Strategic Minerals PLC Cobre Client Update (5973B)
10 June 2019 - 4:00PM
UK Regulatory
TIDMSML
RNS Number : 5973B
Strategic Minerals PLC
10 June 2019
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.
10(th) June 2019
Strategic Minerals plc
("Strategic Minerals", "SML" or the "Company")
Cobre Client Update
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing
mineral company actively developing projects prospective for
battery materials, wishes to inform the market that the payments of
just over US$4 million, to be made by the major client at Cobre by
7(th) June 2019, referred to in the Company's announcement of
24(th) May 2019, have not, as yet, been received. The client has
been keeping the Company informed of procedural delays to its
funding lines and continues to indicate that payment is imminent.
However, despite the client's assurances, the Company considers
that it is in the best interests of shareholders to prepare a claim
for service on the client, which is likely to seek damages in
excess of the amounts due.
John Peters, Managing Director of Strategic Minerals,
commented:
"The Company is hopeful that a non-litigious solution can be
reached with the major Cobre client. However, in the best interests
of shareholders, the board has agreed to prepare a claim in
relation to potential lost profits associated with the balance of
sales due under the contract. It is expected that this claim will
be served shortly, and the Company will keep the market apprised of
developments in respect of this claim."
For further information, please contact:
+61 (0) 414 727
Strategic Minerals plc 965
John Peters
Managing Director
www.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
Lindsay Mair
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 12-hole 2018 drilling programme has now been completed and the
resource update that resulted was announced in February 2019.
In March 2018, the Company completed the acquisition of the
Leigh Creek Copper Mine situated in the copper rich belt of South
Australia and brought the project into production in April
2019.
The Company, in March 2019, entered into arrangements to acquire
the balance of the Redmoor Tin/Tungsten project in Cornwall, UK
which has now been scheduled for 27 June 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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