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Exchange of Contracts For Leigh Creek Copper Mine
Exchange of Contracts For Leigh Creek Copper Mine.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 6793C Strategic Minerals PLC 25 January 2018 \n\nMarket Abuse Regulation (MAR) Disclosure\nCertain 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 \n25 January 2018\n \nStrategic Minerals plc\n(\"Strategic Minerals\", \"SML\" or the \"Company\")\n \nBinding Exchange of Contracts for Leigh Creek Copper Mine, South Australia\nSettlement expected in approximately one month\n \n \nStrategic Minerals plc (AIM: SML; USOTC: SMCDY), the diversified mineral development and production company, is pleased to announce that Ebony Iron Pty Ltd (\"EI\"), a wholly owned subsidiary of SML, has completed the binding exchange of contracts for the acquisition of Leigh Creek Copper Mine Pty Ltd (\"LCCM\") from Resilience Mining Australia Pty Ltd (\"RMA\"). LCCM owns the exploration and mining rights and associated copper processing assets at the Leigh Creek Copper Mine in South Australia (\"the Project\").\n \nHighlights\n \n· Binding contracts exchanged subject to conditions precedent\n· Final settlement expected in approximately one month\n· 24,900 tonnes of JORC compliant resource copper metal acquired\n· Offtake Agreement for 100 per cent of production is part of conditions precedent \n· Outlook for copper prices very strong, with current prices at or near 12 month highs\n \nThe Board believes the Project represents a near-term, low-capex copper production opportunity with the potential for early cash flow generation. Additionally, the Project will allow the Company to significantly expand its current resource base.\n \nAs previously announced, under the contract there are a small number of conditions precedent to be completed before final settlement, including approval from the Australian Foreign Investment Review Board. The Board of SML (\"the Board\") considers that, given the size and nature of the contracts, these conditions precedents are mainly procedural, and that settlement is expected to occur in approximately one month. \n \nManaging Director of Strategic Minerals, Mr John Peters, commented:\n \n...