Strategic Minerals PLC Covid-19 Update (2163I)
31 Marzo 2020 - 12:24PM
UK Regulatory
TIDMSML
RNS Number : 2163I
Strategic Minerals PLC
31 March 2020
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
31 March 2020
Strategic Minerals plc
("Strategic Minerals" or the "Company")
Cobre Operations Uninterrupted By Partial Lockdown in New
Mexico, USA
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing
mineral company actively developing projects prospective for
battery materials , wishes to confirm that operations at the Cobre
magnetite stockpile have been unaffected by the recent decision of
the state of New Mexico, USA to undertake a partial lockdown in
response to the threat of Covid-19.
The movement of the magnetite material is considered an
essential service and, as such, operations associated with it are
exempt from conditions required during the partial lockdown.
Apart from essential service nature of operations, our wholly
owned subsidiary, Southern Minerals Group (SMG), has 4 employees
operating on site which is less than the state mandated 5 maximum
employees for non-essential service organisations.
In line with its exemplary safety record, SMG has adopted
recommended social distancing and has placed the safety of its
employees as its paramount goal.
Commenting, John Peters, Managing Director of Strategic
Minerals, said:
"Operations at Cobre in the first quarter of 2020 have continued
in line with historical seasonal patterns and sales volumes have
been in line with expectations. More detailed figures will be
provided in the Company's quarterly update to be released by during
April.
Whilst the progress of Leigh Creek's application to the South
Australian government for a program for environment protection and
rehabilitation is likely to be slowed, t he fundamentals of the
Company remain unchanged with tight cash control and continuing low
overheads being combined with sustained revenues from Cobre.
We are fortunate that the current crisis has had little effect
on the Company. "
For further information, please contact:
+61 (0) 414 727
Strategic Minerals plc 965
John Peters
Managing Director
Website: www.strategicminerals.net
Email: info@strategicminerals.net
Follow Strategic Minerals on:
Vox Markets: https://www.voxmarkets.co.uk/company/SML/
Twitter: @SML_Minerals
LinkedIn: https://www.linkedin.com/company/strategic-minerals-plc
Facebook: https://www.facebook.com/search/top/?q=strategic%20minerals%20plc
+44 (0) 20 3470
SP Angel Corporate Finance LLP 0470
Nominated Adviser and Broker
Ewan Leggat
Charlie Bouverat
Notes to Editors
Strategic Minerals plc is an AIM-quoted, operating minerals
company actively developing projects prospective for battery
materials. It has an operation in the United States of America and
Australia along with development projects in the UK and Australia.
The Company is focused on utilising its operating cash flows, along
with capital raisings, to develop high quality projects aimed at
supplying the metals and minerals being sought in the burgeoning
electric vehicle/battery market.
In September 2011, Strategic Minerals acquired the distribution
rights to the Cobre magnetite tailings dam project in New Mexico,
USA, a cash-generating asset, which it brought into production in
2012 and which continues to provide a revenue stream for the
Company. This operating revenue stream is utilised to cover company
overheads and invest in development projects orientated to
supplying the burgeoning electric vehicle/battery market.
In January 2016, the portfolio was expanded with the acquisition
of shares in Central Australian Rare Earths Pty Ltd, which holds
tenements in Western Australia prospective for cobalt, nickel
sulphides and rare earth elements. The Company has since acquired
all shares in Central Australian Rare Earths Pty Ltd. In September
2018, the Company entered contracts for the sale of certain CARE
tenements identified as gold targets.
In May 2016, the Company entered into an agreement with New Age
Exploration Limited and, in February 2017, acquired 50% of the
Redmoor Tin/Tungsten project in Cornwall, UK. The bulk of the funds
from the Company's investment were utilised to complete a drilling
programme that year. The drilling programme resulted in a
significant upgrade of the resource. This was followed in 2018 with
a successfully completed 12-hole 2018 drilling programme, and which
resulted in a resource update, that was announced in February 2019.
In March 2019, the Company entered into arrangements to acquire the
balance of the Redmoor Tin/Tungsten project. This was completed on
24 July 2019.
In March 2018, the Company completed the acquisition of the
Leigh Creek Copper Mine situated in the copper rich belt of South
Austra lia and brought the project into production in April
2019.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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