02:06 Fri 08 Jun 2018
Strategic Minerals - Temporary Amendment to Cobre Sales Contract
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.
("Strategic Minerals" or the "Company")
Temporary Amendment to Cobre Sales Contract
Ensures minimum payment of
SMG has agreed the following arrangements in relation to the Contract:
· The Client is to pay, quarterly in advance, a non-refundable prepayment of US
· The minimum 4,000 tons per month sales requirement, currently stipulated in the Contract, will be suspended until
· A maximum of US
· Should the material not be collected by the Client within 12 months from the prepayment invoice date any prepayment amount, relating to this invoice, will be forfeited
Commenting,
"We consider this arrangement to be mutually beneficial for both the Company and our Client. The amendments to the Contract have been agreed to support our Client whilst it seeks the necessary approvals. This will reduce the impact on their cash flow, and ensure that, from a cash perspective, the SML group will be unaffected.
"The underwriting of these cash flows reinforces our expectations that we will be in a position to internally fund current exploration and development programmes across SML's portfolio of projects."
For further information, please contact:
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+61 (0) 414 727 965 |
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Managing Director |
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+44 (0)20 3470 0470 |
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Nominated Adviser and Broker |
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Yellow Jersey PR |
+44 (0)20 3735 8825 |
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Financial PR |
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+44 (0)7747 788 221 |
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+44 (0)7769 325 254 |
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+44 (0)7951 402 336 |
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Notes to Editors
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