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2 Jul 2015 07:00
2 July 2015
Strategic Minerals plc
("Strategic Minerals" or the "Company")
AGM Statement
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), the diversified mineral development and production company, announces that at the Company's Annual General Meeting ("AGM") to be held at 2pm today, John Peters, Managing Director, will make the following statement:
"2014 proved a trying year for Strategic Minerals. The collapse in the export price for iron ore hit the Cobre operation hard, making international sales uneconomic. Mine gate sales continued to be profitable but on much lower volumes. This resulted in the whole structure of the Company having to be downsized. In the second half of 2014, our CFO Julien McInally did an excellent job in cutting corporate overheads 60% and reviewing management controls and procedures, providing a leaner renewed base on which to move forward into 2015.
"While Cobre still remains profitable, it is not sufficient to cover the Company's total corporate overheads, which makes the addition of other projects imperative. In reviewing possible acquisitions, the Board consider that there is potential to acquire small sized projects, with near term cash flows, servicing local markets and to bring a number of these together with the vision of positioning Strategic Minerals in two to three years as a profitable operating mining company."
For further information, please contact:
Strategic Minerals plc John Peters Managing Director
| +61 414 727 965 |
Allenby Capital Limited Nominated Adviser and Joint Broker Jeremy Porter James Reeve
| +44 (0)20 3328 5656 |
Cornhill Capital Limited Joint Broker James Sheehan Colin Rowbury
| +44 (0)20 3700 2516 |
Yellow Jersey PR Financial PR Dominic Barretto Kelsey Traynor | +44 (0)779 900 3220 |
Notes to Editors
Strategic Minerals plc is an AIM-quoted, diversified mineral development and production company, with projects in the United States of America and New Zealand. The Company is focused on acquiring and developing cash-generative, high-quality projects that meet local market demand for commodities.
In September 2011, Strategic Minerals purchased its first cash generating assets, the Cobre magnetite tailings dam project in New Mexico, USA, which it brought into production in 2014 and which continues to provide a revenue stream for the Company. The portfolio was expanded in March 2015 with the acquisition of the Tatu Coal Mine located in North Island, New Zealand. Strategic Minerals is now developing this project with the expectation that it will make its first thermal coal sales by H1 2016.
In addition, the Company also has an exploration iron ore project in Queensland, Australia.
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