Business
Leigh Creek Copper Mine Project Economics Update
Leigh Creek Copper Mine Project Economics Update.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6411E\n Strategic Minerals PLC\n 09 November 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 9 November 2020\n \n \n Strategic Minerals plc\n \n \n (\"Strategic Minerals\" or the \"Company\")\n \n \n Leigh Creek Copper Mine Project Economics Update\n \n \n Strategic Minerals plc (AIM: SML; USOTC: SMCDY), \n a profitable producing mineral company\n , announces the results from both a review of the Leigh Creek Copper Mine (\"LCCM\") project and from the recently received report from PPM Global (\"PPM\") in relation to the anticipated capital and operating costs associated with planned production at the Lynda/Lorna Doone deposits within the LCCM project.\n \n \n Highlights\n \n \n · \n \n Project funding requirement reduced to US$2.2m as a result of the adoption of an alternate mine schedule for processing the Paltridge North deposit and use of external contractors to undertake mining.\n \n \n \n · \n \n Total LCCM project pre-tax cash has increased by over US$5m to US$35.4m (US$26.7m NPV 8%) due to earlier commencement and shorter processing of Lynda/Lorna Doone deposits.\n \n \n \n · \n \n Confirmation from PPM that forecast capital requirements and operating costs for planned production at Lynda/Lorna Doone are reasonably based.\n \n \n \n · \n \n PPM's high-level review of alternative processing options at Lynda/Lorna Doone indicates scope for significant profitability improvements.\n \n \n \n · \n \n Asset level funding discussions continue and additionally include the option to fund via an ASX listing or pre-IPO offering.\n \n \n \n Overview\n \n \n The Leigh Creek Copper Mine project comprises a number of copper oxide deposits located in the North Flinders ranges of South Australia. There is an existing mining license and processing plant (Mountain of Light). Within the existing tenements there are four identified deposits, three of which are JORC compliant. These are Paltridge North, adjacent to the Mountain of Light processing plant, and the Lynda and Lorna Doone deposits, close by each other but around 75km from the Mountain of Light processing pl...