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LONDON (Alliance News) - Strategic Minerals PLC on Monday said it inked a binding contract for the acquisition of a 50% stake in of Cornwall Resources Ltd, a joint venture vehicle holding the Redmoor tin and tungsten project.
The company will pay AUD5 million to New Age Exploration Ltd for the firm, with AUD2 million to be paid on May 30.
Further consideration will be paid later based on production targets.
"Recent developments have shown the potential for the Redmoor tin and tungsten project to be a world class mine and, with the full control of the project, Strategic Minerals believes it can time its development to fit in with cash flows from Cobre and, shortly, Leigh Creek," Managing Director John Peters said.
He added: "This ability to manage cash flow requirements provides great confidence that the Redmoor project will progress in the future."
Strategic Minerals shares were trading 0.2% lower at 1.60 pence each.
