Strategic Minerals PLC (LON:SML) John Peters – first sales of copper

Strategic Minerals PLC‘s (LON:SML) John Peters speaks to Proactive London’s Andrew Scott as first sales of copper cement from the Leigh Creek mine in Australia are confirmed.

 

 

An initial shipment of five tonnes came from the Mountain of Light processing facility.

 

Sales Commence at Leigh Creek Copper Mine

 

Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing mineral company actively developing projects prospective for battery materials, is pleased to announce that the Leigh Creek Copper Mine (“LCCM”) operation has made its first sale of copper cement produced at the Mountain of Light processing facility.

 

Highlights:-

·     Sale of the copper commenced with an initial shipment of 5 tonnes of copper cement (approximately 70% Cu).

·     Production from the re-activated heap leach pads is continuing in line with management’s expectations.

·     Total production from the existing heap leach pads is forecast to be in the range of 150 tonnes to 180 tonnes of copper in cement.

·     Offtake agreement in place with Adchem on attractive commercial terms for all expected production.

 

Commenting, John Peters, Managing Director, Strategic Minerals, said:

“This first sale of high grade copper concentrate, in the form of cement, firmly establishes LCCM as SML’s second cash generating project.  The initial sale, whilst relatively small, demonstrates the Board’s commitment to test all aspects of the LCCM operation meticulously prior to launching a full scale re-start of operations. 

“The current re-start activities have provided the management team with valuable insight into operational techniques at LCCM and will form the blueprint for the larger production activities at Paltridge North and Rosmann East.  These are currently the focus of a feasibility study which is due for completion in the second half of 2019.  Full operational production is scheduled for commencement late 2019 / early in 2020.”

“The SML Board would like to thank PPM Global for its efforts in successfully re-starting operations at LCCM to schedule and also to acknowledge the support AdChem (Australia) has provided with the operational restart and the assistance it has provided in commencing the offtake agreement.”

 

Interview By Andrew Scott

Source Link https://www.proactiveinvestors.co.uk/mediaFiles/stocktubeDetails/13222/strategic-minerals-kicks-off-first-sales-from-leigh-creek-in-australia-13222.html

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