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Soutwesterner, Thanks for the clarity - so, why do the BoD misleadingly push it as a tin-based project?
Propinquity; "According to Southwesterner, yes."
Not just according to me - its all here, in black and white; https://www.lse.co.uk/rns/SML/redmoor-update-review-of-mining-scoping-study-l3xbq0nl3y5b3kn.html
"Key results of the 2020 mining study include;
· A life of mine schedule that includes 7.2Mt @ 0.59% WO3, 0.10% Sn, 0.39% Cu"
Thats 6x as much tungsten as tin in the mine schedule produced last year. Yes, you can convert those numbers to a "tin equivalent"/SnEq to make it sound like a tin project, but it doesn't change the fact its mainly tungsten you are getting out!
In terms of recovered values, at current spot prices, the project revenues are 70% tungsten, 17% copper, 13% tin.
According to Southwesterner, yes.
I thought Redmoor was all about the Tungsten?
At present there is no smelting capacity in the UK. There are a couple of smelters in N Europe, but their operations would have to be adapted for tin. I think Plymouth would make a good location for a smelting plant. It has a gas main supply, is a freeport (tax status) and could be linked by rail. Furthermore, mining in N Africa and Spain /Portugal could provide ore by ship.
Perhaps with gas prices in the UK where they are this might not, at present, be economic. (Although shipping costs to Asia have exploded.) But better than shipping concentrate half way around the world (China) and back again. HMG needs to step in on this one to provide funding for resiliance in the UK supply chain. i.e. cut out VAT on gas to a smelter.
The various mining companies that might use it (Cornish Metals, SML, Tungsten West Cornish tin) need to get together to put a case to Kwasi Kwarteng and Michael Gove.
The price of the metals does matter. If this BoD can't get the resource out of the ground, then someone else will. If the tin price keeps going up - not a foregone conclusion but seems likely- then another company will bid and put this BoD out of its misery.
Yep, Finance Director from memory! Obviously knew what lay ahead......
Didn’t a wife of one of the directors buy a new kitchen when the shares were 2.2p-plus? They’ve succeeded in leaving a bitter aftertaste with their paradoxically undercooked and overcooked wobbly-wobbly flan of a strategy.
Hursty, I hope the BoD are better in the kitchen than they are in the boardroom lol
Nope your missing the opportunity to get in early imho
Fira Good.
I should have made clear the figures I gave were for South Crofty only.
Re: for "testing the water," it seems TW has done that for a very similar resource but perhaps at a far more advanced stage and been successful. In a short time we will see confirmation. If TW brings it off, it could be viewed positively for the Cornish companies as well.
DVH Thanks for your response about Redmoor. I will ask the company re progress to date.
Fira2011 "Cornish Metals may have some tin"
You bet. About 2m tonnes of resource indicated and about 2m tonnes inferred. Together with potential for 36m tonnes more
See page 14 onwards of :-
https://cornishmetals.com/site/assets/files/4930/2020-05-01_cornish_metals_presentation_website-min.pdf
Prop
If Redmoor is more Tungsten than tin, it would be similar perhaps to the Hemerdon mine - although perhaps the latter has more clay? All of which suggests that if TW float, it might take SML's potential away,(negative) or it might provide a processing opportunity for SML. (positive)
Hopefully we will see Tungsten West float shortly, bringing on stream a processing plant. If that has spare capacity, it might do work for SML perhaps? That might speed up the time to production and cut the capital cost.
However, South Crofty owned by Cornish Metals CUSN appears to be nearest to being able to produce tin, with shafts in place, a decline, de-watering plans made, full permits given, and an electrical supply ..................together with extensive computer modelling of the known resources.
Fira
The higher the potential value of the resource the easier it is to get a fixed amount of funding. Funding is what is holding SML back at the moment.
Otherwise, I don't expect the share price to have a lot of correlation with the price of tin at this stage of development.
Need Cornish to explain the Redmoor’s value and the timeline to extract it.
not sure about that DVH, they want to move the change of age for state pension forward again
Fira, I didn't think we had much tin, more tungsten? I don't suppose it matters much at this stage as we still years away from production! Greater chance we'll all be receiving our state pension first lol
Forget a later update, and try a late update instead.
Less tin exploration, and more trench-digging, followed by the age-old technical analysis of colander-led soil-sifting - wiggly-worms would be the result.
23 Feb RNS: 'Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a profitable producing mineral company, is pleased to announce that its 100%-owned subsidiary Cornwall Resources Limited ("CRL") is commencing a trenching and auger exploration program to investigate the possible presence of extensions of mineralisation up to 1,000 m to the west of the presently established Redmoor resource.'
Is there a later update?
Is any tin exploration going on at Redmoor?