowledges the bullish nature of long-term forecasts for these commodities\n \n \n Cobre operations: Access maintained, valuable cashflow continues, arbitration progressing\n \n \n As no notification has been received by the end of February 2020, access to the magnetite stockpile at Cobre in New Mexico, USA, by Southern Minerals Group (SMG) has been rolled over until 31 March 2021. The initial access was in 2010 for three years with annual extensions thereafter. Accordingly, the 2020 roll over represents the ...