Strategic Minerals PLC - Leigh Creek copper mine in South Australia - Earmarks the end of the first quarter of 2022 for the start of operations at the Leigh Creek Copper Mine in the North Flinders Ranges of South Australia. Remains in negotiations for provision of a minimum USD10 million loan with a unnamed global bank. The bank has been undertaking due diligence, although there is no guarantee of a loan being offered, the firm notes. Also states "constructive meetings" held with the South Australian Department of Energy & Mines. Updated mine plan provisionally shows an additional 600 tonnes of recovered copper, worth USD4.5 million in revenue, as "increased copper prices allow scope to economically expand the open pit footprint".
"All efforts are being undertaken to get operations restarted as soon as possible at Mountain of Light, Leigh Creek," comments Managing Director John Peters. "The company expects that the due diligence being undertaken by a respected global bank will lead to a letter of offer for a minimum USD10 million loan facility."
Current stock price: 0.48 pence
Year-to-date change: up 20%
By Will Paige; willpaige@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Strategic Minerals (SML)