Reply from JP - for your information7 Jul 2019 13:11
Reply from JP below:
As you can appreciate, I can only respond with items that are already in the
public domain.
MAJOR CLIENT - The amounts referred to in the recent RNS, of just over US
$4m, have not been reflected in the accounts to date and therefore would not
need to be written off. Any concrete news on the major client will be
disclosed to the market via an RNS. The name of the client is protected
under confidentiality and if we were to disclose it to the market
prematurely, this may open the way for a countersuit. As previously
disclosed, we are preparing paper work for a claim of lost profits should
payment not be forthcoming. Having successfully sued in the US, in relation
to the rail contract, I understand the process can be lengthy and needs to
be well thought out to minimise the potential of a countersuit.
NAE REDMOOR - As recently advised, we are working with NAE on the settlement
and expect to make an announcement once documentation has been signed off.
Once this has been settled, Cornwall Resources will be 100% SML owned.
Currently, there are no outstanding results to be published in this area.
COBRE - The results will be published in line with our standard procedure
which is usually the middle of the month following the end of the quarter.
LCCM -
a) Current production is a treatment of existing heaps and will not
continue for long but demonstrates the ability of the plant to
process the major supply expected from Rosmann East and Paltridge North,
probably commencing Q1 2020.
b) There is no capacity to increase production here at present.
SML General - The company is run in the best interest of all
shareholders. As you are aware, Peter Wale and I are the second and third largest shareholders in
SML and have no desire to see a lower share price.
Regards
John Peters
Managing Director
Strategic Minerals plc
Sign In
Follow the stocks
