Response to Government Request For Further Information
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a profitable, producing mineral company is pleased to confirm that its wholly owned subsidiary, Leigh Creek Copper Mine (“LCCM”), has lodged a response to the request for further information from the South Australian Department of Energy and Mining (“DEM”) in relation to LCCM’s Programme for Environmental Protection and Rehabilitation (“PEPR”) application to mine LCCM’s Paltridge North deposit.
Commenting, John Peters, Managing Director of Strategic Minerals, said:
“The submission of the further information sought reflects the on-going dialogue that LCCM has maintained with the DEM and reflects the prudent policies the South Australian government follows in ensuring mining projects are environmentally robust.
“It is the Board’s view that this is likely to be the final submission required for approval and that this is likely to occur in the second quarter of 2021.
“Subject to receipt of the PEPR approval and funding, the Company expects to commence mobilisation and mining in the third quarter of 2021 with revenue commencing in the last quarter of 2021. ”
Notes to Editors
Strategic Minerals plc is an AIM-quoted, profitable operating minerals company actively developing projects tailored to materials expected to benefit from strong demand in the future. It has an operation in the United States of America 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 likely to be highly demanded in the future.
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 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 2019, the Company entered into arrangements to acquire the balance of the Redmoor Tin/Tungsten project which was settled on 24 July 2019 by way of a vendor loan which was fully repaid on 26 June 2020.
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 temporarily into production in April 2019. The project currently awaits clearance from the South Australian Government of its lodged Program for Environmental Protection and Rehabilitation (PEPR).
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