{"id":140227,"title":"Strategic Minerals agrees sale of Leigh Creek copper mine","publisher":"Share Talk","author":"sharetalk","published":"2026-09-03T09:09:05+00:00","modified":"2026-09-03T09:09:05+00:00","canonical_url":"https://www.share-talk.com/strategic-minerals-agrees-sale-of-leigh-creek-copper-mine/","markdown_url":"https://www.share-talk.com/strategic-minerals-agrees-sale-of-leigh-creek-copper-mine.md","json_url":"https://www.share-talk.com/strategic-minerals-agrees-sale-of-leigh-creek-copper-mine.json","category":"Mining","categories":["Mining"],"tags":["Charles Manners","COPPER","Cornwall","Cornwall Resources","Creek","Dennis Rowland","Leigh Creek","Leigh Creek Copper Mine","magnetite","SML","South Australia.","Strategic Minerals","Strategic Minerals Plc","tungsten","UK"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/09/48fdc277-016b-4413-9503-67d111dea183.png?fit=1727%2C911&quality=80&ssl=1","format":"news","language":"en-GB","content":"[Strategic Minerals plc (AIM: SML)](https://www.investegate.co.uk/announcement/rns/strategic-minerals--sml/leigh-creek-sale-agreed-/9752905) has signed a definitive agreement to sell its Leigh Creek Copper Mine in South Australia to Cuprum Metals, with completion subject to conditions including approval from Australia’s Foreign Investment Review Board.\n\nThe consideration combines **cash, shares, a net smelter royalty and future earn-out payments**, allowing Strategic Minerals to retain exposure to potential upside from the copper project after completion.\n\nThe company will receive total cash consideration of **A$750,000**, including A$500,000 currently held in escrow pending FIRB approval. It previously received A$100,000 as a deposit in June 2025 and A$150,000 following exercise of a call option in December 2025.\n\nStrategic Minerals is also entitled to shares in a new Cuprum vehicle intended for listing on a recognised stock exchange, targeting a value of up to **A$3 million** and representing up to 19.9% of its ordinary share capital.\n\nIf the shares are not issued within three years of completion, or are worth less than A$3 million, the shortfall will be added to the earn-out consideration.\n\nThe agreement also includes a **2% net smelter royalty on the first 24,900 tonnes of copper production**, with Cuprum able to buy out half of the royalty for A$1.5 million.\n\nFurther consideration will be payable once commercial production begins, with Strategic Minerals entitled to **20% of half-yearly operating cash flows up to an aggregate A$4 million**.\n\nThe company said it had reduced the upfront cash component in favour of the royalty structure as copper prices and projected economics at Leigh Creek have strengthened.\n\nProceeds from the transaction will be directed towards Strategic Minerals’ **Redmoor tungsten-tin-copper project in Cornwall**, which remains the company’s principal development focus.\n\n**Executive director Mark Burnett** said the sale allows Strategic Minerals to **focus its portfolio around Redmoor while retaining exposure to future copper upside** through the transaction’s share, royalty and earn-out components.\n\nHe added that the proceeds provide a **non-dilutive source of funding** for the continued development of the Redmoor tungsten-tin-copper project in Cornwall, while Cuprum takes forward the recommissioning and development of Leigh Creek."}