Strategic Minerals PLC Update on Acquisition of Leigh Creek Copper Mine (9034B)
15 January 2018 - 11:53PM
UK Regulatory
TIDMSML
RNS Number : 9034B
Strategic Minerals PLC
15 January 2018
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.
15 January 2018
Strategic Minerals plc
("Strategic Minerals" or "the Company")
Update on Acquisition of Leigh Creek Copper Mine
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), the diversified
mineral development and production company, wishes to inform the
market that the exchange of contracts and hence settlement of the
acquisition of Leigh Creek Copper Mine has been delayed by a
combination of the December holiday period and the need to satisfy
a number of conditions precedent associated with the purchase being
of an existing company, inclusive of mineral rights. It is
anticipated that binding contracts will be exchanged in the coming
weeks and settlement will occur once all conditions precedents are
met. Notably, while it is intended to undertake the purchase
through the Company's 100% owned subsidiary, Ebony Iron Pty Ltd,
the transaction will still need to be cleared by the Australian
Foreign Investment Review Board.
Management and the Board consider the conditions precedents to
be primarily administrative and have been working with the vendors,
Resilience Mining Australia, to exchange and complete on the sale
and purchase agreement as soon as possible.
Commenting, John Peters, Managing Director of Strategic
Minerals, said:
"Time taken to complete necessary legal due diligence and the
impact of the Christmas period have combined to delay the exchange
of contracts for the acquisition of Leigh Creek Copper Mine. We
have no concerns about completing the transaction but want to
ensure that all procedures are completed properly to reduce risk to
the Company."
For further information, please contact:
+61 (0) 414
Strategic Minerals plc 727 965
John Peters
Managing Director
www.strategicminerals.net
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inerals%20plc
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Notes to Editors
Strategic Minerals Plc is an AIM-quoted, diversified
mineral development and production company with
projects in the United States of America, the
UK and Australia. The Company is focused on acquiring
and developing cash generative, high quality projects
which meet local market demand for commodities
and utilising this cash flow to undertake value
added exploration.
In September 2011, Strategic Minerals purchased
its first cash-generating asset; the Cobre magnetite
tailings dam project in New Mexico, USA which
it brought into production in 2012 and which continues
to provide a revenue stream for the Company. The
portfolio was expanded in January 2016 with the
acquisition of shares in Central Australian Rare
Earths Pty Ltd, which holds tenements in Western
Australia and the Northern Territory that are
prospective for cobalt, gold, nickel sulphides
and rare earth elements. The Company has since
acquired all shares in Central Australian Rare
Earths Pty Ltd. In May 2016, an additional exploration
asset was acquired when the Company entered into
an agreement with New Age Exploration Limited
to acquire up to 50% of the Redmoor Tin/Tungsten
project in Cornwall, UK. This 50% acquisition
has now been completed and drilling at the project
has commenced. The Company is also currently in
the process of settling the acquisition of the
Leigh Creek Copper Mine situated in the copper
rich belt of South Australia.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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