Strategic Minerals PLC - Leigh Creek copper mine in South Australia - Notes that the receiver appointed to CV Investments LLC - against which the company's subsidiary has an arbitrated claim for USD21.9 million - has provided its June quarter report on the progress of the receivership.
Main points from the report is that the cash held in the receiver's account was USD7.4 million at the end of the quarter. The receiver has identified the potential to realise between USD10 million and USD15 million from additional claims, but it is unlikely that the receivership will be completed before the end of 2021.
"It is currently not possible for the company to quantify either the potential settlement amount, if any, or its likely timing. Accordingly, the company has not factored the receipt of any such proceeds into its financial plans. In line with the receivership nearing its conclusion, the company expects to more frequently update the market on its progress," said Managing Director John Peters
Current stock price: 0.39 pence
Year-to-date change: down 2.5%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Strategic Minerals (SML)