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Pin to quick picksStrategic Minerals Share News (SML)

Share Price Information for Strategic Minerals (SML)

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Strategic Minerals reports 'robust' sales from Cobre

Wed, 14th Apr 2021 11:32

(Sharecast News) - Strategic Minerals updated the market on its cash position and ore sales at the Cobre magnetite operation in New Mexico for the quarter through March on Wednesday, reporting continuing growth in sales as revenues rose by over 12% year-on-year.
The AIM-traded firm said sales remained "robust", with the positive annual growth put down to both strong underlying demand, and the Southern Minerals Group's (SMG) maintenance of 'contactless' operations, protecting both personnel and clients.

The company said its wholly-owned subsidiary SMG was still in contact with the receiver appointed by the US Securities and Exchange Commission over the $21.9m (£15.9m) arbitration claim against CV Investments.

It said the receiver was currently identifying and validating assets applicable to the claim, adding that it would update the market with details as and when they were provided by the receiver.

As at 31 March, the group's non-restricted cash balance totalled $0.69m, down from $0.83m at the end of December.

The board said that cash flows had been consistent with budgets in general, as it continued discussions around the funding of both the Leigh Creek Copper Mine and the Redmoor Tin and Tungsten Project.

It said interest in Leigh Creek had risen in line with increased copper prices.

Subject to funding, finalisation of arrangements to restart production were expected in conjunction with the approval of the Paltridge North Programme for Environmental Protection and Rehabilitation (PEPR).

Cornwall Resources (CRL), the holder of the Redmoor Tin and Tungsten Project, was continuing to work with NRG Capital and the parties that had expressed an interest in being involved with Redmoor.

To date, Strategic Minerals said the proposals received did not adequately reflect the project's value, particularly given project enhancements and the supportive commodity price environment.

While it would continue dialogue with interested parties, its 2021 focus was now on the works associated with both the Redmoor West exploration programme and the Deep Digital programme in Cornwall, for which CRL would receive "significant" grant funding for its role.

"The company has been fortunate that its Cobre operation has been able to continue 'contactless' during the pandemic, which has maintained this important income stream for the company," said managing director John Peters.

"The board considers that the current copper price, of circa $4.00 per pound, is likely to endure and is also encouraged by feedback from the company's recent meeting with the South Australian Minister for Energy and Mining on the Leigh Creek Copper Mine project.

"Accordingly, the company is confident that 2021 will begin to unlock the substantial value inherent in the Leigh Creek Copper Mine project and provide a valuable, significant second income stream before the end of the year."

At 1107 BST, shares in Strategic Minerals were down 5.56% at 0.43p.
More News
11 Apr 2019 12:19

Strategic Minerals Quarter Suffers From Maintenance And Client Issues

LONDON (Alliance News) - Strategic Minerals PLC on Thursday said quarterly sales and production at its Cobre magnetite operations in the US were hurt by plant maintenance and issues with a major a

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8 Apr 2019 10:11

Strategic Minerals acquisition of remainder of Redmoor project advances

(Sharecast News) - Battery materials-focussed producing mineral company Strategic Minerals has been informed by New Age Exploration that it would not be required to refer its decision to sell its entire 50% shareholding in Cornwall Resources - the joint venture vehicle developing the Redmoor tin and tungsten project in Cornwall - to shareholders at a general meeting, it said on Monday.

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18 Mar 2019 12:49

Strategic Minerals Buys Remainder Of Redmoor Tin Tungsten Project

LONDON (Alliance News) - Strategic Minerals PLC said Monday it has agreed to buy the remaining 50% stake held in Cornwall Resources from its joint venture partner New Age Exploration acquisition a

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18 Mar 2019 11:45

Strategic Minerals to take 100pc stake in Cornwall Resources

(Sharecast News) - Strategic Minerals has entered into arrangements with New Age Exploration to acquire its entire 50% shareholding in Cornwall Resources - the joint venture vehicle developing the Redmoor tin and tungsten project in Cornwall, it announced on Monday.

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7 Mar 2019 15:14

Strategic Minerals schedules re-start at Mountain of Light facility

(Sharecast News) - Battery minerals company Strategic Minerals announced on Thursday that copper production was scheduled to start-up again at the Leigh Creek Copper Mine's 'Mountain of Light' processing facility in April, starting with the refurbishment and the trial reactivation of the existing processing plant and heap leach pads.

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7 Mar 2019 14:33

Strategic Minerals Ready To Get Going Again At Leigh Creek In April

LONDON (Alliance News) - Strategic Minerals PLC said on Thursday production is to re-start at Australia's Leigh Creek copper mine in April.Strategic Minerals has engaged PPM Global to a

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4 Mar 2019 12:52

Strategic Minerals To Issue Final 2.9 Million Shares For Leigh Creek (ALLISS)

LONDON (Alliance News) - Strategic Minerals PLC on Monday said it has arranged the issue of the final 2.9 million shares due to Resilience Mining Australia Ltd for the acquisition of Leigh Creek a

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4 Mar 2019 09:24

Strategic Minerals issues remaining shares for Leigh Creek acquisition

(Sharecast News) - Battery minerals-focussed Strategic Minerals announced on Monday that it has arranged the issuance of the remaining 2,866,730 shares due to Resilience Mining Australia, for the acquisition of the Leigh Creek Copper Mine.

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18 Feb 2019 13:14

Strategic Minerals Says Mountain Of Light Results Better Than Expected

LONDON (Alliance News) - Strategic Minerals PLC said Monday the assay results from the diamond drill programme at the Paltridge North and Rosmann East deposits at the Mountain of Light project in

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14 Feb 2019 11:49

Strategic Minerals Notes Trebling Of Redmoor Metal Estimate

LONDON (Alliance News) - Strategic Minerals PLC on Thursday said a mineral resource update from its Redmoor tin-tungsten mine in Cornwall has trebled the previous contained metal drilling at is by

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23 Jan 2019 11:17

Strategic Minerals Excited After "Impressive" Redmoor Drill Results

LONDON (Alliance News) - Strategic Minerals PLC on Wednesday said latest results from its drilling programme at the Redmoor tin-tungsten project are "exceptional".Every hole in a

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14 Jan 2019 11:42

Strategic Minerals Gets Early Extension To Cobre Stockpile Access

LONDON (Alliance News) - Battery minerals producer Strategic Minerals PLC on Monday said that its subsidiary, Southern Minerals Group, received an early rollover of access to the Cobre magnetite a

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6 Dec 2018 15:55

Strategic Minerals Commences Australia Mountain Of Light Refurbishment

LONDON (Alliance News) - Battery minerals producer Strategic Minerals PLC on Thursday said it has begun refurbishment at its Mountain of Light processing plant in south Australia, which may be of

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6 Dec 2018 15:49

Strategic Minerals boosted by Australian copper mineralisation

(Sharecast News) - Strategic Minerals' shares surged on Thursday after intersecting "significant" copper mineralisation at its Leigh Creek Copper Mine (LCCM) project in South Australia.

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4 Dec 2018 13:33

Strategic Minerals Starts Electromagnetic Survey At Nickel Project

LONDON (Alliance News) - Strategic Minerals PLC said Tuesday that unit Central Australian Rare Earths Pty Ltd has commenced a electromagnetic geophysical survey for potential Nickel sulphide at in

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