viewStrategic Minerals PLC

Strategic Minerals completes on the acquisition of Leigh Creek with the issuance of shares to vendor RMA

Strategic Minerals can now set about contemplating a restart at Leigh Creek in earnest

Plans to restart mining copper at Leigh Creek are underway

Strategic Minerals PLC (LON:SML) has determined the number of shares to be issued to Resilience Mining Australia Limited to complete the acquisition of Leigh Creek Copper Mine Pty Ltd (LCCM) and has arranged the issuance of its shares as laid out in the agreed timetable.

Under the terms of the acquisition, signed 5 March 2018, Strategic Minerals was obligated to deliver shares to RMA to the value of A$1.45mln at a price based on the March volume weighted average and the relevant exchange rate.

WATCH: Strategic Minerals ‘a battery materials company at a very exciting place’

Accordingly, the total number of Strategic Minerals shares to be issued is 41,567,630 of which 38,700,900 are currently being issued and 2,866,730 are to be issued on 5 March 2019, subject to no warranty claim having been made.

"Issuance of the shares to RMA effectively completes our obligations relating to the acquisition of Leigh Creek copper mine and the Board is extremely excited by the prospect of re-starting production at the site,” said Strategic Minerals managing director John Peters.

"Considerable investment has been made to understand the requirements to successfully restart operations at Leigh Creek.

"In particular, the team reviewed the factors, which in its opinion, had resulted in closure of the operations (strategically: poor initial grade and heap management policies; commercially: overstaffing and a lack of goal congruence for the earth moving contractor) and was comforted by the fact that operations appeared to have significantly improved when working capital considerations, associated with previous practices and falling copper prices, led to the closure of the mine."

Quick facts: Strategic Minerals PLC

Price: 0.5788 GBX

Market: AIM
Market Cap: £8.49 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Strategic Minerals PLC named herein, including the promotion by the Company of Strategic Minerals PLC in any Content on the Site, the Company...



New Age Exploration advancing Redmoor and Otago, exploring Lochinvar options

New Age Exploration Ltd (ASX:NAE) chairman Alan Broome provides Proactive Investors with a thorough update on the company's international portfolio of assets. The UK Redmoor project, being developed in JV with Strategic Mineral PLC (LON:SML), is advancing at an opportune time with respect...

on 15/2/19

2 min read