Business
Update for the three months to 31 December 2015
Update for the three months to 31 December 2015.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 8730Q Strategic Minerals PLC 03 March 2016 \n\n3 March 2016\n \nStrategic Minerals plc\n(\"Strategic Minerals\" or the \"Company\" or the \"Group\")\n \nUpdate for the three months to 31 December 2015\n \nStrategic Minerals plc (AIM: SML; USOTC: SMCDY), the diversified mineral development and production company, is pleased to provide the following update on the Company's operations for the three months to December 2015.\n \nHighlights:\n \n· Sales from Cobre operations ended the year on a strong note and the pipeline for 2016 looks promising. Early agreement was secured to extend the Cobre mining rights to March 2017;\n\n· Negotiations completed in January 2016 to acquire 50% of Central Australian Rare Earth Pty Ltd (\"CARE\");\n\n· The Company ceased its activity on the Tatu Project and SML ended its involvement in February 2016; \n· Withdrew from the discussions on the Wanbao Coal Mine in China due to the difficulties in attracting funding; \n· The Company maintained a tight control on overheads, although increased activity has had some impact;\n\n· Cash of US$1.048m as at 31 December 2015; and\n\n· The Group's strategy has been reviewed and the Board has identified a three-pronged approach across all minerals addressing coal and bulk minerals, advanced materials and metals (focusing on those the Board believes are likely to see some price increases over the coming years, such as Nickel). \n\n \nCommenting, John Peters, Managing Director of Strategic Minerals, said: \n \n\"As part of its stated objective to add a second expansion project, and in line with deteriorating bulk commodity prices, the Company adjusted its strategy to focus on a broader resources approach which includes seeking projects that we believe are likely to have greater price upswings in the foreseeable future, as we believe the case to be with nickel. While arranging a suitable transaction in nickel, conditions relating to the Tatu project deteriorated and the Board took the decision to cease the Company's involvement in this project, preferring to safeguard funds for other projects more likely to p...