Business
Funding and PEPR Update
Funding and PEPR Update.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4190O\n Strategic Minerals PLC\n 08 October 2021\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 8 October 2021\n \n \n Strategic Minerals plc\n \n \n (\"Strategic Minerals\" or the \"Company\")\n \n \n Leigh Creek Copper Mine\n \n \n Funding and PEPR Update\n \n \n \n Strategic Minerals plc (AIM: SML; USOTC: SMCDY), \n a profitable producing mineral company\n , is pleased to provide the following update on the Company's progress in relation to funding of the Leigh Creek Copper Mine (\"LCCM\") project and progress on addressing the conditional elements of the project's Program for Environmental Protection and Rehabilitation (\"PEPR\").\n \n \n \n \n \n Highlights\n \n \n · \n Negotiations on the provision of a minimum US $10m loan facility to LCCM, guaranteed by the Company, are being progressed with a top global bank\n \n \n · \n The bank has been undertaking due diligence, although, at this time, there is no guarantee of a loan being offered \n \n \n · Constructive meetings held with the South Australian Department of Energy and Mines (\"DEM\")\n \n · Issues identified by DEM relate to clarification and elaboration of comments in submitted PEPR\n \n · \n DEM confirmed desire to make PEPR unconditional as soon as possible after information requested is provided\n \n \n · \n Scope identified to reduce size of environmental security deposit, subject to LCCM's reasoned argument\n \n \n · \n Updated Mine Plan provisionally shows an additional 600 tons of recovered copper (US $4.5m revenue) as increased copper prices allow scope to economically expand the open pit footprint\n \n \n · \n Information requirements are being progressed and expected to be submitted to DEM by the end of the year with operations, subject to funding, now expected to commence during Q1 2022\n \n \n \n \n \n Funding Update\n \n \n The Company has been working with Aetas Capital and currently has a respected global bank undertaking due diligence for the provision of a minimum US $10m loan facility to LCCM, guaranteed by the Company. At the end of the due diligence process, the C...